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<SEC-DOCUMENT>0001277645-08-000008.txt : 20080312
<SEC-HEADER>0001277645-08-000008.hdr.sgml : 20080312
<ACCEPTANCE-DATETIME>20080312152341
ACCESSION NUMBER:		0001277645-08-000008
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		19
CONFORMED PERIOD OF REPORT:	20080312
FILED AS OF DATE:		20080312
DATE AS OF CHANGE:		20080312

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:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08481
		FILM NUMBER:		08683457

	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>40-F
<SEQUENCE>1
<FILENAME>form40f.htm
<DESCRIPTION>FORM 40F
<TEXT>


<HTML>
<HEAD>
   <TITLE>Form 40f</TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<BODY bgcolor="#ffffff">



<A name="page_1"><font size="2"></font></A>

<hr>

<P align="center">
&nbsp;</P>
<P align="center">
<B>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</B> <B><br>
WASHINGTON, D.C.&nbsp; 20549 <br>
&nbsp;</B></P>
<P align="center">
<B><font size="5">FORM 40-F</font><font size="4"> </font> </B></P>
<div align="center">
	<table border="0" width="70%" cellpadding="3" style="border-collapse: collapse" id="table1">
		<tr>
			<td width="2" style="border-style: solid; border-width: 1px" bordercolor="#000000">
			</td>
			<td width="98%"><B><font size="2">REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT</font></B><font size="2"> <B>OF 1934</B></font></td>
		</tr>
		<tr>
			<td width="2"></td>
			<td width="98%">
			<p align="center"> <B><font size="2">OR </font> </B></td>
		</tr>
		<tr>
			<td width="2" style="border-style: solid; border-width: 1px" bordercolor="#000000">
			<b>x</b></td>
			<td width="98%">
<B><font size="2">ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></B></td>
		</tr>
	</table>
</div>
<P align="left">
<font size="2"> &nbsp;<br>
&nbsp;</font></P>
<div align="center">
<table border="0" width="70%" style="border-collapse: collapse" id="table2">
	<tr>
		<td width="35%">
<font size="2">For the fiscal year ended: <B>December 31, 2007</B></font></td>
		<td width="35%">
		<p align="right"><font size="2">Commission File Number: <B>1-8481</B>
</font> </td>
	</tr>
</table>
</div>
<P align="left">
<font size="2"> &nbsp;<B> </B>
</font></P>
<P align="center">
<B><font size="7">BCE Inc.</font></B><font size="7"> </font><I><font size="2">
<br>
(Exact name of Registrant as specified in its charter)</font></I><font size="2">
</font> </P>
<P align="center">
<B><font size="2">Canada</font></B><font size="2"> </font><I><font size="2"><br>
(Province or other jurisdiction of incorporation or organization)
</font> </I> </P>
<P align="center">
<B><font size="2">4813</font></B><font size="2"> </font><I><font size="2"><br>
(Primary Standard Industrial Classification Code Number (if applicable))
</font> </I> </P>
<P align="center">
<B><font size="2">98-0134477</font></B><font size="2"> </font><I><font size="2">
<br>
(I.R.S. Employer Identification Number (if applicable)) </font> </I> </P>
<P align="center">
<B><font size="2">1000 rue de La Gaucheti&egrave;re Ouest, Bureau 3700, Montr&eacute;al, Qu&eacute;bec, Canada H3B 4Y7, (514) 397-7000</font></B><font size="2">
</font><I><font size="2"><br>
(Address and telephone number of Registrant&#146;s principal executive offices)
</font> </I> </P>
<P align="center">
<B><font size="2">CT Corporation System, 111 Eighth Avenue, 13</font></B><font size="2"><B><SUP>th</SUP> Floor, New York, N.Y. 10011, (212) 894-8940</B>
</font><I><font size="2"><br>
(Name, address (including zip code) and telephone number (including area code)
<br>
of agent for service in the United States)
</font> </I> </P>
<P align="center">
<font size="2">Copies of all correspondence should be sent to: </font> </P>
<div align="center">
	<table border="0" width="70%" cellpadding="0" style="border-collapse: collapse" id="table3">
		<tr>
			<td width="35%" valign="top"><font size="2">Ildo Ricciuto<br>
			Assistant General Counsel, Compliance<br>
			BCE Inc.<br>
			1000 rue de La Gaucheti&egrave;re Ouest <br>
			Bureau 3700 <br>
			Montr&eacute;al, Qu&eacute;bec <br>
			Canada H3B 4Y7 <br>
			Tel : (514) 786-3931 </font> </td>
			<td width="35%" valign="top">
<font size="2">Donald R. Crawshaw <br>
			Sullivan &amp; Cromwell LLP <br>
			125 Broad Street <br>
			New York, New York 10004-2498 <br>
			Tel : (212) 558-4000</font></td>
		</tr>
	</table>
</div>
<P align="left">
<font size="2">&nbsp;&nbsp;</font></P>

<HR noshade align="center" width="100%" size=2>




<A name="page_2"><font size="2"></font></A>

<P align="right">
<font size="2">2</font></P>
<P align="center">
<font size="2">Securities registered pursuant to Section 12(b) of the Act:
</font> </P>
<div align="center">
	<table border="0" width="70%" cellpadding="0" style="border-collapse: collapse" id="table4">
		<tr>
			<td width="35%" align="center">
<font size="2">Title of each class</font><B><font size="2"><br>
			Common shares</font></B></td>
			<td width="35%" align="center"><font size="2">Name of each exchange on which registered<B><br>
			New York Stock Exchange</B></font></td>
		</tr>
	</table>
</div>
<P align="center">
<font size="2">Securities registered pursuant to Section 12(g) of the Act:
</font> <B><font size="2">None </font> </B></P>
<P align="center">
<font size="2">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
</font> <B><font size="2">None </font> </B></P>
<P align="left">
<font size="2">For annual reports, indicate by check mark the information filed with this form:
</font> </P>
<div align="center">
	<table border="0" width="60%" cellpadding="3" style="border-collapse: collapse" id="table5">
		<tr>
			<td width="2%" style="border-style: solid; border-width: 1px" align="center" bordercolor="#000000">
			<b>x</b></td>
			<td width="25%"><font size="2">Annual Information Form</font></td>
			<td width="1%">&nbsp;</td>
			<td width="2%" style="border-style: solid; border-width: 1px" align="center" bordercolor="#000000">
			<b>x</b></td>
			<td width="30%">
<font size="2">Audited Annual Financial Statements</font></td>
		</tr>
	</table>
</div>
<P align="left">
<font size="2">&nbsp;Indicate the number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of the close of the period covered by the annual report:
</font></P>
<div align="center">
<TABLE border=0 width="50%" cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD valign=bottom align=left width="15%" colspan="2">
<font size="2">Common Shares
	</font>
	</TD>
	<TD valign=bottom align=right width="25%">
<font size="2">805,264,816
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="15%" colspan="2">
<font size="2">First Preferred Shares
	</font>
	</TD>
	<TD valign=bottom align=right width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="2%">
<font size="2">&nbsp;</font></TD>
	<TD valign=bottom align=left width="23%">
<font size="2">Series R</font></TD>
	<TD valign=bottom align=right width="25%">
<font size="2">8,000,000
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="2%">
&nbsp;</TD>
	<TD valign=bottom align=left width="23%">
<font size="2">Series S
	</font>
	</TD>
	<TD valign=bottom align=right width="25%">
<font size="2">2,279,791
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="2%">
<font size="2">&nbsp;</font></TD>
	<TD valign=bottom align=left width="23%">
<font size="2">Series T</font></TD>
	<TD valign=bottom align=right width="25%">
<font size="2">5,720,209
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="2%">
&nbsp;</TD>
	<TD valign=bottom align=left width="23%">
<font size="2">Series Y
	</font>
	</TD>
	<TD valign=bottom align=right width="25%">
<font size="2">8,126,330
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="2%">
&nbsp;</TD>
	<TD valign=bottom align=left width="23%">
<font size="2">Series Z
	</font>
	</TD>
	<TD valign=bottom align=right width="25%">
<font size="2">1,873,670
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="2%">
<font size="2">&nbsp;</font></TD>
	<TD valign=bottom align=left width="23%">
<font size="2">Series AA</font></TD>
	<TD valign=bottom align=right width="25%">
<font size="2">10,081,586
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="2%">
<font size="2">&nbsp;</font></TD>
	<TD valign=bottom align=left width="23%">
<font size="2">Series AB</font></TD>
	<TD valign=bottom align=right width="25%">
<font size="2">9,918,414
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="2%">
<font size="2">&nbsp;</font></TD>
	<TD valign=bottom align=left width="23%">
<font size="2">Series AC</font></TD>
	<TD valign=bottom align=right width="25%">
<font size="2">20,000,000
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="2%">
<font size="2">&nbsp;</font></TD>
	<TD valign=bottom align=left width="23%">
<font size="2">Series AE</font></TD>
	<TD valign=bottom align=right width="25%">
<font size="2">1,914,218
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="2%">
&nbsp;</TD>
	<TD valign=bottom align=left width="23%">
<font size="2">Series AF
	</font>
	</TD>
	<TD valign=bottom align=right width="25%">
<font size="2">14,085,782
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="2%">
<font size="2">&nbsp;</font></TD>
	<TD valign=bottom align=left width="23%">
<font size="2">Series AG</font></TD>
	<TD valign=bottom align=right width="25%">
<font size="2">10,051,751
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="2%">
<font size="2">&nbsp;</font></TD>
	<TD valign=bottom align=left width="23%">
<font size="2">Series AH</font></TD>
	<TD valign=bottom align=right width="25%">
<font size="2">3,948,249
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="2%">
<font size="2">&nbsp;</font></TD>
	<TD valign=bottom align=left width="23%">
<font size="2">Series AI</font></TD>
	<TD valign=bottom align=right width="25%">
<U><font size="2">14,000,000</font></U><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=center width="25%" colspan="2">
<p align="left">
<font size="2">Total First Preferred Shares
	</font>
	</TD>
	<TD valign=bottom align=right width="25%">
<font size="2">110,000,000
	</font>
	</TD>
</TR>
</TABLE></div>
<font size="2"><BR>
</font>
<P align="left">
<font size="2">Indicate by check mark whether the registrant by filing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934 (the &#147;<I>Exchange
Act</I>&#148;). If &#147;Yes&#148; is marked, indicate the file number assigned to the registrant in connection with such rule.
</font> </P>
<div align="center">
	<table border="0" width="15%" cellpadding="3" style="border-collapse: collapse" id="table6">
		<tr>
			<td width="3%" align="center"><font size="2">YES:</font></td>
			<td width="3%" style="border-style: solid; border-width: 1px" bordercolor="#000000" align="center">&nbsp;</td>
			<td width="3%" align="center">&nbsp;</td>
			<td width="3%" align="center"><font size="2">NO:</font></td>
			<td width="3%" style="border-style: solid; border-width: 1px" bordercolor="#000000" align="center">
			<p align="center"><b>x</b></td>
		</tr>
	</table>
</div>
<P align="left">
<font size="2">Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the <I>Exchange Act</I> during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports); and (2) has been subject to such filing requirements for the past 90 days.
</font> </P>
<div align="center">
	<table border="0" width="15%" cellpadding="3" style="border-collapse: collapse" id="table7">
		<tr>
			<td width="3%" align="center"><font size="2">YES:</font></td>
			<td width="3%" style="border-style: solid; border-width: 1px" bordercolor="#000000" align="center">
			<b>x</b></td>
			<td width="3%" align="center">&nbsp;</td>
			<td width="3%" align="center"><font size="2">NO:</font></td>
			<td width="3%" style="border-style: solid; border-width: 1px" bordercolor="#000000" align="center">
			<p align="center">&nbsp;</td>
		</tr>
	</table>
</div>
<P align="left">
&nbsp;</P>

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<A name="page_3"><font size="2"></font></A>

<P align="right">
<font size="2">3</font></P>
<P align="right">
&nbsp;</P>
<P align="center">
<B><font size="2">PRIOR FILINGS MODIFIED AND SUPERSEDED</font></B><font size="2">
</font> </P>
<P align="left">
<font size="2">BCE Inc.&#146;s (&#147;BCE&#148;) annual report on Form 40-F for the year ended December 31, 2007, at the time of filing with the U.S. Securities and Exchange Commission (the &#147;SEC&#148; or &#147;Commission&#148;),
modifies and supersedes all prior documents filed pursuant to Sections 13, 14 and 15(d) of the <I>Exchange Act</I> for purposes of any offers or sales of any securities after the date of such filing pursuant to any registration statement or
prospectus filed pursuant to the <I>Securities Act of 1933</I> which incorporates by reference such annual report on Form 40-F.
</font> </P>
<P align="left">
<font size="2">Other than: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the Annual Information Form of BCE for the year ended December 31, 2007 (the &#147;AIF&#148;) attached hereto as Exhibit 99.1;</font><B><font size="2">
	</font></B></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">BCE&#146;s annual audited consolidated financial statements for the year ended December 31, 2007 and the related management&#146;s discussion and analysis of financial condition and results of operations included in the Bell Canada
Enterprises 2007 Annual Report to shareholders attached hereto as Exhibit 99.2 (the &#147;BCE 2007 Annual Report&#148;);</font><B><font size="2">
	</font></B></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the reports of BCE&#146;s management and of BCE&#146;s external auditors on the annual audited consolidated financial statements for the year ended December 31, 2007 included in the BCE 2007 Annual Report;</font><B><font size="2">
	</font></B></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the reports of BCE&#146;s management and of BCE&#146;s external auditors concerning internal control over financial reporting included in the BCE 2007 Annual Report; and</font><B><font size="2">
	</font></B></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">BCE&#146;s Reconciliation of Canadian GAAP to United States GAAP attached hereto as Exhibit 99.4 and the related report of BCE&#146;s external auditors attached hereto as Exhibit 99.5;
	</font></P></li>
</ul>
<P align="left">
<font size="2">no other information from the Exhibits attached hereto is to be incorporated by reference in a registration statement or prospectus filed by BCE pursuant to the <I>Securities Act of 1933</I>.</font><B><font size="2">
</font> </B></P>
<P align="center">
<B><font size="2">ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND <br>
MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></B><font size="2">
</font> </P>
<P align="left">
<B><font size="2">A. Annual Audited Consolidated Financial Statements</font></B><font size="2">
</font> </P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For BCE&#146;s annual audited consolidated financial statements for the year ended December 31, 2007 (the &#147;Financial Statements&#148;), including the external auditors&#146; report with respect thereto, see pages
69 to 110 and part of page 68, respectively, of the BCE 2007 Annual Report, which pages are incorporated herein by reference.
</font> </P>
<P align="left">
<B><font size="2">B. Management&#146;s Discussion and Analysis </font> </B></P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For management&#146;s discussion and analysis of financial condition and results of operations for the year ended December 31, 2007 (&#147;MD&amp;A&#148;), see pages
2 to 65 and 111  and 112 of the BCE
2007 Annual Report, which pages are incorporated herein by reference. </font> </P>

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<A name="page_4"><font size="2"></font></A>

<P align="right">
<font size="2">4</font></P>
<P align="right">
&nbsp;</P>
<P align="center">
<B><font size="2">RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP</font></B><font size="2">
</font> </P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refer to the document entitled &#147;Reconciliation of Canadian GAAP to United States GAAP&#148; reconciling the significant differences between Canadian and United States generally accepted accounting principles
attached hereto as Exhibit 99.4, which is incorporated herein by reference, and to the external auditors&#146; report with respect thereto attached hereto as Exhibit 99.5, which is also incorporated herein by reference.
</font> </P>
<P align="center">
<B><font size="2">DISCLOSURE CONTROLS AND PROCEDURES</font></B><font size="2">
</font> </P>
<P align="left">
<font size="2">Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us is recorded, processed, summarized and reported within the time periods specified under Canadian and U.S. securities
laws and include controls and procedures that are designed to ensure that the information is accumulated and communicated to management, including BCE&#146;s President and Chief Executive Officer (CEO) and Chief Financial Officer (CFO), to allow
timely decisions regarding required disclosure.</font></P>
<P align="left">
<font size="2">As of December 31, 2007, an evaluation of the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the <I>Exchange Act</I> and under <I>Multilateral Instrument 52-109</I> adopted by the Canadian securities
regulatory authorities, was carried out by our management under the supervision, and with the participation, of the President and CEO and the CFO.  Based on that evaluation, the President and CEO and the CFO concluded that the design and operation
of our disclosure controls and procedures were effective as at December 31, 2007.
</font> </P>
<P align="center">
<B><font size="2">INTERNAL CONTROL OVER FINANCIAL REPORTING </font> </B></P>
<P align="left">
<B><font size="2">A.&nbsp; Management&#146;s report on internal control over financial reporting</font></B><font size="2">
</font> </P>
<P align="left">
<font size="2">The report of BCE&#146;s management entitled &#147;Management&#146;s Report On Internal Control Over Financial Reporting&#148; appearing at page
66 of the BCE 2007 Annual Report is incorporated herein by reference.
</font> </P>
<P align="left">
<B><font size="2">B.&nbsp; Auditors&#146; report on internal control over financial reporting</font></B><font size="2">
</font> </P>
<P align="left">
<font size="2">The report of BCE&#146;s external auditors concerning BCE&#146;s internal control over financial reporting appearing at page
67 of the BCE 2007 Annual Report is incorporated herein by reference.
</font> </P>
<P align="left">
<B><font size="2">C.&nbsp; Changes in internal control over financial reporting </font> </B></P>
<P align="left">
<font size="2">No changes were made in our internal control over financial reporting during the year ended December 31, 2007 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</font><B><font size="2">
</font> </B></P>
<P align="center">
<B><font size="2">STATEMENT REGARDING CONTROLS AND PROCEDURES </font> </B></P>
<P align="left">
<font size="2">There can be no assurance that our disclosure controls and procedures will detect or uncover all failures to disclose all material information otherwise required to be set forth in our disclosure. Furthermore, a control system, no matter how well
designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation. Accordingly, BCE does not expect that BCE&#146;s internal control over financial
reporting will prevent or detect all errors and all fraud.  BCE will continue to periodically review its disclosure controls and procedures and internal control over financial reporting and may make modifications from time to time as considered
necessary or desirable. </font> </P>

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<A name="page_5"><font size="2"></font></A>

<P align="right">
<font size="2">5</font></P>
<P align="right">
&nbsp;</P>
<P align="center">
<B><font size="2">AUDIT COMMITTEE FINANCIAL EXPERT </font> </B></P>
<P align="left">
 <font size="2">BCE&#146;s board of directors has determined that at least one of the members of the audit committee, being the Chair of the audit committee, Mr. T.C. O&#146;Neill, is qualified as &#147;audit committee financial expert&#148;, and that all members
of the audit committee are independent under the listing standards of the New York Stock Exchange.
	</font> </P>
<P align="center">
<B><font size="2">CODE OF ETHICS </font> </B></P>
<P align="left">
 <font size="2">All of BCE&#146;s employees, directors and officers must follow the Bell Canada Enterprises Code of Business Conduct (the &#147;Code of Conduct&#148;), which provides guidelines for ethical behaviour. The Code of Conduct includes additional
guidelines for BCE&#146;s executive officers, including the President and CEO, CFO, Controller and Treasurer. The Code of Conduct is available in the governance section of BCE&#146;s website at <U>www.bce.ca</U>.
	</font></P>
<P align="center">
<B><font size="2">PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></B><font size="2">
</font> </P>
<P align="left">
<B><font size="2">External auditors&#146; fees </font> </B></P>
<P align="left">
<font size="2">The table below shows the fees that BCE&#146;s external auditors, Deloitte &amp; Touche LLP, billed to BCE Inc. and its subsidiaries for various services for each year in the past two fiscal years.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD valign=bottom align=left width="34%" style="border-style: solid; border-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=center width="33%" style="border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">2007
	<br>
(in &#36; millions)
	</font>
	</TD>
	<TD valign=bottom align=center width="33%" style="border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">2006
	<br>
(in &#36; millions)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="34%" style="border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Audit fees
	</font>
	</TD>
	<TD valign=bottom align=center width="33%" style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<font size="2">&#36;16.2
	</font>
	</TD>
	<TD valign=bottom align=center width="33%" style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<font size="2">&#36;13.6
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="34%" style="border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Audit-related fees
	</font>
	</TD>
	<TD valign=bottom align=center width="33%" style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<font size="2">&#36;3.8
	</font>
	</TD>
	<TD valign=bottom align=center width="33%" style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<font size="2">&#36;5.2
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="34%" style="border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Tax fees
	</font>
	</TD>
	<TD valign=bottom align=center width="33%" style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<font size="2">0.8
	</font>
	</TD>
	<TD valign=bottom align=center width="33%" style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<font size="2">&#36;0.9
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="34%" style="border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">All other fees
	</font>
	</TD>
	<TD valign=bottom align=center width="33%" style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<font size="2">&#151;
	</font>
	</TD>
	<TD valign=bottom align=center width="33%" style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<font size="2">&#151;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="34%" style="border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Total
	</font>
	</TD>
	<TD valign=bottom align=center width="33%" style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<font size="2">&#36;20.8<SUP>(1)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=center width="33%" style="border-bottom:1px solid #000000; border-right-style:solid; border-right-width:1px" bordercolor="#000000">
<font size="2">&#36;19.7<SUP>(1)</SUP>
	</font>
	</TD>
</TR>
</TABLE><B><SUP><font size="2">&nbsp;</font></SUP></B><table border="0" width="100%" cellspacing="0" cellpadding="0" id="table8">
	<tr>
		<td width="1%" valign="top">
<SUP><font size="2">(1)</font></SUP></td>
		<td width="99%"><font size="2"><I>The amounts of &#36;20.8 million for 2007 and &#36;19.7 million for 2006 reflect fees billed in those fiscal years without taking into account the year to</I>
	</font><I><font size="2">which those services relate. However, total fees for services provided for each fiscal year amounted to &#36;13.5 million in 2007 and &#36;26.7 million</font></I><font size="2">
</font><I><font size="2">in 2006.</font></I></td>
	</tr>
</table>
<P align="left">
<I><font size="2">Audit fees </font> </I><font size="2"><br>
These fees include professional services provided by the external auditors for the review of the interim financial statements, statutory audits of the annual financial statements, the audit of the effectiveness of internal control over financial
reporting, the review of prospectuses, the review of financial accounting and reporting matters, other regulatory audits and filings and translation services.
</font> </P>
<P align="left">
<I><font size="2">Audit-related fees </font> </I><font size="2"><br>
These fees relate to non-statutory audits, due diligence, pension plan audits and the review of financial accounting and reporting matters.
</font> </P>
<P align="left">
<I><font size="2">Tax fees </font> </I><font size="2"><br>
These fees include professional services for tax compliance, tax advice and assistance with tax audits and appeals.</font></P>
<P align="left">
<I><font size="2">All other fees </font> </I><font size="2"><br>
These fees include any other fees for permitted services not included in any of the above-stated categories. No such services were provided in the last two fiscal years.
</font> </P>

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<A name="page_6"><font size="2"></font></A>

<P align="right">
<font size="2">6</font></P>
<P align="right">
&nbsp;</P>
<P align="left">
<B><font size="2">Auditor Independence Policy </font> </B></P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s Auditor Independence Policy is a comprehensive policy governing all aspects of BCE&#146;s relationship with the external auditors, including:
</font>
</P>
<ul>
	<li>
	<P align="left"><font size="2">establishing a process for determining whether various
audit and other services provided by the external auditors affect their independence;
	</font></P></li>
	<li>
	<P align="left"><font size="2">identifying the services that the external auditors may and may not provide to BCE and its subsidiaries;
	</font></P></li>
	<li>
	<P align="left"><font size="2">pre-approving all services to be provided by
the external auditors of BCE and its subsidiaries; and </font></P></li>
	<li>
	<P align="left"><font size="2">establishing a process outlining procedures when hiring current or former personnel of the external auditors in a financial oversight role to ensure auditor independence is maintained.
	</font></P></li>
</ul>
<P align="left">
<font size="2">In particular, the policy specifies that: </font> </P>
<ul>
	<li>
	<P align="left"><font size="2">the external auditors cannot be hired to provide any services falling within the prohibited services category, such as bookkeeping, financial information system design and implementation and legal services;
	</font></P></li>
	<li>
	<P align="left"><font size="2">for all audit or non-audit
services falling within the permitted services category (such as prospectus work, due diligence and non-statutory audits), a request for approval must be submitted to the audit committee by the CFO
	prior to engaging the external auditors; </font></P></li>
	<li>
	<P align="left"><font size="2">specific permitted services however are pre-approved annually and quarterly by the audit committee and consequently only require approval by the CFO prior to engaging the external auditors; and
	</font></P></li>
	<li>
	<P align="left"><font size="2">at each regularly scheduled audit committee
meeting, a consolidated summary of all fees paid to the external auditors by service type is presented. This summary includes a breakout of fees incurred within the pre-approved amounts.
	</font></P></li>
</ul>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Auditor Independence Policy is available in the governance section of BCE&#146;s website at <U>www.bce.ca</U>.
</font> </P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2006 and 2007, BCE&#146;s audit committee did not approve any audit-related, tax or other services pursuant to paragraph (c) (7) (i) (C) of Rule 2-01 of Regulation S-X.</font><B><font size="2">
	</font> </B></P>
<P align="center">
<B><font size="2">OFF-BALANCE SHEET ARRANGEMENTS</font></B><font size="2">
</font> </P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see the sections entitled &#147;Off-Balance Sheet Arrangements&#148; and &#147;Derivative Instruments&#148; at pages
38 and 39, respectively, of BCE&#146;s MD&amp;A contained in the BCE 2007 Annual Report (which sections are incorporated by reference in this
annual report on Form 40-F) and Notes 10, 20 and 26, entitled &#147;Accounts Receivable&#148;, &#147;Financial Instruments&#148; and &#147;Guarantees&#148;, respectively, of the Financial Statements, all contained in the BCE 2007 Annual Report, for
a discussion of off-balance sheet arrangements.
</font> </P>
<P align="center">
<B><font size="2">TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS </font> </B></P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see the section entitled &#147;Contractual Obligations&#148; at page
38 of BCE&#146;s MD&amp;A (which section is incorporated by reference in this annual report on Form 40-F), for a tabular disclosure and discussion of
contractual obligations.</font></P>
<P align="center">
<B><font size="2">IDENTIFICATION OF THE AUDIT COMMITTEE </font> </B></P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE has a separately designated standing audit committee established in accordance with section 3(a)(58) (A) of the <I>Exchange Act</I>. BCE&#146;s audit committee is comprised of five independent members: Mr. T.C. O&#146;Neill (Chair), Mr. A.
B&eacute;rard, Mr. A.S. Fell, Ms. J. Maxwell and Mr. V.L. Young.
</font> </P>
<P align="center">
<B><font size="2">UNDERTAKING</font></B><font size="2"> </font> </P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information
relating to: the securities in relation to which the obligation to file this annual report on Form 40-F arises; or transactions in said securities.
</font> </P>

<HR noshade align="center" width="100%" size=2>




<A name="page_7"><font size="2"></font></A>

<P align="right">
<font size="2">7</font></P>
<P align="right">
&nbsp;</P>
<P align="center">
<B><font size="2">WEB SITE INFORMATION</font></B><font size="2"> </font> </P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any reference to BCE&#146;s website on the World Wide Web in this annual report on Form 40-F or in the documents attached as Exhibits hereto, the information contained in BCE&#146;s website or any other
site on the World Wide Web referred to in BCE&#146;s website is not a part of this annual report on Form 40-F and, therefore, is not filed with the Commission.
</font> </P>
<P align="center">
<B><font size="2">STATEMENT REGARDING FORWARD-LOOKING STATEMENTS </font> </B></P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE has made in the documents filed as part of this annual report on Form 40-F, and from time to time may otherwise make, forward-looking statements and related assumptions concerning its operations, economic
performance and financial matters. Except as may be required by Canadian securities laws, BCE does not undertake any obligation to update or revise any of these forward-looking statements or related assumptions whether as a result of new
information, future events or otherwise. Actual results or events could differ materially from those set forth in, or implied by, the forward-looking statements and the related assumptions due to a variety of risk factors. Reference is made to the
various risk factors discussed throughout BCE&#146;s MD&amp;A, contained in the BCE 2007 Annual Report, including, in particular, to the risk factors discussed in the sections of BCE&#146;s MD&amp;A entitled &#147;About Forward-Looking Statements&#148;,
&#147;Our Competitive Environment&#148;, &#147;Our Regulatory Environment&#148; and &#147;Risks that Could Affect Our Business and Results&#148;. Reference is also hereby made to the various assumptions discussed throughout BCE&#146;s MD&amp;A,
including, in particular, to the assumptions discussed in the sections of BCE&#146;s MD&amp;A entitled &#147;Strategic Priorities&#148; and &#147;Business Outlook and Assumptions&#148;.
</font> </P>

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<A name="page_8"><font size="2"></font></A>

<P align="right">
<font size="2">8</font></P>
<P align="right">
&nbsp;</P>
<P align="center">
<B><font size="2">SIGNATURES </font> </B></P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the
undersigned, thereto duly authorized. </font> </P>
<div align="right">
	<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table9">
		<tr>
			<td width="50%" colspan="2"><B><font size="2">BCE Inc.</font></B><p>&nbsp;</td>
		</tr>
		<tr>
			<td width="5%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">By:</font></td>
			<td width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
			<font size="2"><I>(signed) Siim A. Vanaselja</I></font></td>
		</tr>
		<tr>
			<td width="5%">&nbsp;</td>
			<td width="40%"><font size="2">Siim A. Vanaselja  <br>
			Chief Financial Officer</font><p>&nbsp;</td>
		</tr>
		<tr>
			<td width="45%" colspan="2">
<font size="2">Date: March 12, 2008</font></td>
		</tr>
	</table>
</div>
<P align="left">
<font size="2"> &nbsp;</font></P>

<HR noshade align="center" width="100%" size=2>




<A name="page_9"><font size="2"></font></A>

<P align="center">
<B><font size="2">LIST OF EXHIBITS <br>
TO FORM 40-F</font></B><font size="2"> </font> </P>
<P align="center">
&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Annual Information Form of BCE Inc. for the year ended December 31, 2007
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">Exhibit 99.1
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
&nbsp;</TD>
	<TD valign=bottom align=left width="20%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Bell Canada Enterprises 2007 Annual Report
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">Exhibit 99.2
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
&nbsp;</TD>
	<TD valign=bottom align=left width="20%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Consent of Independent Registered Chartered Accountants
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">Exhibit 99.3
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
&nbsp;</TD>
	<TD valign=bottom align=left width="20%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Reconciliation of Canadian GAAP to United States GAAP
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">Exhibit 99.4
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
&nbsp;</TD>
	<TD valign=bottom align=left width="20%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Report of Independent Registered Chartered Accountants on Reconciliation of
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Canadian GAAP to United States GAAP
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">Exhibit 99.5
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
&nbsp;</TD>
	<TD valign=bottom align=left width="20%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Definitive Agreement, dated as of June 29, 2007 (the &#147;Definitive Agreement&#148;),
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">between BCE Inc. and 6796508 Canada Inc. (incorporated by reference from BCE
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">Exhibit 99.6
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Inc.&#146;s Report on Form 6-K, filed July 5, 2007)
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
&nbsp;</TD>
	<TD valign=bottom align=left width="20%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Amending Agreement, dated July 12, 2007, between BCE Inc. and 6796508
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Canada Inc., to the Definitive Agreement (incorporated by reference from Exhibit 1
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">Exhibit 99.7
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">to BCE Inc.&#146;s Report on Form 6-K, filed July 13, 2007)
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
&nbsp;</TD>
	<TD valign=bottom align=left width="20%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Acknowledgment and consent letter, dated September 11, 2007, between BCE Inc.
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">Exhibit 99.8
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">and 6796508 Canada Inc., in respect of the Definitive Agreement
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
&nbsp;</TD>
	<TD valign=bottom align=left width="20%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Certifications of the Chief Executive Officer and the Chief Financial Officer
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">Exhibit 99.31
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
&nbsp;</TD>
	<TD valign=bottom align=left width="20%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Certification of the Chief Executive Officer and the Chief Financial Officer
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">Exhibit 99.32
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="80%">
<font size="2">Sarbanes-Oxley Act of 2002
	</font>
	</TD>
	<TD valign=bottom align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>aif.htm
<DESCRIPTION>2007 ANNUAL INFORMATION FORM
<TEXT>

<HTML>
<HEAD>
   <TITLE>2007 Annual Information Form BCE Inc.</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<p align="right"><b><font size="2">EXHIBIT 99.1</font></b></p>
<p>



<img border="0" src="aifctx1x1.jpg" width="179" height="67"><BR>
</p>
<P align="center">
&nbsp;</P>
<P align="center">
<B><font size="6">2007</font></B></P>
<P align="center">
<B><font size="6">Annual Information Form </font> </B></P>
<P align="center">
&nbsp;</P>
<P align="center">
&nbsp;</P>
<P align="center">
<B><font size="6">BCE Inc.</font></B></P>
<P align="center">
&nbsp;</P>
<P align="center">
<B><font size="6">For the year ended December 31, 2007</font></B></P>
<P align="center">
&nbsp;</P>
<P align="center">
<B><font size="6">March 5, 2008 </font> </B></P>
<P align="center">
&nbsp;</P>
<P align="center">
&nbsp;</P>
<P align="center">
&nbsp;</P>

<HR noshade color="#000000" size="1">






<P align="center">
&nbsp;</P>
<P align="center">
&nbsp;</P>
<P align="center">
<B><font size="5">TABLE OF CONTENTS </font> </B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<p align="center">&nbsp;
	<B><FONT size=2>Annual</FONT></B> <br>
<B><FONT size=2>Information</FONT></B>
	<br>
<B><FONT size=2>Form</FONT></B>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>Management&#146;s</FONT></B>
	<br>
<B><FONT size=2>Discussion &amp;</FONT></B>
	<br>
<B><FONT size=2>Analysis and</FONT></B>
	<br>
<B><FONT size=2>Financial</FONT></B>
	<br>
<B><FONT size=2>Statements</FONT></B>
	<br>
<B><FONT size=2>Incorporated by</FONT></B>
	<br>
<B><FONT size=2>Reference</FONT></B>
	<br>
<B><FONT size=2>(reference to</FONT></B>
	<br>
<B><FONT size=2>pages of 2007</FONT></B>
	<br>
<B><FONT size=2>Annual Report)</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 12px">
<FONT size=2>CAUTION REGARDING FORWARD-LOOKING STATEMENTS</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>5</FONT></B>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>10-13; 40-58</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 12px">
<FONT size=2>TRADEMARKS</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>6</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 12px">
<FONT size=2>CORPORATE STRUCTURE</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>6</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Incorporation and Registered Offices</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>6</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Subsidiaries</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>7</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 12px">
<FONT size=2>GENERAL DEVELOPMENT OF OUR BUSINESS</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>7</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Three-Year History</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>7</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Key Transactions</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>9</FONT></B>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>9-12</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 12px">
<FONT size=2>DESCRIPTION OF OUR BUSINESS</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>11</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>General Summary</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>11</FONT></B>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>4-9</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Our Employees</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>12</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Corporate Responsibility</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>13</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Competitive Environment</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>15</FONT></B>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>40-43</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Regulatory Environment</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>15</FONT></B>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>43-50</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 12px">
<FONT size=2>OUR CAPITAL STRUCTURE</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>16</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>BCE Inc. Securities</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>16</FONT></B>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>43-50; 96-99</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Bell Canada Debt Securities</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>1</FONT></B><font size="2"><b>9</b></font>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Ratings for BCE Inc. and Bell Canada Public Debt Securities</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>19</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Ratings for BCE Inc. Preferred Shares</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>20</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Outlook</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>20</FONT></B>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>36-37</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>General Explanation</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>20</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Explanation of Ratings Received for Our Securities</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>2</FONT></B><font size="2"><b>2</b></font>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Market of Our Securities</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>2</FONT></B><font size="2"><b>4</b></font>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Trading of Our Securities</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>24</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 12px">
<FONT size=2>OUR DIVIDEND POLICY</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>25</FONT></B>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>40-43; 50-58</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 12px">
<FONT size=2>OUR DIRECTORS AND EXECUTIVE OFFICERS</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>26</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<p style="margin-left: 48px">
<FONT size=2>Directors</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
<B><FONT size=2>26</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Executive Officers</FONT>
	</TD>
	<TD align=center width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; border-bottom:1px solid #000000; ">
<B><FONT size=2>36</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right:1px solid #000000; border-top:1px solid #000000; border-bottom:1px solid #000000; ">
&nbsp;
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>

<HR noshade align="center" width="100%" size=1 color="#000000">






<p>&nbsp;</p>






<TABLE border=0 width=100% cellspacing=0 cellpadding=0 bordercolor="#000000">
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<p align="center">
<B><FONT size=2>Annual</FONT></B>
	<br>
<B><FONT size=2>Information</FONT></B>
	<br>
<B><FONT size=2>Form</FONT></B>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>Management&#146;s</FONT></B>
	<br>
<B><FONT size=2>Discussion &amp;</FONT></B>
	<br>
<B><FONT size=2>Analysis and</FONT></B>
	<br>
<B><FONT size=2>Financial</FONT></B>
	<br>
<B><FONT size=2>Statements</FONT></B>
	<br>
<B><FONT size=2>Incorporated by</FONT></B>
	<br>
<B><FONT size=2>Reference</FONT></B>
	<br>
<B><FONT size=2>(reference to</FONT></B>
	<br>
<B><FONT size=2>pages of 2007</FONT></B>
	<br>
<B><FONT size=2>Annual Report)</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Directors&#146; and Executive Officers&#146; Share Ownership</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>37</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Indebtedness of Directors and Executive Officers</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>37</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 12px">
<FONT size=2>LEGAL PROCEEDINGS</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>37</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Lawsuits Related to BCE Inc.</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>37</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Lawsuits Related to Bell Canada</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>38</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Lawsuits Related to Teleglobe</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>40</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 12px">
<FONT size=2>INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS</FONT>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<p align="center"><b><font size="2">43</font></b>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Directors</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>43</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Director Compensation Table</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>44</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Executive Officers</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>44</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Executive Compensation Table</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>46</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Change of Control Agreements</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>47</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px"><font size="2">Idemnification and Insurance of
Directors and Executive Officers</font></TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>48</FONT></B> </TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 12px">
<FONT size=2>INTERESTS OF EXPERTS</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>49</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Names of Experts</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>49</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Interests of Experts</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>49</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 12px">
<FONT size=2>MATERIAL CONTRACTS</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>50</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 12px">
<FONT size=2>TRANSFER AGENT AND REGISTRAR</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>50</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 12px">
<FONT size=2>FOR MORE INFORMATION</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>50</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Documents You Can Request</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>50</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 48px">
<FONT size=2>Other Information About BCE Inc.</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>51</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 12px">
<FONT size=2>SCHEDULE 1 - Statement of Corporate Governance Practices</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>52</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 12px">
<FONT size=2>SCHEDULE 1A &#150; Board Mandate</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>64</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 12px">
<FONT size=2>SCHEDULE 1B &#150; Audit Committee Charter</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>69</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000">
<p style="margin-left: 12px">
<FONT size=2>SCHEDULE 1C - Chief Executive Officer Position Description</FONT>
	</TD>
	<TD align=center width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
<B><FONT size=2>76</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border: 1px solid #000000">
<p style="margin-left: 12px">
<FONT size=2>SCHEDULE 2 &#150; Statement of Executive Compensation</FONT>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2>78</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<FONT size=2>SCHEDULE 3 &#150; Glossary</FONT>
	</TD>
	<TD align=center width="15%" style="border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>99</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>

<HR noshade align="center" width="100%" size=1 color="#000000">





<P align="left">
&nbsp;</P>
<table border="0" width="100%" bordercolor="#000000" cellspacing="0" cellpadding="6">
	<tr>
		<td style="border: 1px solid #000000">
		<P align="left">
<B><font size="2">In this annual information form, <I>we, us, our, company</I> and <I>BCE</I>
mean BCE Inc., its subsidiaries, joint ventures and associated companies. Bell
Canada is, unless otherwise indicated, referred to in this document as Bell, and
is comprised of our Bell Wireline and Bell Wireless segments. References to Bell
Aliant include matters relating to, and actions taken by, both Aliant Inc. and
its affiliated entities prior to July 7, 2006, and Bell Aliant Regional
Communications Income Fund and its affiliated entities, on and after such date.
</font> </B></P>
<P align="left">
<B><font size="2">All dollar figures are in Canadian dollars, unless stated otherwise. The
information in this annual information form is as of March 5, 2008, unless
stated otherwise, and except for information in documents incorporated by
reference that have a different date.</font></B><font size="2"> </font> </P>
		<p>&nbsp;</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

<HR noshade align="center" width="100%" size=1 color="#000000">





<p align="left">&nbsp;</p>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center"><B>CAUTION REGARDING FORWARD-LOOKING STATEMENTS </B>
		</td>
	</tr>
</table>
<P align="left">
<font size="2">This annual information form contains forward-looking statements concerning, among other things, BCE&#146;s objectives, plans, strategies, financial condition, results of operations and business outlooks. A statement we make is forward-looking when
it uses what we know and expect today to make a statement about the future. Forward-looking statements may include words such as <I>aim, anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, seek,
should, strategy, strive, target</I> <I>and will. </I>All such forward-looking statements are made pursuant to the &#145;safe harbour&#146; provisions of applicable Canadian securities laws and of the <I>United States Private Securities Litigation
Reform Act of 1995</I>. </font> </P>
<P align="left">
<B><font size="2">Unless otherwise indicated by us, forward-looking statements in this annual information form describe our expectations at</font></B><font size="2"> <B>March 5, 2008</B>. 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.
</font> </P>
<P align="left">
<font size="2">Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions 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 investors and others to get a better understanding of our operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any
other purpose. </font> </P>
<P align="left">
<font size="2">Forward-looking statements made in this annual information form are based on a number of assumptions that we believed were reasonable on the day we made the forward-looking statements. Refer, in particular, to the sections of BCE Inc.&#146;s 2007
management&#146;s discussion and analysis entitled <I>Strategic Priorities</I> and <I>Business Outlook and Assumptions</I> at pages 10 to 13 of the Bell Canada Enterprises 2007 annual report (BCE 2007 MD&amp;A), for a discussion of certain
assumptions we have made in making forward-looking statements, which sections are incorporated by reference herein.
</font> </P>
<P align="left">
<font size="2">Factors that could cause actual results to differ materially from our expectations expressed in or implied by our forward-looking statements include: general economic conditions; failure to achieve our business objectives; the intensity of
competitive activity and the increase in wireless competitive activity that could result from Industry Canada&#146;s decision to license additional wireless 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, information technology (IT) systems and softwares; labour disruptions; the potential adverse effects on our Internet business of the
significant increase in broadband demand; competitive risks related to potential changes in foreign ownership restrictions; events affecting the operations of our service providers operating outside Canada; our ability to raise the capital we need
to implement our business plan; the consummation of the Privatization (as defined under <I>General Development of Our Business &#150; Three-Year History</I>) is still subject to a number of terms and conditions including the receipt of regulatory
approval, resolution of any appeal filed by the debenture holders which affects the approval of the Arrangement (as defined under <i>General
Development of Our Business &#150; Three-Year History</i>), and contractual termination rights; 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 regulations banning the use of wireless devices while driving; launch and in-orbit risks of satellites used by Bell
ExpressVu Limited Partnership (Bell ExpressVu); increased pension fund contributions; and health
concerns about radio frequency emissions from wireless devices.
</font> </P>
<P align="left">
<font size="2">These and 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 annual
</font> </P>
<P align="right">
&nbsp;</P>
<P align="right">
<font size="2">Page 5</font></P>

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<P align="left">
<font size="2">information form and the BCE 2007 MD&amp;A and, in particular, under the sections entitled <I>Our Competitive Environment</I>, <I>Our Regulatory Environment </I>and <I>Risks That Could Affect Our Business and Results</I>, beginning on pages 40, 43
and 50, respectively, of the BCE 2007 MD&amp;A, which sections are incorporated by reference herein.
</font> </P>
<P align="left">
<font size="2">Except as otherwise indicated by us, forward-looking statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made may have on our business. More
specifically, such statements do not, unless otherwise specified by us, reflect the impact of dispositions, sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges
announced or occurring after forward-looking statements are made. The financial impact of these transactions and non-recurring and other special items can be complex and depends on the facts particular to each of them. We therefore cannot describe
the expected impact in a meaningful way or in the same way we present known risks affecting our business.</font></P>
<P align="left">
<font size="2">We caution readers that the risks described above are not the only ones that could impact us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our
business, financial condition or results of operations. </font> </P>
<P align="center">
&nbsp;</P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center"><B>TRADEMARKS</B></td>
	</tr>
</table>
<P align="left">
<font size="2">The table below is a list of our trademarks that are referred to and used as such in this annual information form and their owners.
</font> </P>
<TABLE border=0 width=100% cellpadding=2 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="49%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Owner</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% rowspan="8">
&nbsp;</TD>
	<TD width=1% rowspan="8" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=left width="49%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Trademark</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Bell Aliant Regional Communications, Limited Partnership </FONT>
	</TD>
	<TD align=left width="49%">
<FONT size=2>Aliant </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>(Bell Aliant LP) </FONT>
	</TD>
	<TD align=left width="49%">
<FONT size=2>xwave </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>BCE Inc. </FONT>
	</TD>
	<TD align=left width="49%">
<FONT size=2>BCE </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Bell Canada </FONT>
	</TD>
	<TD align=left width="49%">
<FONT size=2>Bell </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="49%">
<FONT size=2>Bell World </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="49%">
<FONT size=2>Sympatico </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Telesat Canada (Telesat) </FONT>
	</TD>
	<TD align=left width="49%">
<FONT size=2>Nimiq </FONT>
	</TD>
</TR>
</TABLE><font size="2"><BR>
</font>
<P align="left">
<font size="2">Any other trademarks, or corporate, trade or domain names used in this annual information form are the property of their owners. We believe that our trademarks are very important to our success. Our exclusive trademark rights are perpetual provided
that their registrations are timely renewed and that the trademarks are used in commerce by us or our licensees. We take appropriate measures to protect, renew and defend our trademarks. We also spend considerable time and resources overseeing,
registering, renewing, licensing and protecting our trademarks and prosecuting those who infringe on them. We take great care not to infringe on the intellectual property and trademarks of others.
</font> </P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center">
<B>CORPORATE STRUCTURE </B></td>
	</tr>
</table>
<P align="left">
<B><U>I</U></B><B><U>NCORPORATION AND </U></B><B><U>R</U></B><B><U>EGISTERED </U></B><B><U>O</U></B><B><U>FFICES</U></B><B> </B></P>
<P align="left">
<font size="2">BCE Inc. was incorporated in 1970 and was continued under the <I>Canada Business Corporations Act in 1979</I>. It is governed by a certificate and articles of amalgamation dated August 1, 2004, by a certificate and articles of arrangement dated July
10, 2006 and by a certificate and articles of amendment dated January 25, 2007. BCE Inc.&#146;s head and registered offices are at 1000 de La Gaucheti&egrave;re Street West, Suite 3700, Montr&eacute;al, Qu&eacute;bec H3B 4Y7. BCE Inc.&#146;s
auditors are Deloitte &amp; Touche LLP. </font> </P>
<P align="left">
&nbsp;</P>
<P align="right">
<font size="2">Page 6</font></P>

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<P align="left">
<B><U>S</U></B><B><U>UBSIDIARIES</U></B><B> </B></P>
<P align="left">
<font size="2">The table below shows BCE Inc.&#146;s main subsidiaries, where they are incorporated or registered, and the percentage of voting and non-voting securities or partnership interest that BCE Inc. beneficially owns or directly or indirectly exercises
control or direction over. BCE Inc. has other subsidiaries, but they have not been included in the table because each represents 10% or less of our total consolidated assets and 10% or less of our total consolidated operating revenues. These other
subsidiaries together represented 20% or less of our total consolidated assets and 20% or less of our total consolidated operating revenues at December 31, 2007.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=4>
<TR valign="bottom">
	<TD align=left width="32%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1 rowspan="6">
	</TD>
	<TD width=1% rowspan="8" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=left width="32%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1 rowspan="6">
	</TD>
	<TD width=1% rowspan="8" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="32%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Percentage of Voting Securities or</FONT></B><font size="2">
</font>
	<B><FONT size=2><br>
Partnership Interest that BCE Inc. Held</FONT></B><font size="2"> </font>
	<B><FONT size=2><br>
at December 31, 2007</FONT><SUP><FONT size=2>(1)</FONT></SUP></B><font size="2">
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="32%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center">
<B><FONT size=2>Subsidiary</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="32%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Where Is It Incorporated or Registered</FONT></B><font size="2">
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<FONT size=2>Bell Canada </FONT>
	</TD>
	<TD align=center width="32%">
<FONT size=2>Canada </FONT>
	</TD>
	<TD align=center width="32%">
<FONT size=2>100% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<FONT size=2>Bell Mobility Inc. (Bell Mobility) </FONT>
	</TD>
	<TD align=center width="32%">
<FONT size=2>Canada </FONT>
	</TD>
	<TD align=center width="32%">
<FONT size=2>100% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<FONT size=2>Bell ExpressVu</FONT><SUP><FONT size=2>(2)(3)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=center width="32%">
<FONT size=2>Canada </FONT>
	</TD>
	<TD align=center width="32%">
<FONT size=2>100% </FONT>
	</TD>
</TR>
</TABLE>
<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top"><font size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp; </font> </td>
		<td><font size="2">BCE Inc. does not own any outstanding non-voting securities issued
		by these subsidiaries. <br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td valign="top"><font size="2">(2) </font> </td>
		<td><font size="2">This partnership represents less than 10% of our total consolidated
		assets and less than 10% of our total consolidated operating revenues.
		We have included it to provide a better understanding of our overall
		corporate structure.<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td valign="top"><font size="2">(3) </font> </td>
		<td><font size="2">This partnership is indirectly wholly-owned by BCE Inc. 52% is
		indirectly held by Bell Canada. </font> </td>
	</tr>
</table>
<P align="left">
<font size="2">As at December 31, 2007, BCE Inc. also owned approximately 44%<B> </B>of the voting securities of Bell Aliant on a fully-diluted basis. For so long as BCE Inc. owns a 30% or greater interest in Bell Aliant and provided that certain major commercial
agreements are in place, BCE Inc. has the right to appoint a majority of the directors and to nominate a majority of the trustees of Bell Aliant. For so long as BCE Inc. owns a 20% or greater interest in Bell Aliant, BCE Inc. also has the ability to
veto certain actions of Bell Aliant (business plans, significant corporate transactions, material changes in business, leverage in excess of 2.5 times debt to earnings before interest, taxes, depreciation and amortization (EBITDA), appointment and
change of Chief Executive Officer and entering into material commercial agreements with our competitors). For more details, see <I>General Development of Our Business &#150; Key Transactions.</I>
</font> </P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center">
<B>GENERAL DEVELOPMENT OF OUR BUSINESS </B></td>
	</tr>
</table>
<P align="left">
<B><U>T</U></B><B><U>HREE</U></B><B><U>-Y</U></B><B><U>EAR </U></B><B><U>H</U></B><B><U>ISTORY</U></B><B> </B></P>
<P align="left">
<font size="2">Our overall strategy for the past three years has been to deliver unrivalled integrated communication services to customers efficiently and cost-effectively. In order to achieve this, we have focused our efforts on returning Bell Canada to its core
communications business with a view of enhancing shareholder value.</font></P>
<P align="left">
<font size="2">Beginning in 2005, we announced a series of transactions to achieve the strategic objective of focusing BCE Inc. solely on Bell Canada and enhancing shareholder value.
</font> </P>
<P align="left">
<font size="2">These actions included:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">launching Virgin Mobile Canada
	</font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">forming the Inukshuk joint venture
	</font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">divesting BCE&#146;s interest in CGI Group Inc. (CGI)
	</font> </P>
	</li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">restructuring the ownership of Bell Globemedia Inc. (now CTVglobemedia Inc.)
	</font>
	</P></li>
</ul>
<P align="right"><font size="2">Page 7</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">creating the Bell Aliant Regional Communications Income Fund (Bell Aliant Income Fund)
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">divesting BCE Inc.&#146;s interest in Telesat.
	</font></P></li>
</ul>
<P align="left">
<font size="2">More information with respect to these transactions can be found under <I>General Development of Our Business &#150; Key Transactions</I>.
</font> </P>
<P align="left">
<font size="2">On October 11, 2006, we also announced that we would eliminate BCE Inc.&#146;s holding company operations and convert into an income trust in order to ensure competitive parity in the Canadian capital markets within the telecom sector and to enhance
value for BCE Inc.&#146;s shareholders. The decision also reflected BCE Inc.&#146;s board of directors&#146; confidence that the operating changes underway in BCE would result in improvements in profitability and cash flow. As a result of the
Government&#146;s subsequent announcement which effectively removed the advantages of converting into an income trust, BCE Inc. announced on December 12, 2006 that it would not proceed with a conversion, but that it would continue with its
previously announced plans to simplify its corporate structure. As part of this simplification process, we announced on that same date that we would submit a proposal to BCE Inc.&#146;s shareholders at the annual general meeting to change BCE
Inc.&#146;s name to Bell Canada Inc. Such proposal was approved on June 6, 2007 but was suspended pending completion of the Privatization (defined below). On that same date, we also announced that holders of Bell Canada preferred shares would be
asked to exchange their shares for BCE Inc. preferred shares through a plan of arrangement. The arrangement provided for the payment of a special one-time dividend of &#36;0.20 per Bell Canada preferred share outstanding immediately prior to the
exchange. The plan of arrangement was approved by the Bell Canada common and preferred shareholders on January 23, 2007 and became effective on January 31, 2007. On February 1, 2007, BCE Inc. entered into agreements to guarantee all of Bell
Canada&#146;s public debt securities and, as a result, Bell Canada no longer prepares and files public disclosure documents separate from those of BCE Inc.
</font> </P>
<P align="left">
<font size="2">In April 2007, BCE Inc. announced that it was reviewing its strategic alternatives with a view to further enhancing shareholder value. On April 20, 2007, BCE Inc. announced the establishment of a committee of independent directors (Strategic
Oversight Committee) to oversee and direct the review of all strategic alternatives available to BCE Inc. This strategic review process culminated in the announcement on June 30, 2007 that BCE Inc. had entered into a definitive agreement relating to
its privatization through the proposed acquisition by a corporation (the Purchaser) owned by an investor group led by Teachers&#146; Private Capital, the private investment arm of the Ontario Teachers&#146; Pension Plan, Providence Equity Partners
Inc. and Madison Dearborn Partners, LLC of all of BCE Inc.&#146;s outstanding common and preferred shares (the Privatization). The all-cash transaction is valued at &#36;51.7 billion<B>,</B> including &#36;16.9 billion of debt, preferred equity and
non-controlling interest. The transaction is to be completed through a plan of arrangement (the Arrangement). Under the terms of the Privatization, the Purchaser would acquire all of the common shares of BCE Inc. for an offer price of &#36;42.75 per
common share and all preferred shares (at various prices provided for in the definitive agreement). The closing of the Privatization remains subject to a number of terms and conditions including Canadian Radio-television and Telecommunications
Commission approval for the transfer of our broadcasting licences and Industry Canada approval with respect to the transfer of spectrum licences.
On March 7, 2008, the Qu&#233;bec Superior Court approved the Arrangement and
dismissed all claims made by or on behalf of certain holders of Bell Canada debentures
in connection with the Arrangement. Any appeal of the Court&#146;s decisions
must be filed by the debenture holders with the Qu&#233;bec Court of Appeal by
March 17, 2008. </font> </P>
<P align="left">
<font size="2">Under the terms of the definitive agreement, BCE Inc. has agreed that prior to the consummation of the Privatization, it will conduct its business, and cause its subsidiaries to conduct their business, in the ordinary course consistent with past
practice. In connection with this general covenant, BCE Inc. has also agreed to certain specific covenants, which, among other things, restrict certain of its activities, including the entering into of certain transactions such as mergers, asset
dispositions and acquisitions, capital contributions and the incurrence of debt (subject to certain thresholds and exceptions).
Subject to any appeal by the debenture holders and the timing and terms of such
an appeal, BCE Inc. anticipates that the Privatization will be consummated in the first part of the second quarter of
2008.
</font> </P>
<P align="left">
&nbsp;</P>
<P align="right">
<font size="2">Page 8</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">





<P align="left">
<font size="2">Since the announcement, significant progress has been made towards completing the Privatization and a number of key developments have taken place. By August 2, 2007, applications were made for necessary
regulatory approvals, including applications with Industry Canada, the Canadian Radio-television and Telecommunications Commission, the Canadian Competition Bureau, the United States Federal Trade Commission and the United States Federal
Communications Commission. We have since received antitrust clearance from the United States Federal Trade Commission on August 14, 2007 and from the Canadian Competition Bureau on September 21, 2007. The United States Federal Communications
Commission also granted approval of the Privatization on December 20, 2007. Furthermore, on February 25 and 26, 2008, the Canadian Radio-television and Telecommunications Commission held a public hearing to review the change in control of BCE&#146;s
broadcasting licenses as a result of the Privatization. The public hearing is scheduled to resume on March 11, 2008 and a decision is expected by March 31, 2008.
</font> </P>
<P align="left">
<font size="2">On September 21, 2007, BCE Inc.&#146;s shareholders approved the Arrangement by more
than 97% of the votes cast by holders of common and preferred shares, voting as a single class, exceeding the required 66<SUP>2</SUP>/</font><font size="1">3</font><font size="2">% approval. Of the total outstanding common and preferred shares, 62.5% were voted at the meeting either in person
or by proxy. </font> </P>
<P align="left">
<font size="2">An order approving the Arrangement sought by BCE Inc. was granted
by the Qu&eacute;bec Superior Court on March 7, 2008. The Court dismissed all
claims made by or on behalf of certain holders of Bell Canada debentures in
connection with the Arrangement. Any appeal of the Court&#146;s decisions must
be filed by the debenture holders with the Qu&#233;bec Court of Appeal by March
17, 2008. See <I>Legal Proceedings</I>
&#150; <I>Lawsuits Related to BCE Inc.</I> for more information concerning these legal proceedings.
</font> <B>&nbsp;</B></P>
<P align="left">
<B><U>K</U></B><B><U>EY </U></B><B><U>T</U></B><B><U>RANSACTIONS</U></B><B> </B></P>
<P align="left">
<font size="2">The transactions that have influenced the general development of our business over the past three years are summarized in the following table:
</font> </P>
<P align="left">
&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="33%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ; border-left-color:#000000; border-right-color:#000000; border-top-color:#000000">
<p style="margin-left: 6px"><font size="2"><b>Transaction&nbsp;<u> </u>
</b>
</font>
	</TD>
	<TD align=left width="1%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; padding: 0; border-right-color:#000000; border-top-color:#000000">
&nbsp;</TD>
	<TD align=left width="66%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ; border-left-color:#000000; border-right-color:#000000; border-top-color:#000000">
<p align="left">
<B><font size="2">Key Characteristics</font></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="33%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px"><font size="2">Sale of Telesat (2007)
</font></p>
<p style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px"><font size="2">&#36;3.25 billion
</font>
	</TD>
	<TD align=center width="1%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000; padding: 0">
<p style="margin-top: 6px; margin-bottom: 6px">&nbsp;</TD>
	<TD align=center width="66%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<ul>
	<li>
	<P align="left" style="margin-top: 6px; margin-bottom: 6px"><font size="2">Bell ExpressVu has maintained commercial agreements with Telesat that provide Bell ExpressVu continued access to current and expanded satellite capacity.
	</font></P></li>
</ul>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="33%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">
<font size="2">BCE Inc. and Aliant Inc. formed Bell Aliant Regional Communications Income Fund (2006)
</font> </P>
&nbsp;</TD>
	<TD align=center width="1%" valign="top" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000; padding: 0">
<p style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">&nbsp;</TD>
	<TD align=center width="66%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<ul>
	<li>
	<P align="justify" style="margin-top: 6px; margin-bottom: 6px">
	<font size="2">Bell Aliant combines Bell Canada&#146;s former regional wireline operations in rural Ontario and Qu&eacute;bec with Aliant Inc.&#146;s former wireline, IT and related operations in Atlantic Canada, and also includes Bell Canada&#146;s former 63.4%
interest in NorthernTel, Limited Partnership (NorthernTel) and T&eacute;l&eacute;bec, Limited Partnership (T&eacute;l&eacute;bec) held indirectly through Bell Nordiq Group Inc.
	<br>
&nbsp;</font></P></li>
	<li>
	<P align="justify" style="margin-top: 6px; margin-bottom: 6px">
	<font size="2">As part of the creation of Bell Aliant Income Fund, Aliant Inc.&#146;s former wireless business was added to Bell Canada&#146;s wireless business.
	<br>
&nbsp;</font></P></li>
	<li>
	<P align="justify" style="margin-top: 6px; margin-bottom: 6px">
	<font size="2">For so long as BCE Inc. owns a 30% or greater interest in Bell Aliant and provided that certain major commercial agreements are in place, BCE Inc. has the right to appoint a majority of the directors and to nominate a majority of the trustees of
Bell Aliant. <br>
&nbsp;</font></P></li>
	<li>
	<P align="justify" style="margin-top: 6px; margin-bottom: 6px">
	<font size="2">For so long as BCE Inc. owns a 20% or greater interest in Bell Aliant, BCE Inc. also has the ability to veto certain actions of Bell Aliant (business plans, significant corporate transactions, material changes in business, leverage in excess of 2.5
times debt to EBITDA, appointment and change of Chief Executive Officer and entering into material commercial agreements with our competitors).
	</font></P></li>
</ul>
	</TD>
</TR>
</TABLE>
<P align="left">
&nbsp;</P>
<P align="right">
<font size="2">Page 9</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">





<P align="left">
&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="33%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ; border-left-color:#000000; border-right-color:#000000; border-top-color:#000000">
<p style="margin-left: 6px"><B><font size="2">Transaction&nbsp;
</font> </B>
	</TD>
	<TD align=left width="1%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; padding: 0; border-right-color:#000000; border-top-color:#000000">
&nbsp;</TD>
	<TD align=left width="66%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ; border-left-color:#000000; border-right-color:#000000; border-top-color:#000000">
<p align="left">
<B><font size="2">Key Characteristics</font></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="33%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<p align="left" style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">
<font size="2">Sale of BCE Inc.&#146;s majority interest in CTVglobemedia Inc.
(previously known as Bell Globemedia Inc.) (2006) </font></p>
<p align="left" style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">
<font size="2">$1.3 billion </font>
	</TD>
	<TD align=center width="1%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000; padding: 0" valign="top">
<p style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">&nbsp;</TD>
	<TD align=justify width="66%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<ul>
	<li>
<P align="left" style="margin-top: 6px; margin-bottom: 6px">
<font size="2">We retained certain rights and have entered into a commercial agreement with CTVglobemedia Inc. to have access to existing and future content.<br>
&nbsp;</font></P></li>
	<li>
	<P align="left" style="margin-top: 6px; margin-bottom: 6px">
	<font size="2">Subsequent to the conclusion of this transaction, CTVglobemedia Inc. completed its takeover bid of CHUM
Limited, resulting in a further reduction of BCE Inc.&#146;s ownership in CTVglobemedia Inc. from 20% to approximately 15%.
	</font></P></li>
</ul>
	</TD>
</TR>
<tr>
	<TD align=left width="33%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">
<font size="2">Investment in Clearwire Corporation (2005, 2006) </font> </P>
<P align="left" style="margin-left: 6px">
&nbsp;</P>
&nbsp;</TD>
	<TD align=center width="1%" valign="top" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000; padding: 0">
&nbsp;</TD>
	<TD align=justify width="66%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<ul>
	<li>
	<P align="left" style="margin-top: 6px; margin-bottom: 6px"><font size="2">In March 2005, Bell Canada completed an investment of US&#36;100 million in Clearwire Corporation and the President and Chief Executive Officer of BCE Inc. joined Clearwire Corporation&#146;s board of directors.
	<br>
&nbsp;</font></P></li>
	<li>
	<P align="left" style="margin-top: 6px; margin-bottom: 6px"><font size="2">In September 2006, Bell Canada exercised its pre-emptive right to subscribe for US&#36;83.8 million of additional common equity of Clearwire Corporation, bringing its total invested capital in Clearwire Corporation to US&#36;183.8 million.
	</font></P></li>
</ul>
	</TD>
	</tr>
<tr>
	<TD align=left width="33%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">
<font size="2">Sale of BCE Inc.&#146;s interest in CGI Group Inc. (2006) <br>
<br>
$859.23 million
</font> </P>&nbsp;</TD>
	<TD align=center width="1%" valign="top" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000; padding: 0">
<p style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">&nbsp;</TD>
	<TD align=justify width="66%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<ul>
	<li>
	<P align="left" style="margin-top: 6px; margin-bottom: 6px"><font size="2">CGI repurchased 100 million of its Class A shares held by BCE Inc.
	<br>
&nbsp;</font></P></li>
	<li>
	<P align="left" style="margin-top: 6px; margin-bottom: 6px"><font size="2">CGI remains Bell Canada&#146;s preferred information systems/information technologies provider until June 2016.
	<br>
&nbsp;</font></P></li>
	<li>
	<P align="left" style="margin-top: 6px; margin-bottom: 6px"><font size="2">CGI&#146;s outsourcing of its Canadian communications network management requirements to Bell Canada was similarly extended until 2016.
	<br>
&nbsp;</font></P></li>
	<li>
	<P align="left" style="margin-top: 6px; margin-bottom: 6px"><font size="2">The commercial alliance between CGI and BCE was also extended to 2016.
	<br>
&nbsp;</font></P></li>
	<li>
	<P align="left" style="margin-top: 6px; margin-bottom: 6px"><font size="2">In July 2006, the Bell Canada pension fund acquired 25 million Class A shares of CGI still held by BCE Inc. and in October 2006, BCE Inc.&#146;s last remaining 6.4 million Class A shares.
	</font></P></li>
</ul>
	</TD>
	</tr>
<tr>
	<TD align=left width="33%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">
<font size="2">Alliance with Rogers Communications Inc. to form Inukshuk joint venture (2005)
</font> </P>
<P align="left" style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">
&nbsp;</P>
<P align="left" style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">
&nbsp;</P>
&nbsp;</TD>
	<TD align=center width="1%" valign="top" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000; padding: 0">
<p style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">&nbsp;</TD>
	<TD align=justify width="66%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<ul>
	<li>
	<P align="left" style="margin-top: 6px; margin-bottom: 6px"><font size="2">
	Bell Canada and Rogers Communications Inc. formed an alliance to jointly
	build and manage a nationwide wireless broadband network through Inukshuk
	Wireless Inc., which holds approximately 98 MHz of wireless broadband
	spectrum in the 2.5G Hz frequency range across much of Canada. <br>
&nbsp;</font></P></li>
	<li>
	<P align="left" style="margin-top: 6px; margin-bottom: 6px"><font size="2">
	Inukshuk Wireless Inc. is owned and controlled equally by Bell Canada and
	Rogers Communications Inc. who jointly and equally fund the initial network
	deployment costs estimated at $200 million over a three-year period. </font>
	</P></li>
</ul>
	</TD>
	</tr>
<TR valign="bottom">
	<TD align=left width="33%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">
<font size="2">Launch of Virgin Mobile Canada (2005) </font> </P>
<P align="left" style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">
&nbsp;</P>
<P align="left" style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">
&nbsp;</P>
&nbsp;</TD>
	<TD align=center width="1%" valign="top" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000; padding: 0">
<p style="margin-left: 6px; margin-top: 6px; margin-bottom: 6px">&nbsp;</TD>
	<TD align=justify width="66%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<ul>
	<li>
	<P align="left" style="margin-top: 6px; margin-bottom: 6px"><font size="2">Bell Canada and The Virgin Group launched mobile voice and data services in Canada through a jointly-owned entity, Virgin Mobile Canada. Bell Canada holds a 50% interest in Virgin Mobile Canada.
	</font></P></li>
</ul>
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="2">Additional information about the general development of our business can also be found under the headings <I>2007</I> <I>Operating Highlights</I> and <I>Strategic Priorities </I>beginning on pages 9 and 10, respectively, of the BCE 2007 MD&amp;A,
which pages are incorporated by reference herein<B>.</B> </font> </P>

<p align="right"><font size="2">Page 10</font></p>

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<p align="right">&nbsp;</p>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center">
<B>DESCRIPTION OF OUR BUSINESS </B></td>
	</tr>
</table>
<P align="left">
<B><U>G</U></B><B><U>ENERAL </U></B><B><U>S</U></B><B><U>UMMARY</U></B><B> </B></P>
<P align="left">
<font size="2">BCE Inc. is Canada&#146;s largest communications company. Bell, which encompasses our core business operation, is the nation&#146;s leading provider of wireline and wireless communications services, Internet access, data services and video services
to residential, business and wholesale customers. At December 31, 2007, we reported our results of operations in four segments: <I>Bell Wireline, Bell Wireless, Bell Aliant,</I> and <I>Telesat.</I> Our reporting structure reflects how we managed our
business in financial year 2007 and how we classified our operations for planning and measuring performance.
</font> </P>
<P align="left">
<font size="2">In 2007, we had consolidated operating revenues of &#36;17.9 billion and we had total assets of &#36;37.8 billion. </font> </P>
<P align="left">
<font size="2">The table below shows the operating revenues that each segment contributed to total operating revenues for the years ended December
31, 2007 and 2006. </font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="48%">
&nbsp;</TD>
	<TD width=2 rowspan="5">
	</TD>
	<TD width=1% rowspan="7" style="padding:0; border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=left width="15%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center"><b><font size="2">2007 </font></b>
	</TD>
	<TD width=2 rowspan="5">
	</TD>
	<TD width=1% rowspan="7" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="15%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b><font size="2">2006</font></b></TD>
	<TD width=2 rowspan="5">
	</TD>
	<TD width=1% rowspan="7" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="15%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><font size="2">% Change</font></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><font size="2">Operating Revenues (in &#36; millions)</font></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">Bell Wireline
<br>
Bell Wireless <br>
Inter-segment eliminations </font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">10,660 <br>
4,131 <br>
(48) </font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">10,763 <br>
3,827 <br>
(49) </font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">(1.0%) <br>
7.9% <br>
2.0% </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">Bell <br>
Bell Aliant <br>
Telesat <br>
Inter-segment eliminations </font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">14,743 <br>
3,373 <br>
458<sup>(1)</sup> <br>
(708) </font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">14,541 <br>
3,301 <br>
479 <br>
(665)</font></TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">1.4% <br>
2.2% <br>
(4.4%) <br>
(6.5%) </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<p style="margin-top: 10px; margin-bottom: 10px">
<B><font size="2">Total Operating Revenues</font></B><font size="2"> </font>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">17,866 </font>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">17,656 </font>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">1.2% </font>
	</TD>
</TR>
</TABLE>
<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top"><font size="2">(1)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top"><font size="2">The sale of Telesat was completed on October 31, 2007. With the sale of Telesat, BCE&#146;s results subsequent to October 31, 2007 no longer reflect Telesat&#146;s contribution to our financial and operating results. For more information on the
sale of Telesat, see <I>Description of Our Business &#150; General Summary &#150; Telesat Segment</I>.
		</font> </td>
	</tr>
</table>
<P align="left">
<B>Bell Wireline Segment </B></P>
<P align="left">
<font size="2">Our Bell Wireline segment provides local telephone, long distance, data (including Internet access and information and communications technology solutions (ICT)), video and other services to Bell&#146;s residential, small and medium-sized business
(SMB) and large enterprise customers primarily in the urban areas of Ontario and Qu&eacute;bec. Video services are provided nationwide. Also included in this segment is our wholesale business which provides local telephone, long distance, data and
other services to resellers and other carriers, the results of our Bell West unit, which offers competitive local exchange carrier (CLEC) services to business customers in Alberta and British Columbia, and the wireline operations of Northwestel Inc.
(Northwestel), which provides telecommunications services to less populated areas of Canada&#146;s northern territories. At December 31, 2007, we owned 100% of Northwestel.
</font> </P>
<P align="left">
<font size="2">Local telephone and long distance services are sold under the Bell brand,
Internet access under the Sympatico brand and video services through Bell ExpressVu with IP television services through Bell.
</font> </P>
<P align="left">
<B>Bell Wireless Segment </B></P>
<P align="left">
<font size="2">Our Bell Wireless segment provides wireless voice and data communications products and services to Bell&#146;s residential, SMB and large enterprise customers across Canada. Bell Wireless includes the results of operation for Bell Mobility, Virgin
Mobile Canada and the wireless operations of Northwestel. Virgin Mobile Canada is a mobile virtual network operator providing mobile service nationwide. At December 31, 2007, we owned 50% of Virgin Mobile Canada.
</font> </P>
<P align="right">
<font size="2">Page 11</font></P>

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<P align="left">
<B>Bell Aliant Segment </B></P>
<P align="left">
<font size="2">The Bell Aliant segment provides local telephone, long distance, Internet, data, wireless and other ICT services to residential and business customers in the Atlantic provinces, and in rural Ontario and Qu&eacute;bec. Bell Aliant provides IT
services in Canada and the United States through its IT division, xwave. Formed on July 7, 2006, Bell Aliant is one of the largest regional telecommunications service providers in North America. At December 31, 2007, BCE owned approximately 44% of
Bell Aliant. The remaining 56% was publicly held. Further information regarding Bell Aliant is provided under the headings <I>Corporate Structure &#150; Subsidiaries </I>and<I> General Development of Our Business &#150; Key Transactions</I>.
</font> </P>
<P align="left">
<B>Telesat Segment </B></P>
<P align="left">
<font size="2">We sold our investment in Telesat on October 31, 2007 to a company formed by Canada&#146;s Public Sector Pension Investment Board and Loral Space &amp; Communications Inc. Telesat provided satellite communications and systems management and also
provided consulting services in establishing, operating and upgrading satellite systems worldwide. BCE Inc. realized net cash proceeds of approximately &#36;3.1 billion. In conjunction with the sale, a set of commercial arrangements between Telesat
and Bell ExpressVu were put into place that provide Bell ExpressVu access to current and expanded satellite capacity. Telesat is not accounted for as discontinued operations as a result of these ongoing commercial arrangements. With the sale of
Telesat, BCE&#146;s financial and operating results subsequent to October 31, 2007 no longer reflect Telesat&#146;s contribution. Further information regarding the sale of Telesat is provided under <I>General Development of Our Business &#150; Key
Transactions</I>. </font> </P>
<P align="left">
<font size="2">Additional information regarding our business operations can be found under the heading <I>About Our Business</I> beginning on page 4 of the BCE 2007 MD&amp;A, which pages are incorporated herein by reference.
</font> </P>
<P align="left">
<B><U>O</U></B><B><U>UR </U></B><B><U>E</U></B><B><U>MPLOYEES</U></B><B> </B><B> </B></P>
<P align="left">
<font size="2">The table below shows the number of our employees as at December 31, 2007, 2006 and 2005.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="48%">
&nbsp;</TD>
	<TD width=2 rowspan="5">
	</TD>
	<TD width=1% rowspan="7" style="padding:0; border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=left width="15%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center"><b><font size="2">2007 </font></b>
	</TD>
	<TD width=2 rowspan="5">
	</TD>
	<TD width=1% rowspan="7" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="15%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b><font size="2">2006</font></b></TD>
	<TD width=2 rowspan="5">
	</TD>
	<TD width=1% rowspan="7" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="15%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2"> <b>2005</b> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><font size="2">Number of employees at December 31 (in thousands)</font></B><font size="2">
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">Total</font></TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">54</font></TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">54</font></TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<p style="margin-top: 10px; margin-bottom: 10px"><font size="2">56</font><sup><font size="2">(1)</font></sup></TD>
</TR>
</TABLE>
<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(1)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%"><font size="2">Includes increases due to
		acquisitions made during the year. </font> </td>
	</tr>
</table>
<P align="left">
<font size="2">Approximately 45% of our employees are represented by unions and are covered by collective agreements.
</font> </P>
<P align="left">
<font size="2">The following collective agreements were signed or expired in 2007:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">The collective agreement between the Communications, Energy and Paperworkers&#146; Union of Canada (CEP) and Bell Canada covering 5,122 craft and services employees expired on November 30, 2007.
Negotiations between the CEP and Bell Canada started on October 29, 2007. On December 11, 2007, Bell Canada asked the federal Minister of Labour to appoint a conciliator to help move forward negotiations with the CEP. A conciliator was appointed on
December 13, 2007. The conciliator met both parties in December 2007 and January 2008. On January 31, 2008, Bell Canada offered the craft and services employees covered by this collective agreement a new long-term contract that includes wage
increases in each year, while providing Bell Canada with additional flexibility. The CEP will put the offer to a vote and is expected to communicate the results to Bell Canada on March 17, 2008.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">The collective agreement between the CEP and Bell Information and Communications Technology Outsourcing Solutions Inc. (Bell ICT) (previously Connexim Inc.) covering approximately 70 craft employees expired on November 30, 2007. The CEP and
Bell ICT exchanged demands on October 24, 2007. Negotiations began on October 29, 2007. Negotiations were suspended by mutual agreement of the parties on January 16, 2008 as a result of the announcement of the planned amalgamation of Bell ICT into
Bell Canada. </font></P></li>
</ul>
<P align="right"><font size="2">Page 12</font></P>

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<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">The collective agreement between the Canadian Telecommunications Employees&#146; Association (CTEA) and T&eacute;l&eacute;bec covering approximately 245 clerical employees expired on November 1, 2007.
Negotiations began on October 31, 2007. An agreement was signed on December 5, 2007. The new collective agreement will expire on November 1, 2011.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Bell Aliant LP and the CEP signed a tentative agreement on November 16, 2007 covering approximately 685 craft and services employees in Ontario and Qu&eacute;bec. The agreement was ratified by employees on December 14, 2007. The new agreement
expires November 30, 2011 and is essentially an extension of the existing agreement.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">The collective agreement between the CEP Atlantic Communications Council (CEPACC) and Bell Aliant LP, covering approximately 3,700 craft, clerical and operator employees in the four Atlantic Provinces, was to expire on December 31, 2007. On
July 26, 2007, Bell Aliant LP and the CEPACC announced that the employees had voted to accept a new four-year collective agreement. The new agreement extends the current contract from December 31, 2007 to December 31, 2011.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">The collective agreement between Expertech Networks Installation Inc. (Expertech) and the CEP covering approximately 137 clerical employees was signed on May 23, 2007. The new agreement will expire on November 30, 2010.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">The collective agreement between Expertech and the CEP covering approximately 1,104 craft employees was signed on May 23, 2007. The new agreement will expire on November 30, 2011.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">A first collective agreement covering approximately 135 employees was signed between the CEP and Bell Canada for its Bell West division and became effective on May 11, 2007. This agreement will expire on May 10, 2010.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">The collective agreement between the CEP and NorthernTel covering approximately 138 craft and clerical employees expired on February 28, 2007. The CEP and NorthernTel signed a four-year collective agreement on August 23, 2007. The new
agreement will expire on February 28, 2011. </font></P></li>
</ul>
<P align="left">
<font size="2">The following collective agreements will expire in 2008: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">The collective agreement between the CEP and Pagelink, a division of Bell Mobility, covering approximately 27 employees will expire on March 23, 2008.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">The collective agreement between the CEP and Bell Canada covering approximately 200 operators will expire on November 24, 2008.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">The collective agreement between the CEP (formerly the CTEA) and Bell Canada covering approximately 700 communications sales employees will expire on December 31, 2008.
	</font></P></li>
</ul>
<P align="left">
<B>Merger between CEP and CTEA </B></P>
<P align="left">
<font size="2">On October 15, 2007, it was announced that the CTEA members had approved a merger with the CEP. The CEP became the successor union to the CTEA for all of its certifications in Bell Canada, Bell Aliant, Bell ICT and T&eacute;l&eacute;bec. The
certifications, collective agreements and working conditions remain unchanged.
</font> </P>
<P align="left">
<B><U>C</U></B><B><U>ORPORATE </U></B><B><U>R</U></B><B><U>ESPONSIBILITY</U></B><B> </B></P>
<P align="left">
<font size="2">BCE has implemented a range of social and environmental policies which are supported by various programs and initiatives. These policies include:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Code of Business Conduct (signed by all employees)
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Community Investment </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Consumer
Protection </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Corporate Security and Emergency Management
	</font></P></li>
</ul>
<p align="right"><font size="2">Page 13</font></p>

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<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Environment </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Health, Safety and Wellness</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Human Resources</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Political Contributions</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Privacy</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Procurement. </font></P></li>
</ul>
<P align="left">
<font size="2">Details of these policies, programs and initiatives can be found under the heading <I>Responsibility </I>on BCE Inc.&#146;s website at www.bce.ca.
</font> </P>
<P align="left">
<B>Environmental Policy </B></P>
<P align="left">
<font size="2">On November 2, 2004, BCE Inc. adopted an environmental policy that affirms:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">our commitment to environmental protection</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">our belief that environmental protection is an integral part of doing business, and needs to be managed systematically under a continuous improvement process.</font></P>
	</li>
</ul>
<P align="left">
<font size="2">The policy contains principles that support our commitment, varying from exercising due diligence to meet or exceed the environmental legislation that applies to us, to preventing pollution and promoting cost-effective initiatives that minimize
resources and waste. </font> </P>
<P align="left">
<font size="2">We have instructed subsidiaries subject to this policy to support these principles, and have established a management-level committee to oversee the implementation of the policy.
</font> </P>
<P align="left">
<font size="2">Bell Canada monitors its operations to ensure that it complies with environmental requirements and standards, and takes action to prevent and correct problems, when needed. It has had an environmental management and review system in place since
1993, that: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">provides early warning of potential problems</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">identifies management and cost-saving opportunities</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">establishes a course of action </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">ensures ongoing improvement through regular monitoring and reporting.
	</font></P></li>
</ul>
<P align="left">
<font size="2">One of its key tools is the corporate environmental action plan, which outlines the environmental activities of Bell Canada&#146;s various business units. The plan identifies funding requirements, accountabilities and deliverables, and monitors Bell
Canada&#146;s progress in meeting its objectives. Bell Canada has integrated the following entities into its corporate environmental action plan: Bell Canada, Bell Aliant (Qu&eacute;bec and Ontario), Bell Mobility, Bell ExpressVu, Bell Technical
Solutions Inc., BCE Nexxia Corp., Expertech, T&eacute;l&eacute;bec, NorthernTel and Northwestel.
</font> </P>
<P align="left">
<font size="2">For the year ended December 31, 2007, Bell Canada spent &#36;12.3 million on environmental activities, 65% of this was expenses and 35% was for capital expenditures. For 2008, Bell Canada has budgeted &#36;14 million (57% for expenses and 43% for
capital expenditures) to ensure that its environmental policy is applied properly and its environmental risks are minimized.
</font> </P>
<P align="left">
<font size="2">Bell Aliant adopted a comprehensive environment policy for Atlantic Canada that was updated in 2006 which affirms its commitment to working to create a sustainable future by integrating long-term economic, environmental and social considerations
into the way the business is operated. The policy provides for the identification of activities and situations which may have potential to harm the environment, and the implementation of environmentally positive practices and preventive measures.
Bell Aliant&#146;s program seeks to ensure that it complies with all environmental regulatory requirements
</font> </P>

<p align="right"><font size="2">Page 14</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">and that its activities are carried out in a manner that minimizes risk to the environment through a continuous improvement process.
</font> </P>
<P align="left">
<font size="2">Bell Aliant manages its environment program through processes similar to those employed by Bell Canada, and collaborates on many levels to seek harmonization with Bell Canada&#146;s environment program. Bell Aliant has adopted an environment action
plan which sets out specific environmental goals for 2008. </font> </P>
<P align="left">
<B>Social Policy </B></P>
<P align="left">
<font size="2">Our duty as a responsible corporate citizen also extends to using our financial resources and the expertise of our employees to invest in the communities we serve.
</font> </P>
<P align="left">
<font size="2">We believe the future of our country is being determined today by our collective ability to enable our children to reach their full potential.</font></P>
<P align="left">
<font size="2">We therefore invest, for example, in innovative programs in children&#146;s hospitals and we support initiatives such as www.cybertip.ca &#150; a web portal through which ordinary Canadians can report suspected abuse. We also continue to grow the
Bell Walk for Kids Help Phone which has raised &#36;12 million in six years for Canada&#146;s only toll-free, 24-hour bilingual phone and web counseling, referral and information service for young people.
</font> </P>
<P align="left">
<font size="2">In 2007, Bell Canada and Bell Aliant together contributed over &#36;23 million in donations and local community sponsorships and their employees and pensioners committed over &#36;2 million in charitable gifts and logged nearly 500,000 hours in
volunteer time. All of this is indicative of our belief that we have an important role to play in the sustainability of the communities in which we live and work.</font><B><font size="2">
</font> </B></P>
<P align="left">
<font size="2">We are committed to sustainable development and integrate environmental, social and economic considerations into our business decisions. We engage with stakeholders to identify opportunities to create benefits for both society and BCE while
minimizing where we can, any negative impact our activities may generate. In line with this commitment, in 2006, we adopted a resolution to support the United Nations Global Compact principles.
</font> </P>
<P align="left">
<font size="2">We are an active member of the Global e-Sustainability Initiative (www.gesi.org), an international organization that promotes sustainable development in the information and communications technology industry. Partners of the Global e-Sustainability
Initiative acknowledge the need for the ICT industry to take a leadership role in:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">better understanding the impact and opportunities offered by its evolving technology in a fast growing information society
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">providing individuals,
businesses and institutions with sustainable solutions to the challenges they face in attempting to maintain a balance between economy, ecology and society.
	</font></P></li>
</ul>
<P align="left">
<font size="2">BCE Inc. is a component of socially responsible investment indices such as the Dow Jones Sustainability Index, the FTSE4 GOOD Index and the Jantzi Social Index.
</font> </P>
<P align="left">
<B><U>C</U></B><B><U>OMPETITIVE </U></B><B><U>E</U></B><B><U>NVIRONMENT</U></B><B> </B></P>
<P align="left">
<font size="2">A discussion of BCE&#146;s competitive environment can be found under the heading <I>Our Competitive Environment</I> beginning on page 40 of the BCE 2007 MD&amp;A, which pages are incorporated herein by reference.
</font> </P>
<P align="left">
<B><U>R</U></B><B><U>EGULATORY </U></B><B><U>E</U></B><B><U>NVIRONMENT</U></B><B> </B></P>
<P align="left">
<font size="2">A discussion of the legislation that governs our business as well as government consultations and recent regulatory initiatives and proceeding affecting us can be found under the heading <I>Our Regulatory Environment</I> beginning on page 43 of the
BCE 2007 MD&amp;A, which pages are incorporated herein by reference. </font> </P>

<p align="right"><font size="2">Page 15</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">





<P align="center">
&nbsp;</P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center">
<B>OUR CAPITAL STRUCTURE </B></td>
	</tr>
</table>
<P align="left">
<font size="2">This section describes BCE Inc.&#146;s securities, the trading of such securities on the Toronto Stock Exchange and the ratings that certain rating agencies have attributed to such securities and Bell Canada&#146;s public debt securities.
</font> </P>
<P align="left">
<B><U>BCE</U></B><B><U> </U></B><B><U>I</U></B><B><U>NC</U></B><B><U>.</U></B><B><U> </U></B><B><U>S</U></B><B><U>ECURITIES</U></B><B> </B></P>
<P align="left">
<font size="2">BCE Inc.&#146;s articles of amalgamation, as amended, provide for an unlimited number of common shares, an unlimited number of first preferred shares issuable in series, an unlimited number of second preferred shares also issuable in series and an
unlimited number of Class B shares. In addition, BCE Inc. has issued debt securities in the form of notes.
</font> </P>
<P align="left">
<B>BCE Inc. Preferred Shares </B></P>
<P align="left">
<font size="2">The terms set out in BCE Inc.&#146;s articles authorize its directors to issue first and second preferred shares in one or more series and to set the number of shares and conditions for each series.
</font> </P>
<P align="left">
<font size="2">On January 25, 2007, the articles of BCE Inc. were amended to create the series AE, AF, AG, AH, AI and AJ first preferred shares. These new series of preferred shares were created in connection with a plan of arrangement of Bell Canada where all of
the issued and outstanding series of preferred shares of Bell Canada were exchanged on a one-for-one basis for equivalent new first preferred shares of BCE Inc. This plan of arrangement became effective on January 31, 2007. As a result of the
implementation of the plan of arrangement and of the provision by BCE Inc. of certain guarantees of Bell Canada&#146;s public debt securities effective February 1, 2007, Bell Canada no longer has to prepare and file public disclosure documents
separate from those of BCE Inc. </font> </P>
<p align="right"><font size="2">Page 16</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



&nbsp;<P align="left">
<font size="2">The table below is a summary of the principal terms of BCE Inc.&#146;s first preferred shares and BCE Inc.&#146;s new preferred shares at December 31, 2007 (formerly Bell Canada&#146;s preferred shares Series 15, 16, 17, 18, 19 and 20). There were
no second preferred shares issued and outstanding at December 31, 2007. BCE Inc.&#146;s first and second preferred shares are non-voting. BCE Inc.&#146;s articles describe the terms and conditions of these shares in detail.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<tr>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp; </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp; </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=19% colspan=4>
<B><FONT size=2>Stated</FONT></B></TD>
</tr>
<tr>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp; </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<B><FONT size=2>Number of</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=19% colspan=4>
<B><FONT size=2>Capital at</FONT></B><font size="2"> </font>
	</TD>
</tr>
<tr>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<B><FONT size=2>Annual</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp; </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<B><FONT size=2>Shares</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=19% colspan=4>
<B><FONT size=2>December 31</FONT></B></TD>
</tr>
<tr>
	<TD align=center width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<B><FONT size=2>Dividend</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<B><FONT size=2>Convertib</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<B><FONT size=2>Conversion</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<B><FONT size=2>Redemption</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<B><FONT size=2>Redemption</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<font size="2">&nbsp; </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<B><FONT size=2>Issued and</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=19% colspan=4>
<B><FONT size=2>(in &#36;millions)</FONT></B></TD>
</tr>
<tr>
	<TD align=center width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Series</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Rate</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>le Into</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Date</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Date</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Price</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Authorized </FONT></B><font size="2">&nbsp;</font></TD>
	<TD width=1% align="center" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Outstanding</FONT></B></TD>
	<TD width=1% align="center" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>2007</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>2006</FONT></B><font size="2"> </font>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>Q </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Floating </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series R </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Dec. 1, 2015 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.50 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>8,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#151; </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>&#151; </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" align="center">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" align="center">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>R </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>4.54% </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series Q </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Dec. 1, 2010 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Dec. 1, 2010 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>8,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>8,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>200 </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>200 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>S </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Floating </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series T </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Nov. 1, 2011 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.50 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>8,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>2,279,791 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>57 </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>57 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>T </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>4.502% </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series S </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Nov. 1, 2011 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Nov. 1, 2011 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>8,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>5,720,209 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>143 </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>143 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>Y </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Floating </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series Z </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Dec. 1, 2012 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.50 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>10,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>8,126,330 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>203 </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>29 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>Z </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>4.331% </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series Y </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Dec. 1, 2012 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Dec. 1, 2012 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>10,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>1,873,670 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>47 </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>221 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>AA </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>4.80% </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series AB </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Sep. 1, 2012 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Sep. 1, 2012 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>20,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>10,081,586 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>257 </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>510 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>AB </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Floating </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series AA </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Sep. 1, 2012 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.50 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>20,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>9,918,414 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>253 </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>AC </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>5.54% </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series AD </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Mar. 1, 2008 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Mar. 1, 2008 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>20,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>20,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>510 </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>510 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>AD</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2"> </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Floating </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series AC </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Mar. 1, 2013 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.50 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>20,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#151; </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>&#151; </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>AE </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Floating </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series AF </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Feb. 1, 2010 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.50 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>24,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>1,914,218 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>48 </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>(old 15) </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>(old 16) </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp; </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>AF </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series AE </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp; </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>(old 16) </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>4.40% </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>(old 15) </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Feb. 1, 2010 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Feb. 1, 2010 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>24,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>14,085,782 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>352 </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>AG </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series AH </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp; </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>(old 17) </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>4.35% </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>(old 18) </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>May 1, 2011 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>May 1, 2011 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>22,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>10,051,751 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>251 </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>AH </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series AG </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp; </font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>(old 18) </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Floating </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>(old 17) </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>May 1, 2011 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.50 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>22,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>3,948,249 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>99 </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=center width="8%">
<FONT size=2>AI </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series AJ </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
&nbsp;</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
&nbsp;</TD>
</TR>
<tr>
	<TD align=center width="8%">
<FONT size=2>(old 19) </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>4.65% </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>(old 20) </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Aug. 1, 2011 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Aug. 1, 2011 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>22,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>14,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>350</FONT></TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>&#151; </FONT>
	</TD>
</tr>
<tr>
	<TD align=center width="8%">
<FONT size=2>AJ </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Series AI </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
&nbsp;</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
&nbsp;</TD>
</tr>
<tr>
	<TD align=center width="8%">
<FONT size=2>(old 20) </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp; </font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Floating </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>(old 19) </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>Aug. 1, 2016 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#36;25.50 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>22,000,000 </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="8%">
<FONT size=2>&#151; </FONT>
	</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>&#151; </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9%>
<FONT size=2>&#151; </FONT>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="8%">
&nbsp;</TD>
	<TD width=1% align="center">
&nbsp;</TD>
	<TD width=1% align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>2,770 </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>1,670 </FONT>
	</TD>
</TR>
</TABLE>
<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(1)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%"><font size="2">On March 1, 2008, 10,755,445
		Series AD preferred shares were issued upon the conversion of 10,755,445
		Series AC preferred shares. </font> </td>
	</tr>
</table>
<P align="left">
<font size="2">Additional information about the terms and conditions of the BCE Inc. preferred shares can be found under Note 21 of the BCE Inc. 2007 financial statements on pages 96 to 99 of the Bell Canada Enterprises 2007 Annual Report (BCE 2007 Financial
Statements), which pages are incorporated herein by reference. </font> </P>
<P align="left">
<B>BCE Inc. Common Shares and Class B Shares </B></P>
<P align="left">
<font size="2">BCE Inc.&#146;s articles of amalgamation provide for an unlimited number of voting common shares and non-voting Class B shares. Each common share entitles its holder to one vote at any meeting of shareholders. The common shares and the Class B
shares rank equally in the payment of dividends and in the distribution of assets if BCE Inc. is liquidated, dissolved or wound up, after payments due to the holders of preferred shares.
</font> </P>
<P align="right">
<font size="2">Page 17</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">





<P align="left">
&nbsp;</P>
<P align="left">
<font size="2">The following table provides details about the outstanding common shares of BCE Inc. at December 31, 2007 and 2006. No Class B shares were outstanding at December 31, 2007 and 2006.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="57%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp; </font>
	</TD>
	<TD align=center width=19% colspan=4 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>December 31, 2007</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% align="center" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% align="center" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=center width=19% colspan=4 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>December 31, 2006</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="57%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp; </font>
	</TD>
	<TD align=center width=9%>
<B><FONT size=2>Number of</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<B><FONT size=2>Stated capital</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<B><FONT size=2>Number of</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<B><FONT size=2>Stated capital</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="57%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp; </font>
	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>shares</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>(in &#36;millions)</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>shares</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>(in &#36;millions)</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="57%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2>Outstanding, beginning of year </FONT>
	</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>807,643,941 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>13,487 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>927,318,916 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>16,806 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="57%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2>Shares issued under employee stock option plan</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>4,994,073 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>172 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>1,246,932 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>35 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="57%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2>Shares repurchased and cancelled </FONT>
	</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>(7,373,198) </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>(123) </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>(45,151,666) </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>(805) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="57%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2>Share reduction</FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>- </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>- </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>(75,770,241) </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>(2,549) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="57%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2>Outstanding, end of year </FONT>
	</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>805,264,816 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>13,536 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>807,643,941 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>13,487 </FONT>
	</TD>
</TR>
</TABLE>
<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(1)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%"><font size="2">Includes a $19 million
		reclassification ($6 million in 2006) from contributed surplus relating
		to the exercise of employees&#146; stock options. </font> </td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(2)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%">
<P align="left">
<font size="2">Reduction in the number of BCE Inc. common shares outstanding, in
conjunction with a distribution of Bell Aliant Income Fund units, by way of return of capital, to holders of BCE Inc. common shares.
</font> </P>
		</td>
	</tr>
</table>
<P align="left">
<font size="2">There are ownership constraints on BCE Inc.&#146;s common shares. A discussion of these ownership constraints can be found under the heading <I>Our Regulatory Environment</I> beginning on page 43 of the BCE 2007 MD&amp;A, which pages are
incorporated by reference herein. </font> </P>
<P align="left">
<font size="2">Additional information about the terms and conditions of the BCE Inc. common shares and Class B Shares can be found under Note 21 of the BCE Inc. 2007 financial statements on pages 96 to 99 of the BCE 2007 Financial Statements, which pages are
incorporated herein by reference. </font> </P>
<P align="left">
<B>BCE Inc. Debt Securities </B></P>
<P align="left">
<font size="2">BCE Inc. has issued long-term debt securities as summarized in the table below which remain outstanding.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="48%">
&nbsp;</TD>
	<TD width=2 rowspan="5">
	<p style="margin-top: 0; margin-bottom: 0">
	</TD>
	<TD width=1% rowspan="7" style="padding:0; border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="15%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 0; margin-bottom: 0">
<B><FONT size=2>Interest rate</FONT></B><font size="2"> </font>
	</TD>
	<TD width=2 rowspan="5" align="center">
	<p style="margin-top: 0; margin-bottom: 0">
	</TD>
	<TD width=1% rowspan="7" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" align="center">
&nbsp;</TD>
	<TD align=center width="15%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 0; margin-bottom: 0">
<B><FONT size=2>Maturity</FONT></B><font size="2"> </font>
	</TD>
	<TD width=2 rowspan="5" align="center">
	<p style="margin-top: 0; margin-bottom: 0">
	</TD>
	<TD width=1% rowspan="7" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" align="center">
&nbsp;</TD>
	<TD align=center width="15%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 0; margin-bottom: 0">
<B><FONT size=2>At December 31,</FONT></B><font size="2"> </font>
<B><FONT size=2><br>
2007</FONT></B><font size="2"> </font>
<B><FONT size=2><br>
(in &#36;millions)</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<p style="margin-top: 0; margin-bottom: 0">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>Series C Notes</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>7.35% </FONT>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>October 30, 2009 </FONT>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>650 </FONT>
	</TD>
</TR>
</TABLE>
<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(1)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%"><font size="2">It is anticipated that
		outstanding Series C Notes will be redeemed pursuant to their terms, at
		the time of and subject to the consummation of the Privatization. </font> </td>
	</tr>
</table>
<P align="left">
<font size="2">The Series C notes issued by BCE Inc. are unsecured. BCE Inc. has the option to redeem the Series C notes at any time.
</font> </P>
<P align="left">
<font size="2">The indenture governing the Series C notes contains certain covenants including, but not limited to, a negative pledge, and certain events of default including, but not limited to, a cross-default with respect to Bell Canada&#146;s indebtedness for
borrowed money in certain circumstances. The indenture contains, in particular, a provision stating that in the event BCE Inc. disposes of voting shares of Bell Canada in such a number as to hold, directly or indirectly, less than 75% of the voting
rights attaching to the outstanding voting shares of Bell Canada, unless the Series C notes have an approved rating from each of certain rating agencies on each day of a rating period, BCE Inc. shall have the obligation to make an offer to purchase
all of the Series C notes within the five business days following the rating period at 100% of their face value together with accrued and unpaid interest to the purchase date.
</font> </P>
<P align="left">
<font size="2">BCE Inc. may issue notes under its commercial paper program up to the amount of its supporting committed lines of credit. The total amount of its supporting committed lines of credit available was &#36;279 million at December 31, 2007. BCE Inc. had
no commercial paper outstanding at December 31, 2007.<B> </B>
</font> </P>
<P align="left">
<font size="2">BCE Inc. is in compliance with all conditions and restrictions attaching to its debt securities described above.
</font> </P>

<p align="right"><font size="2">Page 18</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
&nbsp;</P>
<P align="left">
<B><U>B</U></B><B><U>ELL </U></B><B><U>C</U></B><B><U>ANADA </U></B><B><U>D</U></B><B><U>EBT </U></B><B><U>S</U></B><B><U>ECURITIES</U></B><B> </B></P>
<P align="left">
<font size="2">Bell Canada has also issued long-term debt securities as summarized in the table below.
</font> </P>
<P align="left">
&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="48%">
&nbsp;</TD>
	<TD width=2 rowspan="4">
	<p style="margin-top: 0; margin-bottom: 0">
	</TD>
	<TD width=1% rowspan="4" style="padding:0; border-left:1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="15%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 0; margin-bottom: 0">
<B><FONT size=2>Weighted Average</FONT></B><font size="2"> </font><B>
<FONT size=2><br>
Interest rate</FONT></B><font size="2"> </font>
	</TD>
	<TD width=2 rowspan="4" align="center">
	<p style="margin-top: 0; margin-bottom: 0">
	</TD>
	<TD width=1% rowspan="4" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" align="center">
&nbsp;</TD>
	<TD align=center width="15%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 0; margin-bottom: 0">
<B><FONT size=2>Maturity</FONT></B><font size="2"> </font>
	</TD>
	<TD width=2 rowspan="4" align="center">
	<p style="margin-top: 0; margin-bottom: 0">
	</TD>
	<TD width=1% rowspan="4" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" align="center">
&nbsp;</TD>
	<TD align=center width="15%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-top: 0; margin-bottom: 0">
<B><FONT size=2>At December 31,</FONT></B><font size="2"> </font>
<B><FONT size=2><br>
2007</FONT></B><font size="2"> </font>
<B><FONT size=2><br>
(in &#36;millions)</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<p style="margin-top: 0; margin-bottom: 0">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>Debentures</FONT><SUP><FONT size=2>(1)(2)</FONT></SUP><font size="2">
<br>
Debentures <br>
Subordinated debentures </font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">6.82% <br>
9.84% <br>
8.21% </font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">2008-2035 <br>
2041-2054 <br>
2026-2031 </font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">5,506 <br>
700 <br>
275 </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
<font size="2">Total </font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
&nbsp;</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px">
&nbsp;</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000">
<font size="2">6,481 </font>
	</TD>
</TR>
</TABLE>
<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(1)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%"><font size="2">This data includes the Northwestel debentures.<br>
&nbsp;</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(2)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%"><font size="2">It is anticipated that
		outstanding Bell Canada debentures maturing prior to August 2010 will be
		redeemed pursuant to their terms, at the time of and subject to the
		consummation of the Privatization. </font> </td>
	</tr>
</table>
<P align="left">
<font size="2">The Bell Canada debentures are unsecured and effective February 1, 2007 have been guaranteed by BCE Inc. They include US&#36;200 million maturing in 2010, which has been swapped into Canadian dollars.
</font> </P>
<P align="left">
<font size="2">Bell Canada has a shelf prospectus providing for
the issuance of &#36;3.0 billion of debt securities. As of<B> </B>March 5, 2008, Bell Canada had no debt securities issued under its current shelf prospectus. This shelf prospectus expires in July 2009.
</font> </P>

<P align="left">
<font size="2">Bell Canada may issue notes under its commercial paper program up to the amount of its supporting committed lines of credit. The total amount of its supporting committed lines of credit available was &#36;860 million at December 31, 2007. Bell
Canada had no commercial paper outstanding at December 31, 2007. Bell Canada may issue up to &#36;400 million Class E notes under its commercial paper program. These notes are not supported by committed lines of credit and may be extended in certain
circumstances. Bell Canada had no Class E notes outstanding at December 31, 2007.
</font> </P>
<P align="left">
<font size="2">Certain of Bell Canada&#146;s debt agreements impose covenants which place limitations on the issuance of additional debt with a maturity date exceeding one year based on certain tests related to interest and asset coverage. Bell Canada is in
compliance with all conditions and restrictions attaching to its debt securities.
</font></P>
<P align="left">
<B><U>R</U></B><B><U>ATINGS FOR </U></B><B><U>BCE I</U></B><B><U>NC</U></B><B><U>.</U></B><B><U> AND
</U></B><B><U>B</U></B><B><U>ELL</U></B><B><U> C</U></B><B><U>ANADA </U></B><B><U>P</U></B><B><U>UBLIC </U></B><B><U>D</U></B><B><U>EBT </U></B><B><U>S</U></B><B><U>ECURITIES</U></B><B> </B></P>
<P align="left">
<font size="2">Ratings generally address the ability of a company to repay principal and interest or dividends on securities.
</font> </P>
<P align="left">
<font size="2">BCE Inc.&#146;s and Bell Canada&#146;s securities are rated by the following rating agencies:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">DBRS Limited (DBRS) </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Standard &amp; Poor&#146;s, a division of The McGraw-Hill Companies, Inc. (S&amp;P)
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Moody&#146;s Investors
Service, Inc. (Moody&#146;s) </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Fitch Ratings Ltd. (Fitch). </font></P></li>
</ul>
<P align="left">
<font size="2">This section describes the credit ratings that BCE Inc. and Bell Canada have asked for or received for their securities. These ratings provide investors with an independent measure of credit quality of an issue of securities. Each rating should be
evaluated independently.</font></P>
<P align="left">
<font size="2">These credit ratings are not recommendations to purchase, hold or sell any of the securities discussed above, or a comment on the market price or suitability for a particular investor. There is no assurance that any rating will remain in effect for
any given period of time or that any rating will not be revised or withdrawn in the future by a rating agency.
</font> </P>
<P align="right">
<font size="2">Page 19</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
&nbsp;</P>
<P align="left">
<B>Short-Term Debt Securities </B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="67%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Short-Term Debt Securities</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Rating Agency</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Rating</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Rank</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<FONT size=2>BCE Inc. and Bell Canada commercial paper </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>DBRS </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>R-1 (low) </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>3 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>Moody&#146;s </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>P-2 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>2 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<FONT size=2>BCE Inc. extendible commercial notes </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>DBRS </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>R-2 (high) </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>4 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<FONT size=2>Bell Canada extendible commercial notes </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>DBRS </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>R-1 (low) </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>3 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<B><br>
Long-Term Debt Securities</B>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD width="0%" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
</TR>
<tr>
	<TD align=left width="67%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Short-Term Debt Securities</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Rating Agency</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Rating</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Rank</FONT></B><font size="2"> </font>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="67%">
<FONT size=2>BCE Inc. unsubordinated long-term debt </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>DBRS </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>A (low) </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>7 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>S&amp;P </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>BBB+ </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>8 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>Moody&#146;s </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>Baa2 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>9 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>Fitch </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>BB- </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>13 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<FONT size=2>Bell Canada unsubordinated long-term debt </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>DBRS </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>A </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>6 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>S&amp;P </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>BB+</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>11 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>Moody&#146;s </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>Baa1 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>8 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>Fitch </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>BB-</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>13 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<FONT size=2>Bell Canada subordinated long-term debt </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>DBRS </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>BBB (high) </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>8 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>S&amp;P </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>B</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>15 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>Moody&#146;s </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>Baa2 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>9 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>Fitch </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>B+</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>14 </FONT>
	</TD>
</TR>
</TABLE>
<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(1)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%"><font size="2">These securities were
		downgraded due to the Privatization.</font></td>
	</tr>
</table>
<p align="left">
&nbsp;</p>
<p align="left">
<B><U>RATINGS FOR BCE INC.
PREFERRED SHARES</U></B> </p>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<tr>
	<TD align=left width="67%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Preferred Shares</FONT></B></TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Rating Agency</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Rating</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Rank</FONT></B><font size="2"> </font>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="67%">
<FONT size=2>BCE Inc. preferred shares </FONT>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>DBRS </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>Pfd-2 (low) </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<font size="2">6</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width="0%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>S&amp;P </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<FONT size=2>P-2 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width=9%>
<font size="2">5</font></TD>
</TR>
</TABLE>
<P align="left">
<B><U>O</U></B><B><U>UTLOOK</U></B><B> </B></P>
<P align="left">
<font size="2">As of March 5, 2008, BCE Inc. and Bell Canada ratings are currently under review or on credit watch with negative implications from S&amp;P, DBRS, Moody&#146;s and Fitch.
</font> </P>
<P align="left">
<font size="2">Fitch&#146;s ratings are based solely on publicly available information and are not solicited by BCE Inc. or Bell Canada.</font></P>
<P align="left">
<font size="2">Additional information can be found under the heading <I>Credit Ratings</I> beginning on page 36 of the BCE 2007 MD&amp;A, which pages are incorporated herein by reference.
</font> </P>
<P align="left">
<B><U>G</U></B><B><U>ENERAL </U></B><B><U>E</U></B><B><U>XPLANATION</U></B><B> </B></P>
<P align="left">
<B> Short-Term Debt Securities </B></P>
<P align="left">
<font size="2">The table below shows the range of credit ratings that each rating agency which rates BCE Inc.&#146;s or Bell Canada&#146;s short-term debt instruments assigns to short-term debt instruments.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="56%">
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Highest Quality of Securities Rated</FONT></B>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Lowest Quality of Securities Rated</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<FONT size=2>DBRS</FONT>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%">
<FONT size=2>R-1(high)</FONT>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%">
<FONT size=2>D</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<FONT size=2>S&amp;P</FONT>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%">
<FONT size=2>A-1(high)</FONT>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%">
<FONT size=2>D</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<FONT size=2>Moody&#146;s</FONT>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%">
<FONT size=2>P-1</FONT>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%">
<FONT size=2>P-3</FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="2">The DBRS short-term debt rating scale indicates DBRS&#146; assessment of the risk that a borrower will not fulfill its near-term debt obligation in a timely manner. Every DBRS rating is based on quantitative and qualitative considerations relevant
to the borrowing entity. </font> </P>
<P align="left">
<font size="2">An S&amp;P commercial paper rating indicates S&amp;P&#146;s assessment of whether the company can meet the financial commitments of a specific commercial paper program or other short-term financial instrument, compared to the debt servicing and
repayment capacity of other companies in Canada&#146;s financial markets. </font> </P>

<p align="right"><font size="2">Page 20</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">





<P align="left">
&nbsp;</P>
<P align="left">
<font size="2">Moody&#146;s short-term ratings indicate Moody&#146;s assessment of the ability of issuers to meet short-term financial obligations. It may assign ratings to issuers, short-term programs or to individual short-term debt instruments. These short-term
obligations generally have an original maturity of 13 months or less, unless explicitly noted.
</font> </P>
<P align="left">
<B>Long-Term Debt Securities </B></P>
<P align="left">
<font size="2">The table below shows the range of credit ratings that each rating agency assigns to long-term debt instruments.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="56%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Highest Quality of Securities Rated</FONT></B><font size="2">
</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Lowest Quality of Securities Rated</FONT></B><font size="2">
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<FONT size=2>DBRS </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="20%">
<FONT size=2>AAA </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="20%">
<FONT size=2>D </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<FONT size=2>S&amp;P </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="20%">
<FONT size=2>AAA </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="20%">
<FONT size=2>D </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<FONT size=2>Moody&#146;s </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="20%">
<FONT size=2>Aaa </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="20%">
<FONT size=2>C </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<FONT size=2>Fitch </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="20%">
<FONT size=2>AAA </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=center width="20%">
<FONT size=2>D </FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="2">The DBRS long-term debt rating scale indicates the risk that a company may not meet its obligations to pay interest and principal in a timely manner. Every DBRS rating is based on quantitative and qualitative considerations relevant to the borrowing
entity. </font> </P>

<P align="left">
<font size="2">S&amp;P&#146;s credit rating scale provides a current assessment of the creditworthiness of a company in meeting a specific financial obligation, a specific class of financial obligations, or a specific financial program. It takes into
consideration: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the currency that the obligation is denominated in
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">current information provided by the company or obtained by
S&amp;P from other reliable sources </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">unaudited financial information from time to time, as S&amp;P does not perform an audit
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the likelihood of payment &#150; capacity and willingness of the company in meeting its financial commitment on
an obligation according to the terms of the obligation </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the nature of and provisions of the obligation
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization, or other arrangement
under the laws of bankruptcy and other laws affecting creditors&#146; rights.
	</font></P></li>
</ul>
<P align="left">
<font size="2">Moody&#146;s long-term obligation ratings are an assessment of the relative credit risk of fixed-income obligations with an original maturity of one year or more. They address the possibility that a financial obligation will not be honoured as
promised. Such ratings reflect both the likelihood of default and any financial loss suffered in the event of default.</font></P>
<P align="left">
<font size="2">Fitch&#146;s international long-term credit ratings assess the capacity to meet foreign or local currency commitments. Both foreign and local currency ratings are internationally comparable assessments. The local currency rating measures the
probability of payment only within the sovereign state&#146;s currency and jurisdiction.
</font> </P>
<P align="right">
<font size="2">Page 21</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">





<P align="left">
&nbsp;</P>
<P align="left">
<B>Preferred Shares </B></P>
<P align="left">
<font size="2">The table below describes the range of credit ratings that each rating agency assigns to preferred share instruments.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="56%">
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Highest Quality of Securities Rated</FONT></B>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Lowest Quality of Securities Rated</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<FONT size=2>DBRS</FONT>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%">
<FONT size=2>Pfd-1(high) </FONT>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%">
<FONT size=2>D</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<FONT size=2>S&amp;P</FONT>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%">
<FONT size=2>P-1(high) </FONT>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=center width="20%">
<FONT size=2>D</FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="2">The DBRS preferred share rating scale indicates their assessment of the risk that a borrower may not be able to meet its full obligation to pay dividends and principal in a timely manner. Every DBRS rating is based on quantitative and qualitative
considerations relevant to the borrowing entity. </font> </P>
<P align="left">
<font size="2">S&amp;P&#146;s preferred share rating is a current assessment of the creditworthiness of a company in meeting a specific preferred share obligation issued in the market, compared to preferred shares issued by other issuers in the Canadian market.
</font>
</P>
<P align="left">
<B><U>E</U></B><B><U>XPLANATION OF </U></B><B><U>R</U></B><B><U>ATINGS </U></B><B><U>R</U></B><B><U>ECEIVED FOR </U></B><B><U>O</U></B><B><U>UR </U></B><B><U>S</U></B><B><U>ECURITIES</U></B><B> </B><B> </B></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bordercolor="#000000">
	<tr>
		<td width="16%" style="border: 1px solid #000000">
<P align="center">
<B><font size="2">Rating Agency </font> </B></P>
		</td>
		<td width="17%" align="center" style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><font size="2">Description of <br>
		Securities </font> </B></td>
		<td width="17%" style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<P align="center">
<B><font size="2">Rating </font> </B></P>
		</td>
		<td width="50%" style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<P align="center">
<B><font size="2">Explanation of Rating Received </font> </B></P>
		</td>
	</tr>
	<tr>
		<td width="16%" valign="top" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">DBRS </font>
		</td>
		<td width="17%" valign="top" align="center" rowspan="2" style="border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">Short-term debt
		</font></td>
		<td width="17%" valign="top" align="center" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">R-1 (low)
		</font></td>
		<td width="50%" valign="top" align="justify" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<ul>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">satisfactory credit quality </font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">respectable overall strength and outlook for key liquidity, debt and profitability ratios, but not as favourable as higher rating categories
			</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">any qualifying negative factors that exist are considered manageable, and the company is
normally of sufficient size to have some influence in its industry.</font></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="17%" valign="top" align="center" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">R-2 (high)</font></td>
		<td width="50%" valign="top" align="justify" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">the upper end of adequate credit quality</font></li>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">the
			ability to repay obligations as they mature remains acceptable,
			although the overall strength and outlook for key liquidity, debt
			and profitability ratios is not as strong as higher rating
			categories. </font></li>
		</ul>
		</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bordercolor="#000000">
	<tr>
		<td width="16%" valign="top" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
		<td width="17%" valign="top" align="center" rowspan="2" style="border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">Long-term debt </font></td>
		<td width="17%" valign="top" align="center" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">A</font></td>
		<td width="50%" valign="top" align="justify" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<ul>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">satisfactory credit quality</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">protection of interest and principal is still
			substantial, but the degree of strength is less than that of AA
			rated entities </font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">while A is a respectable rating, companies that fall
			into this category are considered to be more susceptible to adverse
			economic conditions and have greater cyclical tendencies than
			higher-rated securities. </font></P></li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="17%" valign="top" align="center" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">BBB </font>
		</td>
		<td width="50%" valign="top" align="justify" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<ul>
			<li>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">adequate credit quality</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">protection of interest and principal is acceptable,
			but the company is fairly susceptible to adverse changes in
			financial and economic conditions, or there may be other adverse
			conditions present which reduce the strength of the company and its
			rated securities.</font></P></li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="16%" valign="top" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
		<td width="17%" valign="top" align="center" style="border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">Preferred Shares </font></td>
		<td width="17%" valign="top" align="center" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">Pfd-2 </font></td>
		<td width="50%" valign="top" align="justify" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">satisfactory credit quality</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">protection of dividends and principal is still substantial, but earnings, balance sheet, and coverage ratios are not as strong as Pfd-1 rated companies. Generally, companies with Pfd-2 ratings have senior bonds rated in </font></P>
			</li>
		</ul>
		</td>
	</tr>
	</table>
<p align="right"><font size="2">Page 22</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">





<p align="right">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bordercolor="#000000" id="table2">
	<tr>
		<td width="16%" style="border: 1px solid #000000">
<P align="center">
<B><font size="2">Rating Agency </font> </B></P>
		</td>
		<td width="17%" align="center" style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><font size="2">Description of <br>
		Securities </font> </B></td>
		<td width="17%" style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<P align="center">
<B><font size="2">Rating </font> </B></P>
		</td>
		<td width="50%" style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<P align="center">
<B><font size="2">Explanation of Rating Received </font> </B></P>
		</td>
	</tr>
	<tr>
		<td width="16%" style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000; ">
&nbsp;</td>
		<td width="17%" align="center" style="border-right: 1px solid #000000; border-bottom: 1px solid #000000">
&nbsp;</td>
		<td width="17%" style="border-right: 1px solid #000000; border-bottom: 1px solid #000000">
&nbsp;</td>
		<td width="50%" style="border-right: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="margin-left: 40px">
			<font size="2">the A category.<br>
&nbsp;</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bordercolor="#000000" id="table1">
	<tr>
		<td width="16%" valign="top" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">S&amp;P </font>
		</td>
		<td width="17%" valign="top" align="center" rowspan="2" style="border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">Long-term debt </font></td>
		<td width="17%" valign="top" align="center" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px">
<P align="center">
<font size="2">BBB </font> </P>
		</td>
		<td width="50%" valign="top" align="justify" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<ul>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">adequate
			capacity to meet its financial commitments </font></li>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">adverse
			economic conditions or changing circumstances are more likely to
			lead to a weakened capacity of the company to meet its financial
			commitments </font></li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="17%" valign="top" align="center" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">BB</font></td>
		<td width="50%" valign="top" align="justify" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">regarded
			as having significant speculative characteristics but is less
			vulnerable to non-payment than other speculative issues </font></li>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">faces
			major ongoing uncertainties or exposure to adverse business,
			financial, or economic conditions which could lead to the company&#146;s
			inadequate capacity to meet its financial commitment on the
			obligation </font></li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="16%" valign="top" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="17%" valign="top" align="center" style="border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="17%" valign="top" align="center" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">B</font></td>
		<td width="50%" valign="top" align="justify" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">regarded as having significant speculative characteristics and is more vulnerable to non-payment than obligations rated BB, but the company currently has the capacity to meet its financial commitment on the obligation
			</font></li>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">adverse business,
financial, or economic conditions will likely impair the company&#146;s capacity or willingness to meet its financial commitment on the obligation
			</font></li>
		</ul>
		</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bordercolor="#000000">
	<tr>
		<td width="16%" valign="top" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="17%" valign="top" align="center" style="border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">Preferred Shares </font></td>
		<td width="17%" valign="top" align="center" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">P-2 </font></td>
		<td width="50%" valign="top" align="justify" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">adequate protection parameters </font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">adverse economic conditions or changing circumstances are more likely to weaken the company&#146;s ability to meet its financial commitment on the obligation
			</font></P></li>
		</ul>
		</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bordercolor="#000000">
	<tr>
		<td width="16%" valign="top" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">Moody&#146;s
		</font></td>
		<td width="17%" valign="top" align="center" style="border-right: 1px solid #000000; border-top-width: 1px">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">Short-term debt
		</font></td>
		<td width="17%" valign="top" align="center" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">P-2 </font>
		</td>
		<td width="50%" valign="top" align="justify" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<ul>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">a strong
			ability to repay short-term debt obligations </font></li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="17%" valign="top" align="center" style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<font size="2">Long-term debt </font></td>
		<td width="17%" valign="top" align="center" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">Baa</font></td>
		<td width="50%" valign="top" align="justify" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">subject to moderate credit risk </font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">considered medium-grade and may have certain speculative characteristics
			</font></P></li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="16%" valign="top" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000" rowspan="2">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">Fitch </font>
		</td>
		<td width="17%" valign="top" align="center" style="border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000" rowspan="2">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">Long-term debt
		</font></td>
		<td width="17%" valign="top" align="center" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">BB </font></td>
		<td width="50%" valign="top" align="justify" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">indicates
			that there is a possibility of credit risk developing, particularly
			as a result of adverse economic change over time, however, business
			or financial alternatives may be available to allow financial
			commitments to be met </font></li>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">considered
			speculative </font></li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="17%" valign="top" align="center" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">B </font></td>
		<td width="50%" valign="top" align="justify" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">indicates
			that significant credit risk is present, but a limited margin of
			safety remains </font></li>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">financial
			commitments are currently being met; however, capacity for continued
			payment is contingent upon a sustained, favorable business and
economic environment</font></li>
			<li>
			<p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;considered highly speculative
			</font></li>
		</ul>
		</td>
	</tr>
</table>
<p align="right"><font size="2">Page 23</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">




<P align="left">
&nbsp;</P>
<P align="left">
<B><U>M</U></B><B><U>ARKET FOR </U></B><B><U>O</U></B><B><U>UR </U></B><B><U>S</U></B><B><U>ECURITIES</U></B><B> </B></P>
<P align="left">
<font size="2">The common and preferred shares of BCE Inc. are listed on the Toronto Stock Exchange and, up to January 31, 2007, the Bell Canada preferred shares were also listed on the Toronto Stock Exchange. In addition, BCE Inc.&#146;s common shares are also
listed on the New York Stock Exchange. </font> </P>
<P align="left">
<B><U>T</U></B><B><U>RADING OF </U></B><B><U>O</U></B><B><U>UR </U></B><B><U>S</U></B><B><U>ECURITIES</U></B><B> </B></P>
<P align="left">
<font size="2">The tables below and on the next pages show the range in share price per month and volume traded on the Toronto Stock Exchange in 2007 for each class of BCE Inc. securities (and Bell Canada preferred shares exchanged for BCE new preferred shares).
</font>
</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px"><font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p align="center">
<B><FONT size=2>Common</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Shares</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Preferred</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Shares</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Series R</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Preferred</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Shares</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Series S</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Preferred</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Shares</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Series T</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Preferred</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Shares</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Series Y</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Preferred</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Shares</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Series Z</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Preferred</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Shares</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Series AA</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<B><FONT size=2>Preferred</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Shares</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Series AB</FONT><SUP><FONT size=2>(1)</FONT></SUP></B><font size="2">
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" colspan="9">
<p style="margin-left: 12px">
<B><FONT size=2>January 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;31.64 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;26.05 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.10 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.51 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.49 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;28.00 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.70 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;28.95 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.19 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;24.81 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.25 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;24.71 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.26 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.10 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>41,513,949 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>47,385 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>49,050 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>9,043 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>10,800 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>72,495 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>44,543 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" colspan="9">
<p style="margin-left: 12px">
<B><FONT size=2>February 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;32.00 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.55 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.25 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.83 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.01 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;26.00 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.30 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;30.05 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.16 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;24.95 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.35 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;24.66 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.29 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.07 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>53,834,555 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>37,390 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>27,970 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>21,195 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>4,400 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>44,949 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>74,129 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" colspan="9">
<p style="margin-left: 12px">
<B><FONT size=2>March 2007</FONT></B><font size="2">
&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;33.60 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.60 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.50 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;26.00 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.30 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;26.86 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.49 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;29.90 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.38 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.10 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.05 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.10 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;24.96 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.10 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>66,695,652 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>730,584 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>234,175 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>285,655 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>135,425 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>403,521 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>759,189 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" colspan="9">
<p style="margin-left: 12px">
<B><FONT size=2>April 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;40.31 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.47 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.43 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.60 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.06 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.59 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.16 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;32.15 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;21.50 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;22.50 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;21.91 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;23.17 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;23.00 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;23.00 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2>178,933,007 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2>97,183 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2>48,447 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2>58,620 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2>6,150 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2>67,799 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2>726,946 </FONT>
	</TD>
	<TD align=center width="10%" style="border: 1px solid #000000">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
</TABLE>




<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000" colspan="9">
<p style="margin-left: 12px">
<B><FONT size=2>May 2007</FONT></B><font size="2">
&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;39.74 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.69 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.56 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.25 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.70 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.26 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.45 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;36.88 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;20.05 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;21.26 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;21.30 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;21.00 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;22.20 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;22.62 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>97,047,368 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>1,338,592 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>57,260 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>61,940 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>11,302 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>687,098 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>1,204,723 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000" colspan="9">
<p style="margin-left: 12px">
<B><FONT size=2>June 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;41.14 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;22.70 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;22.94 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;21.75 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;22.61 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.49 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.68 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;38.75 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;19.05 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;22.03 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;19.00 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;21.51 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;21.75 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;21.00 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>132,371,268 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>169,081 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>25,444 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>60,070 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>7,122 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>45,214 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>187,735 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000" colspan="9">
<p style="margin-left: 12px">
<B><FONT size=2>July 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;41.80 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.65 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.70 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.98 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.88 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;39.88 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.51 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.59 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.00 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.54 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.60 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.61 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>120,711,117 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>154,328 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>34,260 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>62,847 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>21,527 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>53,598 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>279,011 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000" colspan="9">
<p style="margin-left: 12px">
<B><FONT size=2>August 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;40.49 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.81 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.65 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.41 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.94 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.75 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.75 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;37.55 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.82 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.12 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.15 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.10 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.87 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.90 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.75 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>256,877,060 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>43,084 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>18,525 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>36,514 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>16,400 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>63,474 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>185,089 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>100 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan=9 style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<B><FONT size=2>September 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;41.00 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.70 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.90 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.90 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.70 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.94 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;25.18 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;25.50 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;39.79 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.25 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.39 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.41 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.27 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.31 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.45 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>116,752,614 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>51,636 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>29,521 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>24,240 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>4,769 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>30,812 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>67,564 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>4,200 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000" colspan="9">
<p style="margin-left: 12px">
<B><FONT size=2>October 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;41.25 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.79 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.90 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.70 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.65 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.88 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.98 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;39.84 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.25 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.51 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.40 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.45 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.20 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.51 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>77,886,712 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>200,934 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>84,602 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>33,025 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>46,500 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>338,596 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>209,708 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>4,700 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan=9 style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<B><FONT size=2>November 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;41.20 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.88 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.82 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.85 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.75 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.74 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.95 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;38.70 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.26 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.30 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.49 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.85 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.60 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>86,684,969 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>107,558 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>50,387 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>58,298 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>31,680 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>163,688 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>316,813 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>7,000 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000" colspan="9">
<p style="margin-left: 12px">
<B><FONT size=2>December 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;39.82 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.60 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.60 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.75 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.99 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.80 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.94 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;37.25 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.75 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.16 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.45 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.37 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;23.73 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.24 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center">
<FONT size=2>85,097,600 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>190,514 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>55,515 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>163,040 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>123,682 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>66,442 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>104,066 </FONT>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>634 </FONT>
	</TD>
</TR>
</TABLE>
<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(1)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%"><font size="2">On August 23, 2007, BCE Inc.
		announced that 9,918,414 of its 20,000,000 Series AA preferred shares
		were tendered for conversion, on a one-for-one basis, into Series AB
		preferred shares. Consequently, BCE Inc. issued 9,918,414 new Series AB
		preferred shares on September 1, 2007. The balance of the Series AA
		preferred shares that were not converted remains outstanding and
		continues to be listed on the Toronto Stock Exchange under the symbol BCE.PR.A.
		</font> </td>
	</tr>
</table>
<p align="right"><font size="2">Page 24</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<p align="right">&nbsp;</p>
<P align="left">
&nbsp;</P>
<P align="left">
&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Preferred Shares</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Series AC</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Preferred Shares</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Series AE</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Preferred Shares</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Series AF</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Preferred Shares</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Series AG</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Preferred Shares</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Series AH</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Preferred Shares</FONT></B><font size="2"> <br>
</font><B><FONT size=2>Series AI</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" colspan="7">
<p style="margin-left: 12px">
<B><FONT size=2>January 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;26.36 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.55 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.90 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.65 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.54 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;26.69 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.30 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;24.80 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.10 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.10 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.15 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.55 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>37,332 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>7,760 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>11,440 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>1,027,778 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>64,000 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>2,513,453 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" colspan="7">
<p style="margin-left: 12px">
<B><FONT size=2>February 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.80 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.36 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.45 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.40 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.30 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.95 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.35 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.05 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.10 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.11 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>42,880 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>24,167 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>1,256,619 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>83,056 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>1,294,200 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>90,550 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" colspan="7">
<p style="margin-left: 12px">
<B><FONT size=2>March 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.60 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.50 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.50 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.70 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.49 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;26.10 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.15 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;24.92 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.05 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.10 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.12 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;24.75 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>1,233,960 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>214,050 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>7,558,956 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>601,572 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>1,249,275 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>64,760 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" colspan="7">
<p style="margin-left: 12px">
<B><FONT size=2>April 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.48 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.10 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.49 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.33 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.23 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;25.79 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;23.30 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;23.50 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;21.27 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;21.01 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;23.01 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;21.70 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>467,959 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>114,300 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>420,121 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>106,080 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>75,530 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>155,757 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" colspan="7">
<p style="margin-left: 12px">
<B><FONT size=2>May 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;24.39 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;23.70 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;23.05 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;22.79 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;24.07 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;23.50 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;22.87 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;22.27 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;20.56 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;20.25 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;22.90 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;20.25 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>2,887,187 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>24,786 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>31,538 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>141,599 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>48,600 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>207,409 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" colspan="7">
<p style="margin-left: 12px">
<B><FONT size=2>June 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;23.65 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;22.99 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;22.25 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;21.79 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;23.50 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;22.25 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;22.66 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;21.21 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;18.51 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;19.00 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;22.75 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=2>&#36;19.25 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="margin-left: 12px">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2>235,105 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2>11,940 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2>68,563 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2>121,143 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2>17,450 </FONT>
	</TD>
	<TD align=center width="13%" style="border: 1px solid #000000">
<FONT size=2>223,303 </FONT>
	</TD>
</TR>
</TABLE>



<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="100%" colspan="7" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B><FONT size=2>July 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.15 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;26.00 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.45 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.60 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.63 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;23.50 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;23.75 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;23.11 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;23.25 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;23.50 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;23.00 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>197,791 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>29,030 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>71,839 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>211,192 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>18,920 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>293,091 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="7" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B><FONT size=2>August 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.69 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.89 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.49 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.77 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.11 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.16 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;23.96 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;23.85 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.40 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.03 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>166,428 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>12,550 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>62,204 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>71,591 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>26,760 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>134,851 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="7" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B><FONT size=2>September 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.97 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.99 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.84 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.75 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.75 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;25.24 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.30 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.16 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.11 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.16 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.41 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>67,815 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>42,340 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>156,981 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>255,790 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>21,550 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>54,432 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="7" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B><FONT size=2>October 2007</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;25.12 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.60 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.79 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.65 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;25.00 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;25.33 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.08 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.12 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.52 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.40 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>236,970 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>8,220 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>316,292 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>78,232 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>12,650 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>183,821 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="7" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B><FONT size=2>November 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.99 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.75 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;25.30 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.75 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.98 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.94 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.63 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.51 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.60 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.25 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.50 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.40 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>214,616 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>18,725 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>31,137 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>59,047 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>9,700 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>103,347 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="7" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B><FONT size=2>December 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>High (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.97 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.85 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;25.40 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.74 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.97 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.60 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>Low (&#36;)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.30 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.01 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.00 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;23.50 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;24.55 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>&#36;23.90 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left: 1px solid #000000; border-right-style: solid; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="margin-left: 12px; margin-top: 0; margin-bottom: 0">
<I><FONT size=2>Volume</FONT></I><font size="2"> </font>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-style: solid; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>211,034 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-style: solid; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>13,250 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-style: solid; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>35,850 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-style: solid; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>45,990 </FONT>
	</TD>
	<TD align=center width="13%" style="border-left: 1px solid #000000; border-right-style: solid; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>59,555 </FONT>
	</TD>
	<TD align=center width="13%" style="border: 1px solid #000000">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=2>954,954 </FONT>
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center">
<B>OUR DIVIDEND POLICY&nbsp; </B></td>
	</tr>
</table>
<P align="left">
<font size="2">BCE Inc.&#146;s dividend policy takes into consideration a number of factors including BCE Inc.&#146;s earnings and cash flow trends, financial condition and capital requirements. We seek to allow BCE Inc.&#146;s shareholders to participate in our
operational progress through growth in dividend distributions, while maintaining a healthy capital structure that provides sufficient financial flexibility for investment in strategic priorities and future growth.
</font> </P>
<P align="left">
<font size="2">In December 2006, the board of directors of BCE Inc. established a targeted common share dividend payout ratio of 70-75% of earnings. Under this dividend policy, increases in the common share dividend will be directly linked to growth in BCE
Inc.&#146;s earnings. However, based on the prevailing competitive and technological environment at any given time, there can be no guarantee that BCE Inc.&#146;s dividend
</font> </P>
<P align="right">
<font size="2">Page 25</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">




<P align="left">
<font size="2">policy will be maintained. Additional information about these
risks and their potential impact on our businesses, revenues, cash flows and
capital expenditures which in turn could adversely affect BCE Inc.&#146;s ability to
maintain its dividend policy can be found under the headings <I>Our Competitive Environment </I>and<I>
Risks That Could Affect Our Business and Results </I>beginning on pages 40 and 50, respectively,<B> </B>in the BCE 2007 MD&amp;A, which pages are incorporated by reference herein.
</font> </P>
<P align="left">
<font size="2">In the context of the Privatization, under the definitive agreement dated June 29, 2007 between BCE Inc. and the Purchaser, BCE Inc. has committed to not increase its common share dividend without the consent of the Purchaser while the definitive
agreement is effective. </font> </P>
<P align="left">
<font size="2">Subject to being declared by the board of directors, BCE Inc. pays quarterly dividends on common shares at a rate of &#36;1.46 per year. Subject to board approval, BCE Inc. will continue to pay dividends until the effective date of the Arrangement.
</font>
</P>
<P align="left">
<font size="2">Subject to being declared by the board of directors, BCE Inc. pays dividends on preferred shares every quarter, except for dividends on Series S, Series Y, Series AB, Series AD, Series AE and Series AH preferred shares, which BCE Inc. declares and
pays monthly. BCE Inc. will continue to pay dividends on the preferred shares until the effective date of the Arrangement.
</font> </P>




<P align="left">
&nbsp;</P>
<P align="left">
<font size="2">The table below shows the amount of cash dividends declared per share of each class of BCE Inc. shares for 2007, 2006, and 2005.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="49%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>2007</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>2006</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>2005</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Common </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.46 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.32 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.32 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
&nbsp;<p><FONT size=2>Preferred Shares </FONT>
	</TD>
	<TD align=left width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=left width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=left width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=left width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Series R </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.135 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.135 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.441375 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Series S </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.29394 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;0.97808 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;0.7546 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Series T </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.1255 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;0.281375 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Series Y </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.23028 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;0.97212 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;0.79798 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Series Z </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.2680375 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.3298 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.3298 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Series AA </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.28125 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.3625 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.3625 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Series AB </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;0.55352 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#151; </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Series AC </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.385 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.385 </FONT>
	</TD>
	<TD align=center width="1%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.385 </FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="2">As previously discussed, effective January 31, 2007, the outstanding Bell Canada preferred shares were exchanged for equivalent BCE Inc. new preferred shares. The table below shows the amount of cash dividends declared in 2007, 2006 and 2005 per
class of Bell Canada preferred shares or, starting February 1, 2007 the corresponding series of first preferred shares of BCE Inc.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="49%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>2007</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>2006</FONT><SUP><FONT size=2>(1)</FONT></SUP></B><font size="2">
</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>2005</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Series AE (old Bell Canada Series 15) </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.25049 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;0.96979 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;0.80885 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Series AF (old Bell Canada Series 16) </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.10 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.10 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.10 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Series AG (old Bell Canada Series 17) </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.0875 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.143755 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.31252 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Series AH (old Bell Canada Series 18) </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.31798 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;0.88802 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2>Series AI (old Bell Canada Series 19) </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.1625 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.27501 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width="15%">
<FONT size=2>&#36;1.38752 </FONT>
	</TD>
</TR>
</TABLE>
<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(1)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%"><font size="2">Excludes $0.20 special
		dividend per share declared on December 11, 2006. </font> </td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center">
<B>OUR DIRECTORS AND EXECUTIVE OFFICERS </B></td>
	</tr>
</table>
<P align="left">
<B><U>D</U></B><B><U>IRECTORS</U></B><B> </B></P>
<P align="left">
<font size="2">The tables below tell you about the directors and the voting securities that they own directly or indirectly, as well as BCE Inc. deferred share units. Generally, all non-management directors sit on at least one
</font> </P>
<P align="right">
<font size="2">Page 26</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
&nbsp;</P>
<P align="left">
<font size="2">committee of the board. We have also
included other directorships held by our directors with public companies that are currently listed on an exchange.
</font> </P>
<P align="left">
<font size="2">Under BCE Inc.&#146;s by-laws, each director holds office until the next annual shareholder meeting or until his or her successor is elected. All of BCE Inc.&#146;s directors have held the positions listed in the table below or other executive
positions with the same or associated firms or organizations during the past five years or more, except where indicated in the table below.
</font> </P>
<P align="left">
<font size="2">Also see <I>Schedule 1 - Statement of Corporate Governance Practices &#150; Directors&#146; Compensation &#150; Directors&#146; Share Unit Plan</I> for a description of our Deferred Share Unit Plan for non-management directors.
</font> </P>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000"><font size="2">ANDR&Eacute; B&Eacute;RARD, O.C.<SUP> </SUP>Qu&eacute;bec, Canada</font></td>
	</tr>
</table>
<P align="left" style="margin-top: 0">
<font size="2">CORPORATE DIRECTOR (SINCE MARCH 2004) </font> </P>
<P align="left">
<B><I><font size="2">Past Occupation </font> </I></B> </P>
<P align="left">
<font size="2">Mr. B&eacute;rard was Chief Executive Officer of National Bank of Canada (chartered bank) from September 1990 to March 2002 and Chairman of the Board of National Bank of Canada from September 1990 to March 2004.
</font> </P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">

		<font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">January 2003 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">1,120 BCE Inc. common shares </font>
		<p><font size="2">26,234 BCE Inc. deferred share units </font></p>
		<p><font size="2">88 Bell Aliant Income Fund units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">7/7</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">14/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">

		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE

		DURING 2007</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="3">
		<p style="margin-top: 20px">
		<font size="2">Bombardier </font>
		</p>
		<p><font size="2">Groupe BMTC Inc. </font></p>
		<p><font size="2">Saputo Inc. </font></p>
		<p><font size="2">Tembec Inc. </font></p>
		<p><font size="2">TransForce Inc. </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="3">
		<p align="left" style="margin-top: 20px"><font size="2">2004 - present </font></p>
		<p align="left"><font size="2">2001 &#150; present </font></p>
		<p align="left"><font size="2">1997 &#150; present </font></p>
		<p align="left"><font size="2">2006 &#150; present </font></p>
		<p align="left"><font size="2">2003 &#150; present </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">Audit</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">5/5</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">1/1</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">CGC</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">4/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">2/3</font></td>
	</tr>
</table>
<p align="right"><font size="2">Page 27</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<p align="right">&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000"><font size="2">RONALD ALVIN BRENNEMAN Alberta, Canada</font></td>
	</tr>
</table>
<P align="left" style="margin-top: 0">
<font size="2">PRESIDENT AND CHIEF EXECUTIVE OFFICER, PETRO-CANADA (PETROLEUM COMPANY) (SINCE JANUARY 2000)
</font> </P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center">

		<font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">November 2003 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">38,564 BCE Inc. common shares </font>
		<p><font size="2">22,171 BCE Inc. deferred share units </font></p>
		<p><font size="2">13,780 Bell Aliant Income Fund units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">6/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">10/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">

		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="3">
		<p align="left" style="margin-top: 20px"><font size="2">Bank of Nova Scotia</font></p>
		<p align="left"><font size="2">Petro-Canada</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="3">
		<p align="left" style="margin-top: 20px"><font size="2">2000 - present </font></p>
		<p align="left"><font size="2">2000 - present </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">MRCC </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">4/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">2/2 </font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">PFC </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">4/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
<P align="center">
<font size="2">N/A </font> </P>
		</td>
	</tr>
</table>




<P align="left">
<font size="2">&nbsp;</font></P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000"><font size="2">RICHARD JAMES CURRIE, O.C.C.<SUP>1</SUP> Ontario, Canada
		</font></td>
	</tr>
</table>
<P align="left" style="margin-top: 0">
<font size="2">CHAIR OF THE BOARD, BCE INC. AND BELL CANADA (SINCE APRIL 2002)
</font> </P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center">

		<font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">May 1995 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">1,024,120 BCE Inc. common shares </font>
		<p><font size="2">31,401 BCE Inc. deferred share units </font></p>
		<p><font size="2">74,406 Bell Aliant Income Fund units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">7/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">16/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">

		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4" height="97">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="2">
		<p align="left" style="margin-top: 20px"><font size="2">Petro-Canada </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="2">
		<p align="left" style="margin-top: 20px"><font size="2">2003 - present </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">MRCC (Chair) </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">4/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">2/2</font></td>
	</tr>
</table>
<P align="right">
<font size="2">&nbsp;Page 28</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">





<P align="left">
&nbsp;</P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000">
		<P align="left">
<font size="2">ANTHONY SMITHSON FELL, O.C.<SUP>1 </SUP>Ontario, Canada </font> </P>
		</td>
	</tr>
</table>
<P align="left" style="margin-top: 0">
<font size="2">CORPORATE DIRECTOR (SINCE JANUARY 2008) </font> </P>
<P align="left">
<B><I><font size="2">Past Occupation </font> </I></B></P>
<P align="left">
<font size="2">Mr. Fell was Chairman of the board of directors of RBC Dominion Securities Limited (investment bank) from December 1999 to December 2007 and Chairman of the board and Chief Executive Officer of RBC Dominion Securities Limited from 1992 to December
1999. </font> </P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center"><font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007
		</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">January 2002</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">91,500 BCE Inc. common shares </font>
		<p><font size="2">27,526 BCE Inc. deferred share units </font></p>
		<p><font size="2">7,250 Bell Aliant Income Fund units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">6/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">14/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">
		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4" height="97">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="3">
		<p align="left" style="margin-top: 20px"><font size="2">CAE Inc.&nbsp; </font></p>
		<p align="left"><font size="2">Loblaws Companies Limited </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="3">
		<p align="left" style="margin-top: 20px"><font size="2">2000 - present</font></p>
		<p align="left"><font size="2">2001 - present </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">Audit </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">5/5</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">1/1</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">MRCC </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">4/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">2/2</font></td>
	</tr>
</table>




<P align="left">
&nbsp;</P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000">
		<P align="left">
<font size="2">DONNA SOBLE KAUFMAN Ontario, Canada </font> </P>
		</td>
	</tr>
</table>
<p align="left" style="margin-top: 0"><font size="2">CORPORATE DIRECTOR (SINCE JULY 1997) AND LAWYER
</font></p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center"><font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007
		</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">June 1998 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">3,049 BCE Inc. common shares </font>
		<p><font size="2">25,766 BCE Inc. deferred share units </font></p>
		<p><font size="2">241 Bell Aliant Income Fund units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">7/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">15/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">
		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4" height="97">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="2" valign="top">
		<p align="left" style="margin-top: 20px">
<FONT size=2>TransAlta Corporation <br>
		(Chair)</FONT></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="2" valign="top">
		<p align="left" style="margin-top: 20px">
<FONT size=2>1989 - present </FONT>
		</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">CGC (Chair) </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">4/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">3/3</font></td>
	</tr>
</table>
<P align="right">
<font size="2">Page 29</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">




<P align="left">
&nbsp;</P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000">
		<P align="left">
<font size="2">BRIAN MICHAEL LEVITT Qu&eacute;bec, Canada </font> </P>
		</td>
	</tr>
</table>
<p align="left" style="margin-top: 0"><font size="2">PARTNER AND CO-CHAIR, OSLER, HOSKIN &amp; HARCOURT LLP (LAW FIRM) (SINCE JANUARY 2001)</font></p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center"><font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007
		</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">May 1998 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL*</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">2,573 BCE Inc. common shares </font>
		<p><font size="2">47,735 BCE Inc. deferred share units </font></p>
		<p><font size="2">2,000 Bell Aliant Income Fund units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">7/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">7/7</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">
		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4" height="97">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="2" valign="top">
		<p align="left" style="margin-top: 20px"><font size="2">Domtar
		Corporation</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="2" valign="top">
		<p align="left" style="margin-top: 20px"><font size="2">1997 - present
		</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">PFC</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">4/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">N/A </font></td>
	</tr>
</table>
<P align="left">
<font size="2">* As of May 2007, Mr. Levitt was recused from attending special board meetings held in connection with the strategic review process, as more fully described in the Notice of Special Shareholder Meeting and Management Proxy Circular of BCE Inc. dated
August 7, 2007 in respect of the special meeting of shareholders held on September 21, 2007 (the BCE Special Meeting Proxy Circular).
</font> </P>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000">
		<P align="left">
<font size="2">THE HONOURABLE EDWARD C. LUMLEY, P.C.<SUP>2</SUP> Ontario, Canada&nbsp;
</font> </P>
		</td>
	</tr>
</table>
<p align="left" style="margin-top: 0"><font size="2">VICE-CHAIRMAN, BMO NESBITT BURNS INC. (INVESTMENT BANK) (SINCE DECEMBER 1991)
</font></p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center"><font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007
		</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">January 2003 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">9,150 BCE Inc. common shares </font>
		<p><font size="2">19,916 BCE Inc. deferred share units </font></p>
		<p><font size="2">724 Bell Aliant Income Fund units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">7/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">15/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">
		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4" height="97">
	<tr>
		<td style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" width="15%" bordercolor="#000000">
		<p align="left"><font size="2">Canadian
		National Railway<br>
		Company&nbsp; </font></p></td>
		<td width="35%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p align="left"><font size="2">1996 - present</font></p>
		</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%">
		<font size="2">Dollar-Thrifty Automotive Group</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%">
		<font size="2">1997 - present
		</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">CGC </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">4/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">2/3 </font></td>
	</tr>
</table>
<p align="right"><font size="2">Page 30</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
&nbsp;</P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000">
		<P align="left">
<FONT size=2>JUDITH MAXWELL, C.M. Ontario, Canada </FONT>
		</P>
		</td>
	</tr>
</table>
<p align="left" style="margin-top: 0">
<FONT size=2>RESEARCH FELLOW, CANADIAN POLICY RESEARCH NETWORKS INC. (NON-PROFIT ORGANIZATION CONDUCTING RESEARCH ON WORK, FAMILY, HEALTH, SOCIAL POLICY AND PUBLIC INVOLVEMENT) (SINCE FEBRUARY 2006) </FONT>
	</p>
<p align="left">
<B><I><FONT size=2>Past Occupation</FONT></I></B><font size="2"> </font></p>
<p align="left">
<FONT size=2>Ms. Maxwell was founder and President of Canadian Policy Research Networks Inc. from 1995 to January 2006. </FONT>
	</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center"><font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007
		</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>January 2000</FONT></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>915 BCE Inc. common shares</FONT><p>
<FONT size=2>18, 113 BCE Inc. deferred share units </FONT>
		</p>
		<p>
<FONT size=2>72 Bell Aliant Income Fund units </FONT>
		</td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">7/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">15/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">
		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4" height="97">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="2" valign="top">
		<p align="left" style="margin-top: 20px">
<FONT size=2>N/A</FONT></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="2" valign="top">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
<FONT size=2>Audit </FONT>
		</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">5/5</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">1/1</font></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000">
		<P align="left">
<FONT size=2>JOHN HECTOR McARTHUR Massachusetts, United States of America </FONT>
		</P>
		</td>
	</tr>
</table>
<p align="left" style="margin-top: 0">
<FONT size=2>DEAN EMERITUS, HARVARD UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION (SINCE JUNE 1995) </FONT>
	</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center"><font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007
		</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>May 1995 </FONT>
		</td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">889 BCE Inc. common shares </font>
		<p><font size="2">45, 455 BCE Inc. deferred share units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">7/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">16/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">
		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4" height="97">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="3" valign="top">
		<p align="left" style="margin-top: 20px"><font size="2">AES Corporation</font></p>
		<p align="left" style="margin-top: 20px"><font size="2">KOC Holdings,
		A.S. <br>
		(Turkey) </font></p>
		<p align="left" style="margin-top: 20px">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="3" valign="top">
		<p style="margin-top: 20px"><font size="2">1997 - present </font></p>
		<p><font size="2">1999 - present </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
<FONT size=2>CGC</FONT></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">4/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">3/3</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
<FONT size=2>MRCC </FONT>
		</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">4/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">2/2</font></td>
	</tr>
</table>
<p align="right"><font size="2">Page 31</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">




<P align="left">
&nbsp;</P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000">
		<P align="left">
<FONT size=2>THOMAS CHARLES O&#146;NEILL, F.C.A. Ontario, Canada</FONT></P>
		</td>
	</tr>
</table>
<p align="left" style="margin-top: 0">
<FONT size=2>CORPORATE DIRECTOR (SINCE OCTOBER 2002) AND CHARTERED ACCOUNTANT</FONT></p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center"><font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007
		</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>January 2003</FONT></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">2,745 BCE Inc. common shares</font><p><font size="2">
		10,446 BCE Inc. deferred share units</font></p>
		<p><font size="2">217 Bell Aliant Income Fund units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">7/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">15/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">
		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4" height="97">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="2" valign="top">
		<p align="left" style="margin-top: 20px"><font size="2">Adecco S.A.</font></p>
		<p align="left" style="margin-top: 20px"><font size="2">Loblaw Companies
		<br>
		Limited </font></p>
		<p align="left" style="margin-top: 20px"><font size="2">Nexen Inc.
		</font></p>
		<p align="left" style="margin-top: 20px">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="2" valign="top">
		<p style="margin-top: 20px"><font size="2">2004 - present </font></p>
		<p style="margin-top: 20px"><font size="2">2003 - present <br>
&nbsp;</font></p>
		<p style="margin-top: 20px"><font size="2">2002 - present </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
<FONT size=2>Audit <br>
		(Chair) </FONT></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">5/5</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">1/1</font></td>
	</tr>
</table>
<p align="left">&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000">
		<P align="left">
<FONT size=2>JAMES ALLEN PATTISON, O.C., O.B.C.</FONT><SUP><FONT size=2>3 </FONT></SUP><FONT size=2>British Columbia, Canada </FONT>
		</P>
		</td>
	</tr>
</table>
<p align="left" style="margin-top: 0"><font size="2">CHAIRMAN AND CHIEF EXECUTIVE OFFICER, THE JIM
PATTISON GROUP (DIVERSIFIED CONSUMER-ORIENTED COMPANY) (SINCE MAY 1961) </font>
</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center"><font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007
		</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>February 2005 </FONT>
		</td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">91,500 BCE Inc. common shares </font>
		<p><font size="2">13, 775 BCE Inc. deferred share units </font></p>
		<p><font size="2">7,250 Bell Aliant Income Fund units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">7/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">14/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">
		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4" height="97">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="2" valign="top">
		<p align="left" style="margin-top: 20px"><font size="2">Canfor
		Corporation</font></p>
		<p align="left" style="margin-top: 20px"><font size="2">Brookfield Asset
		Management </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="2" valign="top">
		<p align="left" style="margin-top: 20px"><font size="2">2003 &#150; present
		</font></p>
		<p align="left" style="margin-top: 20px"><font size="2">2006 &#150; present
		<br>
&nbsp;</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
<FONT size=2>CGC </FONT>
		</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">3/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">3/3</font></td>
	</tr>
</table>
<P align="right">
<font size="2">Page 32</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
&nbsp;</P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000">
		<P align="left">
<FONT size=2>ROBERT CHARLES POZEN Massachusetts, United States of America </FONT>
		</P>
		</td>
	</tr>
</table>
<p align="left" style="margin-top: 0">
<FONT size=2>CHAIRMAN OF THE BOARD, MFS INVESTMENT MANAGEMENT (GLOBAL INVESTMENT MANAGER) (SINCE FEBRUARY 2004) </FONT>
	</p>
<p align="left">
<B><I><FONT size=2>Past Occupation</FONT></I></B><font size="2"> </font></p>
<p align="left">
<FONT size=2>Mr. Pozen served as a visiting professor, Harvard Law School, from 2002 to August 2004</FONT></p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center"><font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007
		</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>February 2002 </FONT>
		</td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">111,602 BCE Inc. common shares </font>
		<p><font size="2">39,022 BCE Inc. deferred share units </font></p>
		<p><font size="2">8,800 Bell Aliant Income Fund units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">7/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">11/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">
		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4" height="97">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="3" valign="top">
		<p align="left" style="margin-top: 20px">
<FONT size=2>Medtronic Inc.</FONT></p>
		<p align="left" style="margin-top: 20px">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="3" valign="top">
		<p align="left" style="margin-top: 20px">
<FONT size=2>2004 - present </FONT>
		</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
<FONT size=2>PFC (Chair)</FONT></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">4/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
<FONT size=2>N/A</FONT></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
<FONT size=2>MRCC</FONT></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">3/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">1/2</font></td>
	</tr>
</table>
<p align="left">&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000">
		<P align="left">
<FONT size=2>MICHAEL JONATHAN SABIA</FONT><SUP><FONT size=2>1 </FONT></SUP><FONT size=2>Qu&eacute;bec, Canada </FONT>
		</P>
		</td>
	</tr>
</table>
<p align="left" style="margin-top: 0">
<FONT size=2>PRESIDENT AND CHIEF EXECUTIVE OFFICER (SINCE APRIL 2002), BCE INC. AND CHIEF EXECUTIVE OFFICER (SINCE MAY 2002), BELL CANADA </FONT>
	</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center"><font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007
		</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>October 2002 </FONT>
		</td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">137,571 BCE Inc. common shares </font>
		<p><font size="2">319,506 BCE Inc. deferred share units </font></p>
		<p><font size="2">6,829 Bell Aliant Income Fund units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">7/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">16/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">
		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4" height="97">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="2" valign="top">
		<p align="left" style="margin-top: 20px"><font size="2">The Thomson
		Corporation </font></p>
		<p align="left" style="margin-top: 20px"><font size="2">Clearwire
		Corporation </font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="2" valign="top">
		<p align="left" style="margin-top: 20px"><font size="2">2006 - present
		</font></p>
		<p align="left" style="margin-top: 20px"><font size="2">2005 - present
		</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
<FONT size=2>N/A</FONT></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
<FONT size=2>N/A</FONT></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
<FONT size=2>N/A</FONT></td>
	</tr>
</table>
<p align="right"><font size="2">Page 33</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">





<p align="left">&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000">
		<P align="left">
<FONT size=2>PAUL MATHIAS TELLIER, P.C., C.C., Q.C. Qu&eacute;bec, Canada </FONT>
		</P>
		</td>
	</tr>
</table>
<p align="left" style="margin-top: 0">
<FONT size=2>CORPORATE DIRECTOR (SINCE DECEMBER 2004) </FONT>
	</p>
<p align="left">
<B><I><FONT size=2>Past Occupation</FONT></I></B><font size="2"> </font></p>
<p align="left"><font size="2">Mr. Tellier was President and Chief Executive
Officer of Bombardier Inc. (manufacturer of business jets, regional aircraft and
rail transportation equipment) from 2003 to December 2004, and President and
Chief Executive Officer of Canadian National Railway Company from 1992 to
December 2002. </font></p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center"><font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007
		</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>April 1999 </FONT>
		</td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">1,555 BCE Inc. common shares </font>
		<p><font size="2">49,158 BCE Inc. deferred share units </font></p>
		<p><font size="2">123 Bell Aliant Income Fund units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">6/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">14/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">
		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4" height="97">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="2" valign="top">
		<p align="left" style="margin-top: 20px">
<FONT size=2>Rio Tinto PLC</FONT></p>
		<p align="left" style="margin-top: 20px">
<FONT size=2>Rio Tinto Limited </FONT>
		</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="2" valign="top">
		<p align="left" style="margin-top: 20px"><font size="2">2007 - present
		</font></p>
		<p align="left" style="margin-top: 20px"><font size="2">2007 - present
		</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
<FONT size=2>PFC</FONT></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">3/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
<FONT size=2>N/A</FONT></td>
	</tr>
</table>
<p align="right"><font size="2">Page 34</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">




<P align="left">
&nbsp;</P>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000">
		<P align="left">
<FONT size=2>VICTOR LEYLAND YOUNG, O.C. Newfoundland and Labrador, Canada </FONT> </P>
		</td>
	</tr>
</table>
<p align="left" style="margin-top: 0">
<FONT size=2>CORPORATE DIRECTOR (SINCE MAY 2001) </FONT>
	</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="60%">
		<p align="center"><font size="2">DATE JOINED BOARD &amp; ATTENDANCE DURING 2007
		</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="40%">

		<font size="2">OWNERSHIP AT MARCH 5, 2008</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td width="20%" rowspan="2" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>May 1995 </FONT>
		</td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">

		<font size="2">SPECIAL</font></td>
		<td width="40%" rowspan="2" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">5,952 BCE Inc. common shares </font>
		<p><font size="2">17,787 BCE Inc. deferred share units </font></p>
		<p><font size="2">5,500 Bell Aliant Income Fund units </font></td>
	</tr>
	<tr>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">7/7 </font></td>
		<td width="20%" align="center" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">14/16</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<table border="0" width="100%" bgcolor="#99CCFF" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000" width="50%">
		<p align="center"><font size="2">OTHER CURRENT PUBLIC BOARD DIRECTORSHIPS</font></td>
		<td style="border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000" width="50%">
		<p align="center"><font size="2">COMMITTEE APPOINTMENTS AND ATTENDANCE DURING 2007
		</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="4" height="97">
	<tr>
		<td style="border-left: 1px solid #000000; border-bottom: 1px solid #000000" width="15%" rowspan="3" valign="top">
		<p align="left" style="margin-top: 20px"><font size="2">Imperial Oil
		Limited</font></p>
		<p align="left" style="margin-top: 20px"><font size="2">Royal Bank of
		Canada</font></p>
		<p align="left" style="margin-top: 20px"><font size="2">Bell Aliant
		Income Fund <br>
		(before July 2006, member of the board of Aliant Inc.) </font></p>
		<p align="left" style="margin-top: 20px">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="35%" rowspan="3" valign="top">
		<p align="left" style="margin-top: 20px">
<FONT size=2>2002 - present </FONT></p>
		<p align="left" style="margin-top: 20px">
<FONT size=2>1991 - present </FONT>
		</p>
		<p align="left" style="margin-top: 20px">
<FONT size=2><br>
		2002 - present </FONT>
		</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">&nbsp;</td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">

		<font size="2">REGULARLY <br>

		SCHEDULED</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">

		<font size="2">SPECIAL</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
<FONT size=2>Audit</FONT></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">5/5</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
		<font size="2">1/1</font></td>
	</tr>
	<tr>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
<FONT size=2>PFC</FONT></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="17%" align="center">
		<font size="2">4/4</font></td>
		<td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000" width="16%" align="center">
<FONT size=2>N/A</FONT></td>
	</tr>
</table>
<p align="left">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="4">
	<tr>
		<td style="border: 1px solid #000000">
<B><font size="2">CGC</font></B><font size="2"> = Corporate Governance Committee, <B>MRCC</B> = Management Resources and Compensation Committee, <B>PFC </B>= Pension Fund Committee
		</font></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(1)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%">
<P align="left">
<font size="2">Mr. Currie, Mr. Fell and Mr. Sabia were directors of Teleglobe Inc. until April 2002. Teleglobe Inc. filed for court protection under insolvency statutes in May 2002.
<br>
&nbsp;</font></P>
		</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(2)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%">
<P align="left">
<font size="2">Mr. Lumley was a director of Air Canada until October 2004. Air
Canada filed for court protection under insolvency statutes on April 1, 2003.
<br>
&nbsp;</font></P>
		</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(3)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%"><font size="2">Mr. Pattison was a director
		of Livent Inc. until September 1999. Livent Inc. filed for court protection under insolvency statutes in November 1998.
		</font> </td>
	</tr>
</table>
<P align="right">
<font size="2">Page 35</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<B><U>E</U></B><B><U>XECUTIVE </U></B><B><U>O</U></B><B><U>FFICERS</U></B><B> </B></P>
<P align="left">
<font size="2">The table below lists BCE&#146;s executive officers, being the 15 members of the Executive Committee of BCE Inc. and Bell Canada, where they lived and the office that they held at BCE on December 31, 2007.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<B><FONT size=2>Province and Country of</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Name</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Residence</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Office held at BCE Inc./Bell Canada</FONT></B><font size="2">
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>St&eacute;phane Boisvert </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Qu&eacute;bec, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>President &#150; Enterprise (Bell Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>Ron Close </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Ontario, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>President &#150; Bell New Ventures (BCE Inc. and Bell Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>George A. Cope </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Ontario, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>President and Chief Operating Officer (Bell Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>Kevin W. Crull </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Ontario, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>President &#150; Residential Services (Bell Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>William J. Fox </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Ontario, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>Executive Vice-President &#150; Communications and Corporate </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>Development (BCE Inc. and Bell Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>Leo W. Houle </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Qu&eacute;bec, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>Chief Talent Officer (BCE Inc. and Bell Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>Lawson A.W. Hunter </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Ontario, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>Executive Vice-President and Chief Corporate Officer (BCE Inc. and </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>Bell Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>Wade Oosterman </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Ontario, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>President &#150; Bell Mobility and Channels and Chief Brand Officer </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>(Bell Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>Patrick Pichette </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Qu&eacute;bec, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>President &#150; Operations (Bell Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>Eugene Roman </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Ontario, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>Group President &#150; Systems and Technology (Bell Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>Michael J. Sabia </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Qu&eacute;bec, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>President and Chief Executive Officer of BCE Inc. &#150; Chief Executive </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>Officer of Bell Canada </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>Karen H. Sheriff </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Ontario, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>President &#150; Small and Medium Business (Bell Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>L. Scott Thomson </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Qu&eacute;bec, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>Executive Vice-President &#150; Corporate Development and Planning </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>(BCE Inc. and Bell Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>Martine Turcotte </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Qu&eacute;bec, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>Chief Legal Officer (BCE Inc. and Bell Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2>Siim Vanaselja </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="20%">
<FONT size=2>Qu&eacute;bec, Canada </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="76%">
<FONT size=2>Chief Financial Officer (BCE Inc. and Bell Canada) </FONT>
	</TD>
</TR>
</TABLE>&nbsp;<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(1)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%"><font size="2">Mr. Sabia was a director of Teleglobe Inc. until April 2002. Teleglobe Inc. filed for court protection under insolvency statutes in May 2002.
		</font> </td>
	</tr>
</table>
<P align="left">
<B>Past Occupation </B></P>
<P align="left">
<font size="2">All of our executive officers have held their present positions or other executive positions with BCE Inc. or Bell Canada during the past five years or more, except for:
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Officer</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=left width="78%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Past Occupation</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2>Mr. Boisvert </FONT>
	</TD>
	<TD width=1% valign="top">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;</TD>
	<TD align=left width="78%" valign="top">
<FONT size=2>Senior Vice-President, Global Client Solutions Sales &#150; Sun Microsystems Inc. before June 2006 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% valign="top">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;</TD>
	<TD align=left width="78%" valign="top">
<FONT size=2>President &#150; Sun Microsystems Canada before January 2005 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2>Mr. Cope </FONT>
	</TD>
	<TD width=1% valign="top">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;</TD>
	<TD align=left width="78%" valign="top">
<FONT size=2>President and Chief Executive Officer - Telus Mobility Inc. before November 2005 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2>Mr. Crull </FONT>
	</TD>
	<TD width=1% valign="top">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;</TD>
	<TD align=left width="78%" valign="top">
<FONT size=2>Senior Vice-President and General Manager &#150; AT&amp;T Mobility before March 2005 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% valign="top">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;</TD>
	<TD align=left width="78%" valign="top">
<FONT size=2>Senior Vice-President &#150; Consumer and Small Business &#150; AT&amp;T Inc. from 2001 to 2004 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2>Mr. Fox </FONT>
	</TD>
	<TD width=1% valign="top">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;</TD>
	<TD align=left width="78%" valign="top">
<FONT size=2>Senior Vice-President &#150; Public Affairs of Bombardier Inc. before January 2005 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% valign="top">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;</TD>
	<TD align=left width="78%" valign="top">
<FONT size=2>Senior Vice-President &#150; Public Affairs of Canadian National Railway Company before January 2003 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2>Mr. Hunter </FONT>
	</TD>
	<TD width=1% valign="top">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;</TD>
	<TD align=left width="78%" valign="top">
<FONT size=2>Partner with Stikeman Elliott LLP (law firm) before March 2003 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2>Mr. Oosterman </FONT>
	</TD>
	<TD width=1% valign="top">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;</TD>
	<TD align=left width="78%" valign="top">
<FONT size=2>Executive Vice-President, Sales and Marketing &#150; Telus Mobility before December 2005
Chief Marketing Officer &#150; Telus Corporation before December 2005 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2>Mr. Close </FONT>
	</TD>
	<TD width=1% valign="top">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;</TD>
	<TD align=left width="78%" valign="top">
<FONT size=2>President and Chief Executive Officer and Director &#150; Nextair Corporation before February 2005 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2>Mr. Thomson </FONT>
	</TD>
	<TD width=1% valign="top">
<font size="2">&nbsp;	</font>	</TD>
	<TD width=1% style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;</TD>
	<TD align=left width="78%" valign="top">
<FONT size=2>Vice-President of Mergers and Acquisitions of Goldman, Sachs &amp; Co. in both Toronto and New York before January 2003 </FONT>
	</TD>
</TR>
</TABLE>
<p align="right"><font size="2">Page 36</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<B><U>D</U></B><B><U>IRECTORS</U></B><B><U>&#146;</U></B><B><U> AND </U></B><B><U>E</U></B><B><U>XECUTIVE </U></B><B><U>O</U></B><B><U>FFICERS</U></B><B><U>&#146;</U></B><B><U> </U></B><B><U>S</U></B><B><U>HARE
</U></B><B><U>O</U></B><B><U>WNERSHIP</U></B><B> </B></P>
<P align="left">
<font size="2">As at March 5, 2008, BCE&#146;s directors and executive officers as a group beneficially owned, directly or indirectly, or exercised control or direction over 1,887,901 common shares (or 0.23%) of BCE Inc.
</font> </P>
<P align="left">
<font size="2">As at March 5, 2008, BCE&#146;s directors and executive officers as a group also beneficially owned, directly or indirectly, or exercised control or direction over 153,782 units (or 0.12%) of Bell Aliant Income Fund.
</font> </P>
<P align="left">
<font size="2">Individual share ownership of
each director of BCE Inc. is set out above under the heading <I>Our Directors and Officers &#150; Directors</I>.
</font> </P>
<P align="left">
<B><U>I</U></B><B><U>NDEBTEDNESS OF </U></B><B><U>D</U></B><B><U>IRECTORS AND </U></B><B><U>E</U></B><B><U>XECUTIVE </U></B><B><U>O</U></B><B><U>FFICERS</U></B><B> </B></P>
<P align="left">
<font size="2">BCE Inc. and its subsidiaries have not granted loans or extended credit to any director or executive officer or to individuals who have held these positions during the last fiscal year, or to any of their associates, and to this extent we are
compliant with the prohibition under the <I>Sarbanes-Oxley Act</I>. </font> </P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center">
<B>LEGAL PROCEEDINGS </B></td>
	</tr>
</table>
<P align="left">
<font size="2">We become involved in various claims and litigation as a part of our business. This section describes important legal proceedings that you should be aware of. While we cannot predict the final outcome of the claims and litigation described below or
of any other pending claims and litigation at March 5, 2008, based on the information currently available and management&#146;s assessment of the merits of such claims and litigation, management believes that the resolution of these claims and litigation
will not have a material and negative effect on our consolidated financial position or results of operations. We believe that we have strong defenses and we intend to vigorously defend our position.
</font> </P>
<P align="left">
<B><U>L</U></B><B><U>AWSUITS </U></B><B><U>R</U></B><B><U>ELATED TO </U></B><B><U>BCE</U></B><B><U> </U></B><B><U>I</U></B><B><U>NC</U></B><B><U>.</U></B><B> </B></P>
<P align="left">
<B> Privatization Transaction Lawsuit </B></P>
<P align="left">
<font size="2">On June 30, 2007, BCE Inc. announced that it had entered into a definitive agreement providing for the Privatization. Under the terms of the transaction, the Purchaser is to acquire all BCE Inc.&#146;s outstanding common shares at a purchase price
of &#36;42.75 per common share and all of BCE Inc.&#146;s outstanding preferred shares (at the prices per share provided for in the definitive agreement, together will all accrued but unpaid dividends on these preferred shares). For more information
on the Privatization, see <I>General Development of Our Business</I>. </font> </P>
<P align="left">
<font size="2">On September 26, 2007, each of Computershare Trust Company of Canada (Computershare), the trustee under the Bell Canada trust indenture dated April 17, 1996, and CIBC Mellon Trust Company (CIBC Mellon), the trustee under the Bell Canada trust
indenture dated July 1, 1976, filed a motion asking the Qu&eacute;bec Superior Court to determine whether the Privatization and the Arrangement giving effect thereto would constitute a &#147;reorganization or reconstruction&#148; of Bell Canada as per the terms of the Bell Canada trust indentures dated April 17, 1996 and July 1, 1976, and, if so, the trustees asked the court to declare that the
Privatization could not be completed unless approved by Bell Canada and by the trustees as being in no way prejudicial to the interests of the debenture holders under such indentures.
</font> </P>
<P align="left">
<font size="2">On October 5, 2007, certain debenture holders allegedly representing approximately 15.3% of the senior debentures issued under the Bell Canada trust indenture dated July 1, 1976, 66.9% of the subordinated debentures issued under the Bell Canada
trust indenture dated April 17, 1996 and 21.6% of the medium-term debentures issued under the Bell Canada trust indenture dated November 28, 1997, directly and/or through the trustees under these indentures, filed contestations with the
Qu&eacute;bec Superior Court seeking a declaration that the Arrangement was unfair, oppressive, unfairly prejudicial to and/or unfairly disregarded the interests of such debenture holders and
asked the court to refuse to approve and ratify the
Arrangement or, alternatively, asked the court to order that a meeting of the holders of debentures be convened to vote as a class on the Arrangement.</font></P>
<P align="right">
<font size="2">Page 37</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">





<P align="left">
<font size="2">&nbsp;</font></P>
<P align="left">
<font size="2">On October 19, 2007, the contesting debenture holders described above filed two separate proceedings for an oppression remedy under section 241 of the <I>Canada Business Corporations Act</I>. In their proceeding for an oppression remedy, the
contesting debenture holders under the Bell Canada trust indenture dated November 28, 1997 asked the Qu&eacute;bec Superior Court to, among other things: (i) declare that the Arrangement and the guarantee by Bell Canada of debt to be issued in
connection with the Privatization were oppressive to the interests of the 1997 debenture holders; (ii) restrain Bell Canada from entering into the foregoing guarantee; and (iii) refuse to approve the Arrangement. In their proceeding for an oppression
remedy, the contesting debenture holders under the Bell Canada trust indentures dated July 1, 1976 and April 17, 1996 asked the court to, among other things: (i) declare that BCE Inc. and Bell Canada acted in a manner that
was oppressive
and unfairly prejudicial to the interests of the 1976 and 1996 debenture holders; and (ii) in the event that the court approved the Arrangement, require Bell Canada to redeem the 1976 and 1996 debentures either at their redemption price, where
applicable, and otherwise at an amount equal to the net present value of the remaining cash flow, discounted at a rate equal to the yield of a Government of Canada bond with a similar maturity date, as at the time of redemption, together with unpaid
interest accrued up to and including the date of payment. </font> </P>
<P align="left">
<font size="2">BCE asserted that the basis on which these holders of debentures contested the Privatization and the Arrangement giving effect to it
was without merit and that the holders of debentures of Bell Canada and the trustees under the Bell Canada indentures
did not have standing to contest the granting of the order by the Qu&eacute;bec Superior Court in respect of the Arrangement.</font><B><font size="2">
</font> </B></P>
<P align="left">
<font size="2">On March 7, 2008 the Court granted an order approving the
Arrangement and dismissed all claims asserted by the contesting debenture
holders and the trustees identified above. Among other things, the Court
declared that (i) the Arrangement did not constitute a &#147;reorganization or
reconstruction&#148; of Bell Canada; (ii) the Arrangement conforms with the
requirements of the <i>Canada Business Corporations Act</i> and is fair and
reasonable; and (iii) the Arrangement is not oppressive or unfairly prejudicial
to the interests of the debenture holders.</font></P>
<P align="left">
<font size="2">In the event the contesting debenture holders and/or trustees
decide to appeal the Court&#146;s judgements, they have agreed the appeal must
be filed with the Qu&#233;bec Court of Appeal by March 17, 2008.</font></P>
<P align="left">
<B><U>L</U></B><B><U>AWSUITS </U></B><B><U>R</U></B><B><U>ELATED TO </U></B><B><U>B</U></B><B><U>ELL</U></B><B><U> C</U></B><B><U>ANADA</U></B><B> </B></P>
<P align="left">
<B>Class Action Concerning Wireless Access Charges </B></P>
<P align="left">
<font size="2">On August 9, 2004, a statement of claim was filed under the <I>Class Actions Act</I> (Saskatchewan) in the Court of Queen&#146;s Bench, Judicial Centre of Regina, Saskatchewan against wireless communications services providers, including Bell
Mobility and Aliant Telecom Inc. (Aliant Telecom), by certain alleged customers.
</font> </P>
<P align="left">
<font size="2">The statement of claim alleged, amongst other things, breach of contract and duty to inform, deceit, misrepresentation, unjust enrichment and collusion, in connection with certain &#147;system access fees&#148; and &#147;system licensing
charges&#148; invoiced by wireless communications service providers to their customers. The plaintiffs sought unspecified damages and punitive damages. The Saskatchewan action sought certification of a national class encompassing all customers of
wireless communications service providers wherever resident in Canada. </font> </P>
<P align="left">
<font size="2">On September 17, 2007, the Court of Queen&#146;s Bench granted certification on the grounds of unjust enrichment only. Bell Mobility sought leave to appeal. However, there were several outstanding motions before the Court, including a motion brought
by Bell Mobility alleging that the province of Saskatchewan is not the proper forum for a class action against it because it does not carry on business in such province. The leave to appeal application was being held in abeyance pending
determination of these outstanding applications. </font> </P>
<P align="left">
<font size="2">The outstanding motions were heard on December 18 and 19, 2007. On February 20, 2008, the court released its decision, dismissing Bell Mobility&#146;s motion that Saskatchewan is not the proper forum. The
</font> </P>
<P align="right">
<font size="2">Page 38</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">




<P align="left">
<font size="2">court, however, granted Rogers and Telus&#146; motions that class
members who have an arbitration clause in their contracts with these companies
should not be part of the class.
</font> </P>
<P align="left">
<font size="2">The court will now issue a certification order which reflects the redefined class. Once the order has been issued, Bell Mobility and the other defendants will pursue their leave to appeal applications.
</font> </P>
<P align="left">
<B>Purported Class Action Concerning Bell Mobility Billing System </B></P>
<P align="left">
<font size="2">On October 28, 2004, a motion seeking certification to proceed as a class action against Bell Mobility was filed with the Qu&eacute;bec Superior Court. In December 2006, identical motions were filed in Ontario, Alberta and British Columbia. The
lawsuits were filed on behalf of any person who entered into a contract with Bell Mobility and allege that such persons have unjustly incurred expenses as a result of billing errors made by Bell Mobility following the change of its billing platform.
</font>
</P>
<P align="left">
<font size="2">In addition to the reimbursement of such expenses, the class actions would, if certified, also seek payment in the amount of &#36;100 per class member for inconvenience as well as punitive damages in the amount of &#36;200 per class member in
Qu&eacute;bec, of general damages in the amount of &#36;500 million with no precise amount claimed as punitive damages in Ontario, and of damages with no precise amount in Alberta and British Columbia.
</font> </P>
<P align="left">
<font size="2">On July 20, 2007, the Qu&eacute;bec Superior Court dismissed the motion seeking certification to proceed as a class action. On August 16, 2007, petitioner filed a notice of appeal and in December 2007 filed a factum with a motion to amend the class
description. The motions in the other provinces have been stayed until the judgment rendered in Qu&eacute;bec is final.
</font> </P>
<P align="left">
<B>Class Action Concerning Bell ExpressVu Late Payment Charges </B></P>
<P align="left">
<font size="2">On September 29, 2005, a statement of claim was filed under the <I>Class Proceedings Act, 1992</I> (Ontario) in the Ontario Superior Court of Justice against Bell ExpressVu by certain alleged customers. The statement of claim alleges that the
interest and late payment fees charged by Bell ExpressVu to customers whose accounts are in arrears are in excess of the effective annual rate of interest permitted by certain provisions of the <I>Criminal Code</I> (Canada). The plaintiffs seek an
order requiring Bell ExpressVu to repay all interest and late payment fees paid to Bell ExpressVu by the class of plaintiffs. In addition to the reimbursement of such amounts, the class action also seeks payment of punitive damages by Bell ExpressVu
in the amount of &#36;10 million. </font> </P>
<P align="left">
<font size="2">On February 12, 2008, the court granted the plaintiffs&#146; motion to certify the action as a class proceeding and certified as a class all former and current customers of Bell ExpressVu who have been charged one or more Administrative Fees (the
fees of &#36;19 and &#36;25 charged by Bell ExpressVu beginning January 1, 2003 for the payment of an account after the due date) and have paid those fees up to the date of certification of the proceeding. Bell ExpressVu has filed a motion for
summary judgment on the underlying substantive issue that Bell ExpressVu is not violating the <I>Criminal Code</I>. That motion is scheduled to be heard on April 15, 2008.
</font> </P>
<P align="left">
<B>Vid&eacute;otron Litigation </B></P>
<P align="left">
<font size="2">On August 31, 2005, a statement of claim was filed in Qu&eacute;bec Superior Court against Bell ExpressVu by Vid&eacute;otron lt&eacute;e., Vid&eacute;otron (R&eacute;gional) lt&eacute;e and CF Cable TV Inc. (a subsidiary of Vid&eacute;otron
lt&eacute;e). In the statement of claim, the plaintiffs have alleged that Bell ExpressVu has failed to adequately protect its system against signal piracy, thereby depriving the plaintiffs of subscribers who, but for their alleged ability to pirate
Bell ExpressVu&#146;s signal, would be subscribing to plaintiffs&#146; services. On November 4, 2005, the plaintiffs amended their statement of claim to increase the amount of damages claimed from &#36;1 million to approximately &#36;49.5 million
for profits allegedly lost over the last three years, &#36;314.7 million for alleged future losses and &#36;10 million in punitive damages. Bell ExpressVu filed its defence in November 2006.
</font> </P>
<P align="right">
<font size="2">Page 39</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">





<P align="left">
<B>Litigation Concerning Bell Distribution Inc. Decision not to Proceed With a Wireless Income Fund Transaction</B></P>
<P align="left">
<font size="2">On March 28, 2006, a statement of claim was filed in the Qu&eacute;bec Superior Court against Bell Distribution Inc. (Bell Distribution) by 50 independent dealers that own 78 Bell World retail stores. The plaintiffs alleged that Bell Distribution
agreed to proceed with a transaction pursuant to which the independent dealer retail stores and Bell Distribution-owned retail stores would be sold to a Wireless Distribution Income Fund and that Bell Distribution subsequently reneged on this
agreement causing damages to the independent dealers; and alternatively, that Bell Distribution&#146;s refusal to allow the independent dealers to proceed to sell their stores and assign the dealer agreements to the Wireless Distribution Income Fund
constitutes an abuse of right and is contrary to Bell Distribution&#146;s obligations to act fairly and in accordance with reasonable commercial standards. The plaintiffs seek damages against Bell Distribution in an amount of &#36;135 million. Bell
Distribution filed its defence in late fall 2006. </font> </P>
<P align="left">
<B>Class Action Concerning Bell Canada and Bell Mobility Late Payment Charges </B></P>
<P align="left">
<font size="2">On June 27, 2006, a motion to obtain the authorization to institute a class action in the Province of Qu&eacute;bec was served against Bell Canada and Bell Mobility in the Qu&eacute;bec City District of the Qu&eacute;bec Superior Court. The lawsuit
was filed on behalf of all physical persons and companies in Canada that were billed late payment charges despite the fact that customers allegedly paid amounts owing to Bell Canada and Bell Mobility within the payment period indicated on their
bills. On September 28, 2007, Bell Canada and Bell Mobility received an amended motion to obtain the authorization to institute a class action pursuant to which the plaintiff indicated that it intends to act only for customers in the Province of
Qu&eacute;bec. </font> </P>
<P align="left">
<font size="2">On January 10, 2008, the Qu&eacute;bec Superior Court issued a judgment granting the plaintiff&#146;s motion and authorizing the institution of a class action against Bell Canada and Bell Mobility. The members of the classes are all physical persons
and companies in Qu&eacute;bec, of 50 employees or less, who were billed late payment charges since June 21, 2003 after allegedly having made full payment of amounts owing to Bell Canada and/or Bell Mobility to a financial institution and/or, for
Bell Mobility&#146;s customers only, by cheque, within the payment period indicated on their bills. The class action seeks an order requiring Bell Canada and Bell Mobility to repay all late payment charges to the members of the classes. In addition
to the reimbursement of such amounts, the class action also seeks payment of punitive damages by Bell Canada and Bell Mobility.
</font> </P>
<P align="left">
<B><U>L</U></B><B><U>AWSUITS </U></B><B><U>R</U></B><B><U>ELATED TO </U></B><B><U>T</U></B><B><U>ELEGLOBE</U></B><B> </B></P>
<P align="left">
<B> Teleglobe Lending Syndicate Lawsuit </B></P>
<P align="left">
<font size="2">On July 12, 2002, a statement of claim was issued against BCE Inc. in the Ontario Superior Court of Justice by ABN AMRO Bank N.V., Bank of Montreal, Bank of Tokyo-Mitsubishi (Canada), Bayerische Landesbank Girozentrale, BNP Paribas (Canada), La
Caisse Centrale Desjardins du Qu&eacute;bec, Canadian Imperial Bank of Commerce, Canadian Imperial Bank of Commerce, N.Y. Agency, Citibank, N.A., Credit Suisse First Boston Canada, Credit Suisse First Boston, Export Development Canada, HSBC Bank
Canada, JPMorgan Chase Bank, Laurentian Bank of Canada, Merrill Lynch Capital (Canada) Inc., Merrill Lynch Capital Corporation, National Bank of Canada, Royal Bank of Canada, Soci&eacute;t&eacute; G&eacute;n&eacute;rale, The Bank of Nova Scotia, and
The Toronto-Dominion Bank. </font> </P>
<P align="left">
<font size="2">The plaintiffs sought damages of US&#36;1.19 billion, plus interest and costs, from BCE Inc. They alleged that these damages are equal to the amount they advanced as members of the Teleglobe Inc. and Teleglobe Holdings (U.S.) Corporation (together
referred to in this section as Teleglobe) lending syndicate. The plaintiffs represented approximately 95.2% of the US&#36;1.25 billion that the members of that lending syndicate advanced.
</font> </P>
<P align="left">
<font size="2">The plaintiffs&#146; claim is based on several allegations, including that:
</font> </P>
<ul>
	<li>
	<P align="left"><font size="2">the actions and representations of BCE Inc. and its management, in effect, amounted to a legal commitment that BCE Inc. would repay the advances
	</font></P></li>
</ul>
<p align="right"><font size="2">Page 40</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">




<ul>
	<li>
	<P align="left"><font size="2">the court should disregard Teleglobe Inc. as a corporate entity and hold BCE Inc. responsible to repay the advances as Teleglobe&#146;s alter ego.
	</font></P></li>
</ul>
<P align="left">
<font size="2">On September 16, 2003, BCE Inc. filed its statement of defense relating to this action.
</font> </P>
<P align="left">
<font size="2">On November 2, 2004, two of the plaintiffs, Canadian Imperial Bank of Commerce and Canadian Imperial Bank of Commerce, N.Y. Agency, which had advanced approximately US&#36;104 million to Teleglobe, filed a notice of discontinuance with the court and
are therefore no longer plaintiffs in this action. </font> </P>
<P align="left">
<font size="2">On May 3, 2005, following the launch of the BNP Paribas (Canada) lawsuit described below, BNP Paribas (Canada), which had advanced approximately US&#36;50 million to Teleglobe, filed a notice of discontinuance with the court and is therefore no
longer a plaintiff in this action. </font> </P>
<P align="left">
<font size="2">Following these discontinuances, the damages sought by the remaining plaintiffs would now amount to approximately US&#36;1.04 billion, plus interest and costs, representing approximately 83% of the US&#36;1.25 billion that the members of the lending
syndicate advanced to Teleglobe. </font> </P>
<P align="left">
<font size="2">On June 29, 2006, the plaintiffs filed an amended statement of claim in this lawsuit to add certain allegations of material misrepresentations regarding Teleglobe&#146;s business plan.
</font> </P>
<P align="left">
<B>BNP Paribas (Canada) Lawsuit </B></P>
<P align="left">
<font size="2">On December 23, 2004, BNP Paribas (Canada), a former plaintiff in the Teleglobe lending syndicate lawsuit action against BCE Inc., filed a statement of claim with the Ontario Superior Court of Justice. The action is against BCE Inc. and five former
directors of Teleglobe Inc. The statement of claim was served on the defendants, subject to their right of challenging jurisdiction, on April 20, 2005. The statement of claim alleges:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">oppression against the former directors
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">breach of
contract against BCE Inc. </font></P></li>
</ul>
<P align="left">
<font size="2">BNP Paribas (Canada) seeks US&#36;50 million in damages. Teleglobe Inc. was at the relevant time a subsidiary of BCE Inc. Pursuant to standard policies and subject to applicable law, the five former directors of Teleglobe Inc. are entitled to seek
indemnification from BCE Inc. in connection with this lawsuit. </font> </P>
<P align="left">
<font size="2">On September 15, 2005, the defendants filed a motion challenging the Ontario Superior Court of Justice&#146;s jurisdiction on the basis that Qu&eacute;bec is the only convenient forum for adjudication of the plaintiff&#146;s claims.
</font> </P>
<P align="left">
<font size="2">The court dismissed the motion on August 16, 2006. An appeal was filed by the defendants and on August 7, 2007, the Ontario Court of Appeal dismissed the appeal. On November 20, 2007, the defendants filed their statement of defence.</font><B><font size="2">
</font> </B></P>
<P align="left">
<B>Teleglobe Unsecured Creditor Lawsuit </B></P>
<P align="left">
<font size="2">On May 26, 2004, a lawsuit was filed in the United States Bankruptcy Court for the District of Delaware (which is now pending in the District Court for the District of Delaware) against BCE Inc. and ten directors and officers of Teleglobe Inc. and
certain of its subsidiaries. The plaintiffs are comprised of Teleglobe Communications Corporation, certain of its affiliated debtors and debtors in possession, and the Official Committee of Unsecured Creditors of these debtors. The lawsuit alleges:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">breach of an alleged funding commitment of BCE Inc. towards the debtors
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">misrepresentation by BCE Inc. </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">breach and aiding and abetting breaches of
	fiduciary duty by the defendants. </font></P></li>
</ul>
<P align="left"><font size="2">The plaintiffs seek an unspecified amount of
damages against the defendants. </font></P>
<P align="right"><font size="2">Page 41</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">




<P align="left">
<font size="2">In March 2006, the plaintiffs filed an amended complaint to add specific factual allegations. Due to an appeal by the defendants of a decision of the court on a preliminary matter, the trial, which was originally scheduled to commence on June 19,
2006, was postponed to a later date to be determined upon the disposition of the appeal of the defendants.
</font> </P>
<P align="left">
<B>VarTec Lawsuit </B></P>
<P align="left">
<font size="2">On December 2, 2002, VarTec Telecom, Inc. and VarTec Holding Company (together referred to in this section as VarTec) filed a lawsuit against BCE Inc., BCE Ventures Inc. and the President of BCE Ventures Inc. in the United States District Court for
the Northern District of Texas (Dallas division) now transferred to the United States District Court for the District of Columbia.
</font> </P>
<P align="left">
<font size="2">The claim alleges fraud and violation of the anti-fraud provisions of the <I>United States Securities Exchange Act of 1934</I> relating to VarTec&#146;s purchase of Excelcom, Inc., Excel Telecommunications (Canada) Inc. and Telco Communications
Group, Inc. from a Teleglobe Inc. affiliate.</font></P>
<P align="left">
<font size="2">Among other things, the complaint alleges that the defendants misrepresented Teleglobe Inc.&#146;s financial status and its ability to assume certain liabilities related to the transaction. The complaint claims that Teleglobe Inc.&#146;s liabilities
to VarTec from the transaction could be more than US&#36;250 million. It also seeks punitive damages, but does not state an amount.
</font> </P>
<P align="left">
<font size="2">In February 2003, VarTec amended its complaint by removing a series of causes of action previously included in the complaint, including breach of contract, and that the court should disregard Teleglobe Inc. as a corporate entity and hold BCE Inc.
responsible for its liabilities as Teleglobe Inc.&#146;s alter ego. </font> </P>
<P align="left">
<font size="2">On March 2, 2003, BCE Inc., BCE Ventures Inc. and the President of BCE Ventures Inc. filed a motion:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">to dismiss the action because of improper venue and on the merits for failure to state a claim for which relief may be granted and/or failure
to plead fraud claims with sufficient particularity </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">to strike VarTec&#146;s jury demand. </font>
	</P></li>
</ul>
<P align="left">
<font size="2">On May 7, 2007 the court issued a minute order denying the motion to dismiss</font><B><font size="2">.
</font> </B></P>
<P align="left">
<font size="2">On June 7, 2007 BCE Inc., BCE Ventures Inc. and the President of BCE Ventures Inc. filed an answer to VarTec&#146;s amended complaint.
</font> </P>
<P align="left">
<B>Kroll Restructuring Lawsuit </B></P>
<P align="left">
<font size="2">On February 26, 2003, BCE Inc. was informed that Kroll Restructuring Ltd., in its capacity as interim receiver of Teleglobe Inc., had filed a notice of action in the Ontario Superior Court of Justice against five former directors of Teleglobe Inc.
This lawsuit relates to Teleglobe Inc.&#146;s redemption of its third series preferred shares in April 2001 and the retraction of its fifth series preferred shares in March 2001.
</font> </P>
<P align="left">
<font size="2">The statement of claim was filed on March 26, 2003 and was served to each of the directors in August and September 2003. On April 16, 2004, the defendants filed their statement of defense.
</font> </P>
<P align="left">
<font size="2">The plaintiff, now Kathy Morgan, in her capacity as plan administrator for Teleglobe Inc., is seeking a declaration that the redemption and retraction were prohibited under the <I>Canada Business Corporations Act</I> and that the five former
directors should be held jointly and severally liable to restore to Teleglobe Inc. all amounts paid or distributed on these transactions. These amounts total approximately &#36;661 million, plus interest.
</font> </P>
<P align="left">
<font size="2">On February 26, 2007, the five former directors filed a third party claim in the Ontario Superior Court of Justice against the former third series preferred shareholders of Teleglobe Inc. As provided by the <I>Canada Business Corporations Act</I>,
the third party claim seeks to recover from those former third series preferred shareholders any amounts the former directors may have to restore to Teleglobe Inc. as a result of this lawsuit, on account of the redemption of the third series
preferred shares. </font> </P>
<P align="right">
<font size="2">Page 42</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">While BCE Inc. is not a defendant in this lawsuit, Teleglobe Inc. was a subsidiary of BCE Inc. when the redemption and retraction took place. Under standard policies and subject to applicable law, the five former Teleglobe Inc. directors are
entitled to seek indemnification from BCE Inc. in connection with this lawsuit.
</font> </P>
<P align="left">
<B>Teleglobe Plan Administrator Lawsuit </B></P>
<P align="left">
<font size="2">On November 16, 2005, Kathy Morgan, in her capacity as plan administrator for Teleglobe Inc., filed a lawsuit in the Ontario Superior Court of Justice against BCE Inc. and seven former directors of Teleglobe Inc. The plaintiff is seeking a
declaration that Teleglobe Inc. and its creditors have been oppressed by the former directors of Teleglobe Inc. and by BCE Inc. within the meaning of the <I>Canada Business Corporations Act</I>. The plaintiff is also seeking a declaration that the
former directors of Teleglobe Inc. breached their fiduciary duty to Teleglobe Inc. and failed to act in accordance with the standard of care prescribed under the <I>Canada Business Corporations Act</I>.
</font> </P>
<P align="left">
<font size="2">The plaintiff is seeking compensation for oppression in the amount of &#36;3 billion and damages for breach of fiduciary duty in the amount of &#36;3 billion, in each case plus interest and costs.
</font> </P>
<P align="left">
<font size="2">Teleglobe Inc. was a subsidiary of BCE Inc. when the acts or omissions alleged in the lawsuit would have taken place. Under standard policies and subject to applicable laws, the seven former directors are entitled to seek indemnification from BCE
Inc. in connection with this lawsuit. </font> </P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
<P align="center">
<B>INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS</B></P>
		</td>
	</tr>
</table>
<P align="left">
<font size="2">BCE Inc.&#146;s directors and certain members of BCE Inc.&#146;s senior management have certain interests in connection with the Privatization discussed under <I>General Development of Our Business &#150;</I> <I>Three-Year History</I>.
</font> </P>
<P align="left">
<B><U>D</U></B><B><U>IRECTORS</U></B><B> </B></P>
<P align="left">
<font size="2">To our knowledge, our directors beneficially own, directly or indirectly, or exercise control or direction over, in the aggregate, 1,385,234 common shares of BCE Inc. representing approximately 0.17% of the common shares outstanding. All of the
common shares held by BCE Inc.&#146;s directors will be treated in the same fashion under the Arrangement as common shares held by any other shareholder of BCE Inc.
</font> </P>
<P align="left">
<font size="2">Each of the members of the Strategic Oversight Committee (other than the Chair of the Strategic Oversight Committee) will receive a flat fee of &#36;50,000, and the Chair of the Strategic Oversight Committee will receive a flat fee of &#36;100,000,
in each case payable in cash by BCE Inc. as compensation for their additional work and efforts in connection with the strategic review process.
</font> </P>
<P align="left">
<font size="2">Anthony Fell, one of BCE Inc.&#146;s directors, was, up to the end of 2007, the chairman and a director of RBC Dominion Securities Inc., and Victor L. Young, one of BCE Inc.&#146;s directors, is a director of the parent bank of RBC Dominion
Securities Inc. Additionally, Edward C. Lumley, one of BCE Inc.&#146;s directors, is also the vice-chair and a director of BMO Nesbitt Burns Inc. Each of RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. was engaged by BCE Inc. to act as
co-financial advisor to the board regarding potential strategic alternatives aimed at enhancing shareholder value, including the provision of financial analysis and advice on structuring, planning and negotiating a transaction and the furnishing of
fairness opinions as to the consideration to be received by BCE Inc. shareholders pursuant to the Privatization.</font></P>
<P align="right">
<font size="2">Page 43</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">




<P align="left">
<B><U>D</U></B><B><U>IRECTOR </U></B><B><U>C</U></B><B><U>OMPENSATION </U></B><B><U>T</U></B><B><U>ABLE</U></B><B> </B></P>
<P align="left">
<font size="2">Current personal share ownership and deferred share units held by BCE Inc.&#146;s directors and payable upon the Arrangement becoming effective at &#36;42.75 per common share or deferred share unit, being the price that will apply to any outstanding
BCE Inc. common share upon closing of the Privatization, are presented in the following table.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Personal ownership of</FONT></B>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Personal ownership of</FONT></B>
	</TD>
	<TD align=left width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;
	</TD>
	<TD align=left width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
&nbsp;
	</TD>
	<TD align=center width="15%">
<B><FONT size=2>Common Shares</FONT></B>
	</TD>
	<TD align=center width="15%">
<B><FONT size=2>Common Shares</FONT></B>
	</TD>
	<TD align=center width="15%">
<B><FONT size=2>Vested DSUs</FONT></B>
	</TD>
	<TD align=center width="15%">
<B><FONT size=2>Vested DSUs</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Name</FONT></B>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>(#)</FONT><SUP><FONT size=2>(1)</FONT></SUP></B>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>(&#36;)</FONT><SUP><FONT size=2>(1)</FONT></SUP></B>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>(#)</FONT><SUP><FONT size=2>(2)</FONT></SUP></B>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>(&#36;)</FONT><SUP><FONT size=2>(2)</FONT></SUP></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>B&eacute;rard, Andr&eacute;</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>1,120</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;47,880</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>26,234</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;1,121,484</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>Brenneman, Ronald A.</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>38,564</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;1,648,611</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>22,171</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;947,804</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>Currie, Richard J.</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>1,024,120</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;43,781,130</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>31,401</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;1,342,398</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>Fell, Anthony S.</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>91,500</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;3,911,625</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>27,526</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;1,176,725</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>Kaufman, Donna Soble</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>3,049</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;130,345</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>25,766</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;1,101,494</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>Levitt, Brian</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>2,573</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;109,996</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>47,735</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;2,040,684</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>Lumley, Edward C.</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>9,150</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;391,163</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>19,916</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;851,423</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>Maxwell, Judith</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>915</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;39,116</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>18,113</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;774,349</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>McArthur, John</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>889</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;38,005</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>45,455</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;1,943,219</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>O&#146;Neill, Thomas C.</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>2,745</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;117,349</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>10,446</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;446,555</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>Pattison, James A.</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>91,500</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;3,911,625</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>13,775</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;588,867</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>Pozen, Robert C.</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>111,602</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;4,770,985</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>39,022</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;1,668,182</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>Tellier, Paul M.</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>1,555</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;66,476</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>49,158</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;2,101,518</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>Young, Victor L.</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>5,952</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;254,448</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>17,787</FONT>
	</TD>
	<TD align=center width="15%">
<p style="margin-top: 6px; margin-bottom: 6px">
<FONT size=2>&#36;760,390</FONT>
	</TD>
</TR>
</TABLE>&nbsp;<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(1)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%"><font size="2">None of our directors owned
		any BCE Inc. preferred shares, except P.M. Tellier who owned 4,000 Series AC preferred shares.
		<br>
&nbsp;</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font size="2">(2)&nbsp;&nbsp;&nbsp; </font> </td>
		<td valign="top" width="98%"><font size="2">Deferred share units may be
		redeemed before the Arrangement becomes effective as a result of
		retirement from the board. Deferred share units will be payable upon
		closing of the Privatization, as if the deferred share units had been
		converted into common shares on that date. </font> </td>
	</tr>
</table>
<P align="left">
<B><U>E</U></B><B><U>XECUTIVE </U></B><B><U>O</U></B><B><U>FFICERS</U></B><B> </B></P>
<P align="left">
<font size="2">To BCE Inc.&#146;s knowledge, as at March 5, 2008, our executive officers, being the 15 members of the executive committee of BCE Inc. and Bell Canada (including the President and Chief Executive Officer), beneficially own, directly or indirectly,
or exercise control or direction over, in the aggregate, 502,669 BCE Inc. common shares, representing approximately 0.06% of BCE Inc.&#146;s outstanding common shares. The number of common shares individually owned is set forth under the executive
compensation table below. All of the BCE Inc. common shares held by our executive officers will be treated in the same fashion under the Arrangement as common shares held by any other BCE Inc. shareholder.
</font> </P>
<P align="right">
<font size="2">Page 44</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">




<P align="left">
<font size="2">Our executive officers hold, in the aggregate, 685,823 deferred share units, all issued under BCE Inc.&#146;s 1997 Share Unit Plan for Senior Executives and Other Key Employees and representing 59.7% of the outstanding deferred share units under
such plan. These vested deferred share units were purchased at market prices by the executives who have elected to reinvest in securities of BCE Inc. some or all of their performance bonuses from previous years that would otherwise have been paid in
cash. All vested deferred share units held by our executive officers will be treated in the same fashion under the Arrangement as common shares held by any other shareholder of BCE Inc., as if such deferred share units had been converted into common
shares on the date of the closing of the Privatization. The consideration payable to our executive officers pursuant to the Arrangement in respect of their outstanding deferred share units is set forth in the executive compensation table below, as
of March 5, 2008. </font> </P>
<P align="left">
<font size="2">Our executive officers beneficially own, directly or indirectly, or exercise control or direction over, in the aggregate, 5,997,357 stock options (of which 2,678,000 are unvested), representing approximately 34.1% of the stock options outstanding.
Under the terms of the Arrangement, each stock option not yet vested at the time the Arrangement becomes effective shall be deemed to vest and be transferred to BCE Inc. in exchange for a cash amount equal to the amount by which &#36;42.75 (being
the price that will apply to any common share held by any other BCE Inc. shareholder) exceeds the exercise price of the option. The amounts payable to our executive officers as a result of the Privatization in respect of their unvested stock options
are set forth in the executive compensation table below. </font> </P>
<P align="left">
<font size="2">Given the uncertainty generally prevailing in potential change of control transactions, the Management Resources and Compensation Committee of the board of directors, as is customary in these circumstances, reviewed various human resource matters,
such as retention of key personnel, to ensure that our ability to maintain the business and achieve an optimal outcome for our shareholders would not be damaged by the loss of critical personnel. Following such review, the board of directors, upon
the recommendation of the Management Resources and Compensation Committee, approved the implementation of a retention policy and a change in control severance policy.
</font> </P>
<P align="left">
<font size="2">The retention policy was designed to foster appropriate focus on ongoing operations throughout the strategic review process and for a period following the closing of the Privatization. Upon announcement of the Privatization, all executives except
our President and Chief Executive Officer (who declined to participate in the
program) became eligible for a fixed retention payment in lieu of their restricted share units granted in 2006 (which is part of our mid-term incentive plan) for the performance period ending December 31, 2007 and
that would have otherwise been payable (based on vesting percentage) in early 2008. Such restricted share units were cancelled as of December 31, 2007. In order to determine the retention payment, the Management Resources and Compensation Committee
used a formula corresponding to the value of restricted share units already granted to executives plus
an additional retention amount, the whole having an aggregate fixed value equal to the greater of (i) 1.25 times the executive&#146;s
restricted share units held upon the announcement of the Privatization valued at &#36;42.75 per BCE Inc. common share and (ii) one times the executive&#146;s base salary and target bonus as of the date that the Arrangement comes into effect. This
design was used to set a fixed retention amount for each executive at the beginning of the retention period,
June 30, 2007, to ensure the effectiveness of the retention policy. The overall
value of the retention policy has not changed since June 30, 2007.</font></P>
<P align="left">
<font size="2">Our executives will be eligible for such retention incentive if employed by BCE Inc. or its subsidiaries on the earlier of (i) six months after the closing of the change in control transaction, and (ii) 12 months after the change in control
transaction is announced (the retention period). The payment will be made at the end of the retention period, provided that 25% of such payment will be made upon the closing of the change in control transaction if it occurs earlier than the end of
the retention period. The Privatization constitutes a &#147;change in control&#148; as defined in this policy. BCE Inc.&#146;s President and Chief Executive Officer declined any payments under this retention policy. The value of the top-up amount
payable to our executive officers pursuant to the Arrangement is set forth in the executive compensation table below.
</font> </P>
<P align="right">
<font size="2">Page 45</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">




<P align="left">
<font size="2">Wade Oosterman, President of Bell Mobility Inc. and Channels as well as Chief Brand Officer, has a passive investment in an affiliated fund of Madison Dearborn Partners which could be an owner of the purchasing entity under the Privatization. At the
appropriate time, measures were taken to manage this potential conflict. </font> </P>
<P align="left">
<B><U>E</U></B><B><U>XECUTIVE </U></B><B><U>C</U></B><B><U>OMPENSATION </U></B><B><U>T</U></B><B><U>ABLE</U></B><B> </B><B> </B></P>
<P align="left">
<font size="2">Current personal share ownership and compensation of the executive officers triggered by the completion of the Arrangement are presented in the following table.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=20% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;<B><FONT size=2>Value of</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Personal</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
&nbsp;<B><FONT size=2>Retention</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Personal</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<font size="2"><b>o</b></font><B><FONT size=2>wnership</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
&nbsp;<font size="2"><b>beyond</b></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>ownership of</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>of</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Unvested</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Unvested</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
&nbsp;<b><font size="2">value of</font></b></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Common</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Common</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Vested</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Vested</FONT></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>stock</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>stock</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>cancelled</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Shares</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Shares</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>DSUs</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>DSUs</FONT></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>options</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>options</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>RSUs</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>Name</FONT></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>Title</FONT></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(#)</FONT><SUP><FONT size=2>(1)</FONT></SUP></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(&#36;)</FONT><SUP><FONT size=2>(1)(2)</FONT></SUP></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(#)</FONT><SUP><FONT size=2>(3)</FONT></SUP></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(&#36;)</FONT><SUP><FONT size=2>(3)</FONT></SUP></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(#)</FONT><SUP><FONT size=2>(4)</FONT></SUP></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(&#36;)</FONT><SUP><FONT size=2>(5)</FONT></SUP></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(&#36;)</FONT><SUP><FONT size=2>(6)</FONT></SUP></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Boisvert,</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>President &#150;</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>1,361</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;58,182</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>0</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;0</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>130,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,563,900</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;935,176</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>St&eacute;phane</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Enterprise</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Close, Ron</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>President - Bell</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>6,006</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;256,756</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>4,386</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;187,509</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>0</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;0</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,946,888</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>New Ventures</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Cope, George A.</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>President and</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>132,795</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;5,676,986</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>0</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;0</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>693,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;9,984,750</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,800,000</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=1>(7)</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Chief Operating</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Officer</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Crull, Kevin W.</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>President -</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>5,594</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;239,143</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>33,576</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,435,359</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>155,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,900,150</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;3,219,405</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Residential</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Services</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Fox, William J.</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Executive Vice-</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>17,656</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;754,794</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>26,473</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,131,716</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>110,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,323,300</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;946,888</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>President -</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Communications</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>and Corporate</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Development</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Houle, Leo W.</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Chief Talent</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>12,281</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;525,012</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>43,516</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,860,316</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>100,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,203,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;852,197</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Officer</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Hunter, Lawson</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Executive Vice-</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>11,430</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;488,632</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>35,714</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,526,785</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>130,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,563,900</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,230,962</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>A.W.</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>President and</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Chief Corporate</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Officer</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Oosterman,</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>President - Bell</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>94,043</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;4,020,338</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>8,697</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;371,809</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>130,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,563,900</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,257,329</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Wade</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Mobility Inc. and</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Channels and</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Chief Brand</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Officer</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Pichette, Patrick</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>President &#150;</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>15,120</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;646,380</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>53,070</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;2,268,730</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>190,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;2,285,700</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,230,962</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Operations</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Roman, Eugene</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Group President</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>15,757</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;673,611</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>23,819</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,018,264</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>130,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,563,900</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,230,962</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=1>(8)</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>- Systems and</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Technology</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Sabia, Michael J.</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>President and</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>137,571</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;5,881,160</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>319,506</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;13,658,882</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>450,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;5,413,500</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;0</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Chief Executive</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Officer of BCE</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Inc. &#150; Chief</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Executive</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
<FONT size=2>Officer of Bell</FONT>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
<FONT size=2>Canada</FONT>
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
	<TD width=1%>
&nbsp;	</TD>
	<TD align=left width=9%>
&nbsp;
	</TD>
</TR>
</TABLE>&nbsp;<p align="right"><font size="2">Page 46</font></p>

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<p align="left">&nbsp;</p>





<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=20% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" valign="top">
&nbsp;<B><FONT size=2>Value of</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Personal</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Retention</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Personal</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<font size="2"><b>o</b></font><B><FONT size=2>wnership</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
&nbsp;<b><font size="2">beyond</font></b></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<font size="2"><b>o</b></font><B><FONT size=2>wnership of</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>of</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Unvested</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Unvested</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<font size="2"><b>value of</b></font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Common</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Common</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Vested</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Vested</FONT></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>stock</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>stock</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>cancelled</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Shares</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>Shares</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>DSUs</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>DSUs</FONT></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>options</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>options</FONT></B>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<B><FONT size=2>RSUs</FONT></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>Name</FONT></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>Title</FONT></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(#)</FONT><SUP><FONT size=2>(1)</FONT></SUP></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(&#36;)</FONT><SUP><FONT size=2>(1)(2)</FONT></SUP></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(#)</FONT><SUP><FONT size=2>(3)</FONT></SUP></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(&#36;)</FONT><SUP><FONT size=2>(3)</FONT></SUP></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(#)</FONT><SUP><FONT size=2>(4)</FONT></SUP></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(&#36;)</FONT><SUP><FONT size=2>(5)</FONT></SUP></B>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<B><FONT size=2>(&#36;)</FONT><SUP><FONT size=2>(6)</FONT></SUP></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Sheriff, Karen H.</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>President - Small</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>12,021</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;513,897</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>43,514</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,860,220</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>130,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,563,900</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,230,962</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>and Medium</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Business</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Thomson, L.</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Executive Vice-</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>12,792</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;546,858</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>30,464</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,302,329</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>110,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,323,300</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,245,777</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Scott</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>President -</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Corporate</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Development</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>and Planning</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Turcotte,</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Chief Legal</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>16,457</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;703,536</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>23,254</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;994,126</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>110,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,323,300</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;946,888</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Martine</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Officer</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>Vanaselja, Siim</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Chief Financial</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>11,783</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;503,723</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>39,833</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,702,873</FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>110,000</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,323,300</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=center width=9% valign="top">
<FONT size=2>&#36;1,136,271</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top">
<FONT size=2>A.</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
<FONT size=2>Officer</FONT>
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
	<TD width=1% valign="top">
&nbsp;	</TD>
	<TD align=left width=9% valign="top">
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<table border="0" width="15%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">(1)&nbsp;&nbsp;&nbsp;
		</font> </td>
		<td valign="top" width="98%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">These shares
		were purchased by the executive officers and were not granted or awarded
		by BCE Inc. None of BCE Inc.&#146;s executive officers owns any preferred
		shares. </font> </td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">(2)&nbsp;&nbsp;&nbsp;
		</font> </td>
		<td valign="top" width="98%">
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Common shares are valued at $42.75 per common share, being the
price that will apply to any outstanding BCE Inc. common share upon closing of
the Privatization. </font> </P>
		</td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">(3)&nbsp;&nbsp;&nbsp;
		</font> </td>
		<td valign="top" width="98%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">These vested
		deferred share units were purchased at market prices by the executives
		who have elected to reinvest in securities of BCE Inc. some or all of
		their performance bonuses from previous years that would otherwise have
		been paid in cash. Deferred share units are valued, before applicable
		withholdings, at $42.75 per unit, being the price that will apply to any
		BCE Inc. outstanding common share upon closing of the Privatization, as
		if the deferred share units had been converted into common shares on
		that date. Deferred share units may be redeemed before the effective
		date of the Arrangement as a result of employment termination. </font> </td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">(4)&nbsp;&nbsp;&nbsp;
		</font> </td>
		<td valign="top" width="98%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">Assuming none
		of the stock options becoming vested prior to the effective time on the
		effective date of the Arrangement is exercised.</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">(5)&nbsp;&nbsp;&nbsp;
		</font> </td>
		<td valign="top" width="98%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">Represents the
		amount that the consideration per common share ($42.75) exceeds the
		exercise price of the option, before applicable withholdings. The
		consideration per common share will apply to any outstanding BCE Inc.
		common share upon closing of the Privatization. </font> </td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">(6)&nbsp;&nbsp;&nbsp;
		</font> </td>
		<td valign="top" width="98%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">An amount of
		$19,210,670 will be payable to BCE Inc.&#146;s executive officers over the
		actual value of their regular restricted share units which have been
		cancelled and would have otherwise vested as per the vesting percentage
		approved by the board. Such retention amounts have been adjusted from previous
		disclosure to reflect a lower value of restricted share units based on
		actual vesting, as of
		December 31, 2007. Accordingly, there has been a change in the
		proportion attributable to the value of restricted share units which
		would have vested and the value of additional retention amounts but the
		overall value of the retention
		policy fixed on June 30, 2007 remains unchanged at $38,788,311. No
		changes were made to the retention policy since June 30, 2007. Amounts
		shown are subject to applicable withholdings.</font></p>
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">Mr. Sabia declined any payments under this retention policy. According to his employment agreement, his unvested restricted share units will vest upon completion of the Arrangement, providing an
estimated benefit of &#36;6.8 million at a price of &#36;42.75 per common share. Mr. Close was allocated an additional amount for retention purposes.
		</font> </td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">(7)&nbsp;&nbsp;&nbsp;
		</font> </td>
		<td valign="top" width="98%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">The 693,000
		options include 443,000 options granted to Mr. Cope to replace
		non-performance-based options granted by his former employer. </font> </td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">(8)&nbsp;&nbsp;&nbsp;
		</font> </td>
		<td valign="top" width="98%">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">Mr. Roman will
		be credited with up to five years of service to qualify for an immediate
		pension in the event of involuntary termination (for reason other than
		cause) further to a change in control. </font> </td>
	</tr>
</table>
<P align="left">
<font size="2">In recognition of their performance and increased responsibilities and workload in connection with the strategic review process, the board at its discretion and upon the recommendation of the Management Resources and Compensation Committee may pay
bonuses to certain executives and key employees involved in the transaction in an aggregate amount of up to &#36;25 million (and not exceeding 10% of that amount for any individual). Some of these payments may be awarded to executive officers.
</font> </P>
<P align="left">
<B><U>C</U></B><B><U>HANGE OF </U></B><B><U>C</U></B><B><U>ONTROL </U></B><B><U>A</U></B><B><U>GREEMENTS</U></B><B> </B></P>
<P align="left">
<font size="2">We have also implemented a change in control severance policy for
certain designated levels of executives, including the executive officers,
pursuant to which such executive officers will be eligible to&nbsp; </font> </P>
<P align="right">
<font size="2">Page 47</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">




<P align="left">
<font size="2">receive a change in control severance payment in the event of (i)
a termination of employment (for reason other than cause) at BCE Inc. or its subsidiaries&#146; discretion within 24 months following a change in control, (ii) a constructive dismissal within 24 months following a change in control invoked within six months of occurrence of the
constructive dismissal event, (iii) a voluntary resignation in the 13<SUP>th</SUP> month following a change in control, or (iv) a termination of employment (for reason other than cause) at BCE Inc. or its subsidiaries&#146; discretion within 12
months prior to a change in control. For executive officers, the severance payment will be equal to 2.5 times their base salary and target bonus (3.0 for Mr. Sabia as per his current contractual arrangement and without duplication). During the
severance period, health benefits and life insurance coverage will be maintained (or ceased earlier if benefits are secured elsewhere) and years of pensionable service will be credited for pension calculation purposes. The completion of the
Privatization will constitute a &#147;change in control&#148; as defined in this policy. The policy provides for non-competition, non-solicitation, non-disparagement and confidentiality restrictions for a period equal to the duration of the
severance benefit. </font> </P>
<P align="left">
<font size="2">At the time he was appointed President and Chief Executive Officer in April 2002, Mr. Sabia entered into a written employment agreement with BCE Inc. None of these contractual provisions have changed as a result of the Privatization. For more
details, see <I>Report on Executive Compensation &#150; Chief Executive Officer&#146;s Compensation</I>.
</font> </P>
<P align="left">
<B><U>I</U></B><B><U>NDEMNIFICATION AND </U></B><B><U>I</U></B><B><U>NSURANCE OF </U></B><B><U>D</U></B><B><U>IRECTORS AND </U></B><B><U>E</U></B><B><U>XECUTIVE </U></B><B><U>O</U></B><B><U>FFICERS</U></B><B> </B></P>
<P align="left">
<font size="2">Pursuant to the definitive agreement, from and after the time that the Arrangement becomes effective, the Purchaser has agreed, and agreed to cause BCE Inc. to, indemnify and hold harmless, to the fullest extent permitted under applicable law
(including with respect to the advancement of expenses as incurred), each present and former director, officer, trustee and employee of BCE Inc. and its subsidiaries against any costs or expenses (including reasonable attorneys&#146; fees),
judgments, fines, losses, claims, damages or liabilities incurred in connection with any claim, inquiry, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, arising out of or related to such
indemnified person&#146;s service as a director, officer, trustee or employee of BCE Inc. and/or any of its subsidiaries or services performed by such persons at the request of BCE Inc. and/or any of its subsidiaries at or prior to or following the
effective time of the Arrangement. </font> </P>
<P align="left">
<font size="2">Prior to the Arrangement becoming effective, BCE Inc. has agreed, and if BCE Inc. is unable to, the Purchaser has agreed to cause BCE Inc. as of the effective time of such Arrangement, to obtain and fully pay the premium for the extension of the
directors&#146;, officers&#146;, trustees&#146; and employees&#146; liability coverage of BCE Inc.&#146;s and its subsidiaries&#146; existing directors&#146;, officers&#146;, trustees&#146; and employees&#146; insurance policies for a claims
reporting or run-off and extended reporting period and claims reporting period of at least six years from and after the effective time of the Arrangement with respect to any claim related to any period or time at or prior to such effective time from
an insurance carrier with the same or better credit rating as BCE Inc.&#146;s current insurance carriers with respect to directors&#146;, officers&#146;, trustees&#146; and employees&#146; liability insurance, and with terms, conditions, retentions
and limits of liability that are no less advantageous to the indemnified persons than the coverage provided under BCE Inc.&#146;s and its subsidiaries&#146; existing policies. If BCE Inc. for any reason fails to obtain such &#147;run off&#148;
insurance policies as of the effective time of the Arrangement, BCE Inc. has agreed to continue to maintain in effect for a period of at least six years from and after such effective time the directors&#146;, officers&#146;, trustees&#146; and
employees&#146; liability insurance in place as of June 29, 2007, or purchase comparable directors&#146;, officers&#146;, trustees&#146; and employees&#146; liability insurance for such six-year period with terms, conditions, retentions and limits
of liability that are at least as favourable to the indemnified persons as provided in BCE Inc.&#146;s existing policies as of June 29, 2007.
</font> </P>
<P align="right">
<font size="2">Page 48</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">





<p align="left">&nbsp;</p>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center">
<B>INTERESTS OF EXPERTS </B></td>
	</tr>
</table>
<P align="left">
<B><U>N</U></B><B><U>AMES OF </U></B><B><U>E</U></B><B><U>XPERTS</U></B><B> </B></P>
<P align="left">
<font size="2">Davies Ward Phillips Vineberg LLP and Stikeman Elliott LLP each provided a tax opinion in connection with the BCE Special Meeting Proxy Circular.
</font> </P>
<P align="left">
<font size="2">BMO Nesbitt Burns Inc., CIBC World Markets Inc., Goldman, Sachs &amp; Co. and RBC Dominion Securities Inc. were engaged as co-financial advisors to the BCE Inc. board of directors, and Greenhill &amp; Co. Canada Ltd. was engaged to act as financial
advisor to the Strategic Oversight Committee, regarding potential strategic alternatives aimed at enhancing shareholder value. As described in the BCE Special Meeting Proxy Circular, each such firm delivered to the BCE Inc. board of directors and/or
the Strategic Oversight Committee, as the case may be, certain fairness opinions in connection with the Privatization.
</font> </P>
<P align="left">
<font size="2">More information with respect to the strategic review process and the Privatization can be found under
</font><I><font size="2">General Development of Our Business -</font></I><font size="2"> <I>Three-Year History</I>.
</font> </P>
<P align="left">
<B><U>I</U></B><B><U>NTERESTS OF </U></B><B><U>E</U></B><B><U>XPERTS</U></B><B> </B></P>
<P align="left">
<font size="2">As of December 31, 2007, neither Davies Ward Phillips Vineberg LLP or Stikeman Elliott LLP and their respective designated professionals beneficially owned, directly or indirectly, or exercised control or direction over more than 1% of any class of
BCE Inc.&#146;s outstanding securities or more than 1% of each class of securities of any of BCE Inc.&#146;s associates or affiliates.
</font> </P>
<P align="left">
<font size="2">BMO Nesbitt Burns Inc. acts as a trader and dealer, both as principal and agent, in major financial markets and, as such, has, may have had, or may in the future have, positions in the securities of BCE Inc. In addition, BMO Nesbitt Burns Inc., from
time to time, may have executed or may execute transactions on behalf of BCE or on behalf of other clients for which BMO Nesbitt Burns Inc. received or may receive compensation. As an investment dealer, BMO Nesbitt Burns Inc. conducts research on
securities and may, in the ordinary course of its business, provide research reports and investment advice to its clients on investment matters, including with respect to BCE.
</font> </P>
<P align="left">
<font size="2">CIBC World Markets Inc. acts as a trader and dealer, both as principal and agent, in major financial markets and, as such, may have had and may in the future have positions in the securities of BCE Inc. or any of its affiliates and, from time to
time, may have executed or may execute transactions on behalf of such companies or clients for which it received or may receive compensation.
</font> </P>
<P align="left">
<font size="2">Goldman, Sachs &amp; Co. and its affiliates are engaged in investment banking and financial advisory services, securities trading, investment management, principal investment, financial planning, benefits counseling, risk management, hedging,
financing, brokerage activities and other financial and non-financial activities and services for various persons and entities. In the ordinary course of these activities and services, Goldman, Sachs &amp; Co. and its affiliates may at any time make
or hold long or short positions and investments, as well as actively trade or effect transactions, in the equity, debt and other securities (or related derivative securities) and financial instruments (including bank loans and other obligations) of
BCE Inc. and its affiliates. </font> </P>
<P align="left">
<font size="2">RBC Dominion Securities Inc. acts as a trader and dealer, both as principal and agent, in major financial markets and, as such, may have had and may in the future have positions in the securities of BCE Inc. or any of its associates or affiliates
and, from time to time, may have executed or may execute transactions on behalf of such companies or clients for which it received or may receive compensation. As an investment dealer, RBC Dominion Securities Inc. conducts research on securities and
may, in the ordinary course of its business, provide research reports and investment advice to its clients on investment matters, including with respect to BCE Inc. or any of its associates and affiliates.
</font> </P>
<P align="right">
<font size="2">Page 49</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">





<P align="center">
&nbsp;</P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center"><B>MATERIAL CONTRACTS</B></td>
	</tr>
</table>
<P align="left">
<B><font size="2">&nbsp;</font></B><font size="2">The only contract that is material to BCE Inc. (other than contracts entered into in the ordinary course of business) and that was entered into within the year ended December 31, 2007 or before such year but which is still in effect is the
definitive agreement made as of June 29, 2007 between the Purchaser and BCE Inc. (including the schedules thereto), as amended on July 12, 2007. Please refer to BCE Inc.&#146;s material change report dated July 5, 2007 available on SEDAR at www.sedar.com
for the particulars of the definitive agreement, which material change report is incorporated herein by reference.
</font></P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
<P align="center">
<B>TRANSFER AGENT AND REGISTRAR</B></P>
		</td>
	</tr>
</table>
<P align="left">
<font size="2">The transfer agent and registrar for the common shares and preferred shares of BCE Inc. in Canada is Computershare at its principal offices in Montr&eacute;al and Toronto and in the United States is Computershare Trust Company, Inc. at its principal
offices in Denver and New York. </font> </P>
<P align="left">
<font size="2">The registrar for BCE Inc.&#146;s debt securities is Computershare Trust Company of Canada, in Montr&eacute;al, and debt securities may be presented for registration or transfer, at the principal office of Computershare in the cities of Halifax,
Montr&eacute;al, Toronto, Calgary or Vancouver. </font> </P>
<P align="left">
<font size="2">The register for Bell Canada&#146;s debentures is kept at the principal office of CIBC Mellon, in Montr&eacute;al, and facilities for registration, exchange and transfer of the debentures are maintained at the principal offices of CIBC Mellon in
Halifax, Montr&eacute;al, Toronto, Winnipeg, Calgary and Vancouver. The co-registrar for Bell Canada&#146;s series ES debentures is Bank of Montreal Trust Company, in New York, and the series ES debentures may be presented for registration, transfer
or exchange at the office of the Bank of Montreal Trust Company in New York.
</font> </P>
<P align="left">
<font size="2">The register for Bell Canada&#146;s subordinated debentures is kept at the principal office of Computershare Trust Company of Canada, in Montr&eacute;al, and facilities for registration, exchange and transfer of the subordinated debentures are
maintained at the principal offices of Computershare in Halifax, Montr&eacute;al, Toronto, Calgary and Vancouver.
</font> </P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
<P align="center">
<B>FOR MORE INFORMATION</B></P>
		</td>
	</tr>
</table>
<P align="left">
<B><U>D</U></B><B><U>OCUMENTS </U></B><B><U>Y</U></B><B><U>OU </U></B><B><U>C</U></B><B><U>AN </U></B><B><U>R</U></B><B><U>EQUEST</U></B><B> </B></P>
<P align="left">
You can ask us for a copy of any of the following documents: </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">this annual information form, together with any document, or the relevant pages of any document, incorporated by reference into it
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">BCE Inc.&#146;s most recent annual report, which includes the comparative financial statements and
management&#146;s discussion and analysis for the most recently completed financial year together with the accompanying auditors&#146; report
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">any interim financial statements that were filed after the financial statements for the most
recently completed financial year </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">any other documents that are incorporated by reference into a preliminary short form prospectus or a short form prospectus and are not listed above.
	</font></P></li>
</ul>
<P align="left">
<font size="2">Please send your request to the Corporate Secretary of BCE Inc., at 1000, rue de La Gaucheti&egrave;re Ouest, Suite 3700, Montr&eacute;al, Qu&eacute;bec H3B 4Y7.</font></P>
<P align="right">
<font size="2">Page 50</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">




<P align="left">
<font size="2">We will send you the documents at no charge when our securities are being distributed under a preliminary short form prospectus or short form prospectus.
</font> </P>
<P align="left">
<font size="2">At any other time, we may charge you a reasonable fee if you or the company you work for is not a security holder of BCE Inc.
</font> </P>
<P align="left">
<font size="2">You can also ask us for a copy of the annual and quarterly management&#146;s discussion and analysis of BCE Inc. by contacting the Senior Vice-President &#150; Finance and Investor Relations of BCE Inc., at 1000 de La Gaucheti&egrave;re Street West,
Suite 3700, Montr&eacute;al, Qu&eacute;bec H3B 4Y7 or by sending an e-mail to investor.relations@bce.ca.
</font> </P>
<P align="left">
<B><U>O</U></B><B><U>THER </U></B><B><U>I</U></B><B><U>NFORMATION </U></B><B><U>A</U></B><B><U>BOUT </U></B><B><U>BCE</U></B><B><U> </U></B><B><U>I</U></B><B><U>NC</U></B><B><U>.</U></B><B> </B></P>
<P align="left">
<font size="2">The above documents, as well as BCE Inc.&#146;s annual and quarterly reports and news releases, are also available on BCE Inc.&#146;s website at www.bce.ca.
</font> </P>
<P align="left">
<font size="2">Additional information relating to BCE Inc. is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Additional financial information is provided in the BCE 2007 MD&amp;A and the BCE 2007 Financial Statements.
</font> </P>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="20%"><font size="2">Shareholder inquiries</font></td>
		<td width="80%"><font size="2">1-800-561-0934</font></td>
	</tr>
	<tr>
		<td width="20%">
<font size="2">Investor relations</font></td>
		<td width="80%"><font size="2">1-800-339-6353 </font> </td>
	</tr>
</table>
<P align="left">
<font size="2">&nbsp; </font> </P>
<P align="right">
<font size="2">&nbsp;Page 51</font></P>


<HR noshade align="center" width="100%" size=1 color="#000000">



<p>&nbsp;</p>

<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center"><B>SCHEDULE 1 &#151;STATEMENT OF CORPORATE GOVERNANCE PRACTICES<SUP>1</SUP><font size="2">
</font> &nbsp;</B></td>
	</tr>
</table>
<P align="left">
<B><U>BOARD OF DIRECTORS</U><font size="2">
</font> </B></P>
<P align="left">
<font size="2">The board has overall responsibility for the supervision of the management of BCE Inc.&#146;s business in our best interests. In exercising this responsibility, the board must act in accordance with a number of rules and standards, including:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the <I>Canada Business Corporations Act</I>
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the <I>Bell Canada Act</I> </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">other laws that apply to telecommunications companies
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">laws of general application
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">BCE Inc.&#146;s articles and by-laws
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">BCE Inc.&#146;s administrative resolution and the written charters of the board and each of its committees
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">BCE Inc.&#146;s Code of Business Conduct, Complaint Procedures for Accounting and Auditing Matters and other internal policies.
	</font></P></li>
</ul>
<P align="left">
<font size="2">In 2007, the board held seven regularly scheduled meetings and 16 special meetings. At each regularly scheduled meeting, the directors meet without management and without the non-independent directors. Each such  <I>in camera</I> session was chaired
by Richard J. Currie, chair of the board of BCE Inc. </font> </P>
<P align="left">
<B>Role of the Board of Directors </B></P>
<P align="left">
<font size="2">The board has approved its written mandate, which is attached as Schedule 1A to this annual information form. The mandate can also be found in the governance section of BCE Inc.&#146;s website at www.bce.ca. Some of the duties and responsibilities
of the board are first reviewed and recommended by the appropriate committee and then submitted to the full board for its consideration and approval.
</font> </P>
<P align="left">
<font size="2">The board also established an administrative procedure which sets out rules governing the approval of transactions carried out in the ordinary course of BCE Inc.&#146;s operations. These rules also provide for the delegation of authority and the
signing or execution of documents on behalf of BCE Inc. </font> </P>
<P align="left">
<font size="2">Measures for receiving feedback from interested parties have also been established by the board. BCE Inc. has a toll-free number for shareholder inquiries (1-888-932-6666) and for investor and general inquiries (1-800-339-6353). Shareholders and
other interested parties may also communicate with the board and its Chair by contacting the Corporate Secretary&#146;s Office at corporate.secretariat@bell.ca or 514-786-8424. For any complaints and/or concerns with respect to BCE Inc.&#146;s
accounting, internal accounting controls or auditing matters, interested parties should consult BCE Inc.&#146;s Complaint Procedures for Accounting and Auditing Matters on BCE Inc.&#146;s website at www.bce.ca.
</font> </P>
<P align="left">
<font size="2">The board and each committee may hire outside advisors at BCE Inc.&#146;s expense. With the approval of the Corporate Governance Committee, individual directors may also hire outside advisors.
</font> </P>
<P align="left">
<B>Composition of the Board of Directors and Nomination of Directors
</B></P>
<P align="left">
<font size="2">In terms of the composition of BCE Inc.&#146;s board, the objective is to have a sufficient range of skills, expertise and experience to ensure that the board can carry out its responsibilities effectively. Directors are chosen for their ability to
contribute to the broad range of issues with which the board routinely deals.
</font> </P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td colspan="2" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">&nbsp;</td>
		<td width="85%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<sup>
<font size="2">1</font></sup></td>
		<td colspan="2" valign="top"><font size="2">You will find a summary of the differences between our governance practices and the New York Stock Exchange governance rules in the governance section of BCE Inc.&#146;s website at www.bce.ca.
</font> </td>
	</tr>
</table>
<P align="right">
<font size="2">&nbsp;page 52</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">The board reviews each director&#146;s contribution and determines whether the board&#146;s size allows it to function efficiently and effectively. The board believes that its current size and range of skills promote effectiveness and efficiency.

</font>
</P>
<P align="left">
<font size="2">The Corporate Governance Committee receives suggestions for board candidates from individual board members, the Chief Executive Officer, shareholders and professional search organizations. On a regular basis, the Corporate Governance Committee
reviews the current profile of the board, including average age and tenure of individual directors and the representation of various areas of expertise and experience.
</font> </P>
<P align="left">
<B>Independence of the Board of Directors </B></P>
<P align="left">
<font size="2">It is the board&#146;s policy that at least a majority of its members must be independent. Acting on the recommendation of the Corporate Governance Committee, the board is responsible for determining whether or not each director is independent. The
board analyzes all of the relationships each director has with BCE. To guide this analysis, the board has adopted director independence standards. These standards are consistent with National Instrument 58-101 &#150; <I>Corporate Governance
Guidelines</i> and the New York Stock Exchange governance rules and can be reviewed in the governance section of BCE Inc.&#146;s website at www.bce.ca. In general, a director who meets these standards and who does not otherwise have a material
relationship with BCE would be considered independent under such rules. </font> </P>
<P align="left">
<font size="2">Evaluating the information provided by each director against the independence standards outlined above, the board determined that all of BCE Inc.&#146;s directors (with the exception of BCE Inc.&#146;s President and Chief Executive Officer, Mr. M.J.
Sabia) do not have a material relationship with BCE and are considered to be independent under National Instrument 58-101 &#150;  <I>Corporate Governance Guidelines</I> and the New York Stock Exchange governance rules. Because he is an officer of BCE
Inc., Mr. Sabia is not considered to be independent under these rules. </font> </P>
<P align="left">
<font size="2">Certain directors may be partners in or hold other positions with entities that provide legal, financial or other services to BCE. The board has reviewed these relationships and has determined that each of these directors is independent on the basis
that:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the amount of fees received by such entities for services rendered are not material to these entities or to BCE
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">such services are provided on customary commercial terms by these entities and are received by us in the ordinary course of our respective businesses
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">we are at liberty to choose from among other service providers which maintain similar
quality standards. </font></P></li>
</ul>
<P align="left">
<B>Chair of the Board of Directors </B></P>
<P align="left">
<font size="2">BCE Inc.&#146;s by-laws provide that directors may determine from time to time whether the Chair should be an officer of BCE Inc. or should act solely in a non-executive capacity. Should they decide that the Chair should be an officer acting in an
executive capacity, the board must designate one of its members as the &#147;lead director&#148; who is responsible for ensuring that the board can function independently of management.
</font> </P>
<P align="left">
<font size="2">For the past several years, the board decided that the Chair should be separate from management and appointed as Chair Mr. R.J. Currie. Mr. Currie is not an executive officer of BCE and is considered independent under National Instrument 58-101
&#150; <I>Corporate Governance Guidelines</I> and the New York Stock Exchange governance rules.
</font> </P>
<P align="left">
<font size="2">The detailed mandate of the board Chair is included in the mandate of the board, which can be found in Schedule 1A and in the governance section of BCE Inc.&#146;s website at
www.bce.ca.
</font> </P>
<P align="right">
<font size="2">page 53</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<B>Expectations and Personal Commitments of Directors </B></P>
<P align="left">
<font size="2">The board expects all of its members to comply with the BCE Inc.&#146;s Statement of Corporate Governance Principles &amp; Guidelines. Members are also expected to comply with BCE Inc.&#146;s policies that apply to directors and the various board
procedures and practices. These procedures include the declaration of interest and changes in principal occupation (see below for details), the conflict of interest guidelines (see below for details), the share ownership guidelines (see below under
<I>Directors&#146; Compensation</I> for details) and the Code of Business Conduct (see below under <I>Ethical Business Conduct</I> for details). The board also expects all of its members to demonstrate beyond reproach personal and professional
characteristics. These characteristics include high ethical standards and integrity, leadership, financial literacy and current fluency in their own field of expertise.
</font> </P>
<P align="left">
<font size="2">The board further expects all of its members to make meaningful commitments during their time as directors of BCE Inc. Each director is expected to participate in the director orientation program and in continuing education and development programs.
They are expected to develop and expand a broad, current knowledge of the nature and operation of our major businesses. Similarly, all members are expected to commit the necessary time required to be an effective and fully contributing member of the
board and of each board committee on which they serve. </font> </P>
<P align="left">
<font size="2">The Corporate Governance Committee is also responsible for administering BCE Inc.&#146;s policy on directors&#146; attendance at meetings of the board and its committees. Under this policy, the Corporate Secretary must report to the Corporate
Governance Committee any director who did not attend at least 75% of the board and committee meetings held in the year.
</font> </P>
<P align="left">
<font size="2">Directors must follow the procedure for declaration of interest and changes in their principal occupation. The procedure is designed to enable the Corporate Governance Committee to be notified in a timely fashion of any change in a director&#146;s
external directorships and principal occupation, and to permit the Corporate Governance Committee to review and consider any possible effect of such a change on the suitability of that director&#146;s continued service as a member of the board. This
procedure also states that directors are expected to tender their resignation upon a change in their principal occupation, which only becomes effective when it is accepted by the board upon the recommendation of the Corporate Governance Committee.
</font>
</P>
<P align="left">
<font size="2">BCE Inc.&#146;s conflict of interest guidelines for directors set out how conflict situations will be managed during a board meeting. If a director is deemed to have a conflict of interest because of an interest in a party to a proposed contract or
transaction with BCE, then a specific &#147;declaration of interest&#148; is noted in the minutes of the meeting. As well, the conflicted director must abstain from voting on the matter. Depending on circumstances, the director may also withdraw
from the meeting while the board deliberates. This procedure is followed on an &#147;as-required&#148; basis.
</font> </P>
<P align="left">
<B>Orientation and Continuing Education </B></P>
<P align="left">
<font size="2">New directors are given the opportunity to individually meet with members of senior management to aid in their understanding of BCE&#146;s business. The Corporate Governance Committee assists new directors in becoming acquainted with BCE and its
governance processes and encourages continuing education opportunities for all members of the board.
</font> </P>
<P align="left">
<font size="2">All directors have regular access to senior management to discuss board presentations and other matters of interest. We also provide directors with a comprehensive reference manual containing information about our various businesses and special
legislation affecting us and our investments. The reference manual also covers the structure and responsibilities of the board and its committees, the legal duties and liabilities of directors, BCE Inc.&#146;s articles and by-laws, Statement of
Corporate Governance Principles &amp; Guidelines and other significant policies.
</font> </P>
<P align="left">
<font size="2">The board adopted guidelines with respect to directors&#146; attendance at external continuing education programs under which BCE Inc. reimburses the costs of attendance. In recognition of the rapidly
</font> </P>
<P align="right">
<font size="2">page 54</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">changing technology and competitive environment in our business, the board from time to time at regularly scheduled meetings requires management to provide an in-depth review of the business segments in which we operate, as well as our industry in
general. </font> </P>
<P align="left">
<B>Board of Directors Assessments </B></P>
<P align="left">
<font size="2">As part of its charter, the Corporate Governance Committee develops and oversees a process to enable each director to assess the effectiveness and performance of the board and its Chair, the board committees and their respective Chairs and
themselves as a member of the board. The assessment process is conducted through one-on-one meetings. Each director meets first with the Chair of the board to discuss their assessment of the performance of the board as a whole, the performance of
each board committee on which they serve, the Corporate Governance Committee Chair (if they serve on the Corporate Governance Committee), and their own performance as a member of the board. Next, each director meets with the Chair of the Corporate
Governance Committee to discuss the performance of the Chair of the board and the Chair of each committee (other than the Corporate Governance Committee Chair) on which they serve. To facilitate these meetings, a written guide (approved by the
Corporate Governance Committee) is given to each member of the board for their review and use in preparing for these meetings. The guide includes suggestions for topics and questions for discussion at the meetings, including (among others) the
board&#146;s responsibilities, its relationship with management, its operations and its composition, committee structure and operations, and materials prepared for board and committee meetings and timeliness of delivery of meeting materials to
directors. Following the one-on-one meetings, an in camera session of the board is held at which the board discusses and reviews feedback from the one-on-one meetings and considers the appropriateness of any modifications or enhancements to the
effective performance of the board, its committees, the Chair of the board, the respective Chairs of the board committees and individual directors.
</font> </P>
<P align="right">
<font size="2">page 55</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<B><U>COMMITTEES OF THE BOARD OF DIRECTORS</U> </B></P>
<P align="left">
<font size="2">There are four standing committees of the board: the Audit Committee, the Corporate Governance Committee, the Management Resources and Compensation Committee and the Pension Fund Committee. It is BCE Inc.&#146;s policy that each of the Audit
Committee, the Management Resources and Compensation Committee and the Corporate Governance Committee must be comprised solely of independent directors. As well, none of the members of the Audit Committee has directly or indirectly accepted any
consulting, advisory or other compensatory fee from BCE, other than ordinary director fees. The board has concluded that all of the Audit Committee members are independent under the more stringent audit committee independence tests under
Multilateral Instrument 52-110 &#150; <I>Audit Committee</I> and the New York Stock Exchange governance rules.
</font> </P>
<TABLE border=0 width=100% style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=center width="25%">
<B><FONT size=2>All Members</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>Committee</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>Members</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>Independent?</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>Number of Meetings Held in 2007</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>Audit </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>T.C. O&#146;Neill (Chair) </FONT>
	</TD>
	<TD align=center width="25%" bgcolor="#C0C0C0">
<FONT size=2>Yes </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>6 (including 1 special meeting) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>A. B&eacute;rard </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>A.S. Fell </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>J. Maxwell </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>V.L. Young </FONT>
	</TD>
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>Corporate Governance </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>D. Soble Kaufman (Chair) </FONT>
	</TD>
	<TD align=center width="25%" bgcolor="#C0C0C0">
<FONT size=2>Yes </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>7 (including 3 special meetings) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>A. B&eacute;rard </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>E.C. Lumley </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>J.H. McArthur </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>J.A. Pattison </FONT>
	</TD>
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>Management Resources and </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>R.J. Currie (Chair) </FONT>
	</TD>
	<TD align=center width="25%" bgcolor="#C0C0C0">
<FONT size=2>Yes </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>6 (including 2 special meetings) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>Compensation </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>R.A. Brenneman </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>A.S. Fell </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>J.H. McArthur </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>R.C. Pozen </FONT>
	</TD>
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>Pension Fund </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>R.C. Pozen (Chair) </FONT>
	</TD>
	<TD align=center width="25%" bgcolor="#C0C0C0">
<FONT size=2>Yes </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>4 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>R.A. Brenneman </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>B.M. Levitt </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>P.M. Tellier </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>V.L. Young </FONT>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="25%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font size="2">The complete charter of each board committee can be found in the governance section of BCE Inc.&#146;s website at www.bce.ca and the Audit Committee charter is attached as Schedule 1B to this annual information form. As well, the position
description of the committee Chairs is detailed in the corresponding committee charter. At each regularly scheduled board meeting, each committee of the board of directors, through the committee Chair, provides a report to the board on its
activities.</font></P>
<P align="left">
<B>Audit Committee </B></P>
<P align="left">
<font size="2">The purpose of the Audit Committee is to assist the board in its oversight of:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the integrity of BCE Inc.&#146;s financial statements and related information
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">BCE Inc.&#146;s compliance with applicable legal and regulatory requirements
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the independence, qualifications and appointment of the external auditor
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the performance of both the external and internal auditors
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">BCE Inc.&#146;s management&#146;s responsibility for reporting on internal controls and risk management.
	</font></P></li>
</ul>
<P align="left">
<I><font size="2">Members&#146; Financial Literacy, Expertise and Simultaneous Service
</font> </I></P>
<P align="left">
<font size="2">Under the <I>Sarbanes-Oxley Act</I> and related United States Securities and Exchange Commission rules and New York Stock Exchange governance rules, BCE Inc. is required to disclose whether its Audit Committee members include at least one
&#147;audit committee financial expert,&#148; as defined by these rules. In addition, Multilateral Instrument 52-110 &#150; <I>Audit Committees</I> and the New York Stock Exchange governance rules require that all audit committee members be
financially literate. </font> </P>
<P align="right">
<font size="2">page 56</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">The board has determined that all the members of the Audit Committee are financially literate and that at least one of the members of the Audit Committee, being the Chair of the Audit Committee, Mr. T.C. O&#146;Neill, is qualified as an &#147;audit
committee financial expert.&#148; The table below indicates the relevant education and experience of all the Audit Committee members.
</font> </P>
<P align="left">
<I>Relevant Education and Experience </I></P>
<table border="1" width="100%" cellspacing="0" cellpadding="2" style="border-collapse: collapse" bordercolor="#000000">
	<tr>
		<td width="20%" align="left" valign="top">
<I><font size="2">T.C. O&#146;Neill &#150; Chair</font></I></td>
		<td width="80%" align="left" valign="top">
<font size="2">Mr. O&#146;Neill has been a director on the BCE Inc. board since January 2003. He is also Chair of the Audit Committee. He was Chairman and Chief Executive Officer of Price Waterhouse Canada from 1996 to 1998. He was Chief Executive Officer of
PricewaterhouseCoopers LLP in Canada from 1998 to 2001 and was Chief Operating Officer of PricewaterhouseCoopers LLP Global Organization from 2000 until January 2002. He also served as Chief Executive Officer of PricewaterhouseCoopers Consulting
from January 2002 to May 2002 and then as Chairman of the Board until October 2002. A graduate of Queen&#146;s University, Mr. O&#146;Neill received his CA designation in 1970 and was awarded the FCA designation in 1988.
</font> </td>
	</tr>
	<tr>
		<td width="20%" align="left" valign="top">
<I><font size="2">A. B&eacute;rard </font> </I></td>
		<td width="80%" align="left" valign="top">
<P align="left">
<font size="2">Mr. B&eacute;rard has been a director on the BCE Inc. board since January 2003. He previously served as Chief Executive Officer of the National Bank of Canada from September 1990 to March 2002. He also served as Chairman of the Board at the National
Bank of Canada from September 1990 to March 2004. Mr. B&eacute;rard holds a Fellow&#146;s Diploma from the Institute of Canadian Bankers and was Chairman of the Executive Council of the Canadian Bankers&#146; Association from 1986 to 1988.
</font> </P></td>
	</tr>
	<tr>
		<td width="20%" align="left" valign="top">
<P align="left">
<I><font size="2">A.S. Fell </font> </I></P></td>
		<td width="80%" align="left" valign="top">
<P align="left">
<font size="2">Mr. Fell has been a director on the BCE Inc. board since January 2002. He was Chairman of the Board at RBC Dominion Securities Limited from December 1999 until December 2007. Mr. Fell was also previously the Chairman of the Board and Chief Executive
Officer of RBC Dominion Securities Limited from 1992 to December 1999. He is also a director and Chair of the Board of Munich Reinsurance Corporation of Canada. He was also, until June 2005, Chairman of the University Health Network Trustees.
</font> </P></td>
	</tr>
	<tr>
		<td width="20%" align="left" valign="top">
<P align="left">
<I><font size="2">J. Maxwell </font> </I></P></td>
		<td width="80%" align="left" valign="top">
<P align="left">
<font size="2">Ms. Maxwell has been a director on the BCE Inc. board since January 2000. She is currently a research fellow of the Canadian Policy Research Networks Inc. since January 2006 and served as President from 1995 until January 2006. Prior to this
appointment, she was Associate Director of the School of Political Studies at Queen&#146;s University. She acted as Chair of the Economic Council of Canada from 1985 to 1992. Prior to 1985, Ms. Maxwell worked as a consultant and as Director of
Policy Studies at the C.D. Howe Institute. </font> </P></td>
	</tr>
	<tr>
		<td width="20%" align="left" valign="top">
<P align="left">
<I><font size="2">V.L. Young </font> </I></P>
		<p>&nbsp;</td>
		<td width="80%" align="left" valign="top">
<P align="left">
<font size="2">Mr. Young has been a director on the BCE Inc. board since May 1995. He was Chairman and Chief Executive Officer of Fishery Products International Limited from 1984 until May 2001, earning the distinction of CEO of the Year from the Financial Times
in 1994. He also served as Deputy Minister of the Treasury Board and special advisor to the Premier of Newfoundland and Labrador, as well as Chief Executive Officer of Newfoundland Hydro. Mr. Young holds an MBA from the University of Western
Ontario. </font> </P></td>
	</tr>
</table>
<P align="right">
<font size="2">page 57</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">The New York Stock Exchange governance rules require that if an audit committee member serves simultaneously on the audit committee of more than three public companies, the board of directors must determine and disclose that this simultaneous
service does not impair the ability of the member to effectively serve on the audit committee. In addition to serving on BCE Inc.&#146;s Audit Committee, the following Audit Committee members currently serve on the audit committees of the following
public companies: Mr. B&eacute;rard &#151; Bombardier Inc., Groupe BMTC Inc. and TransForce Inc. and Mr. O&#146;Neill &#151; Nexen Inc., Adecco, S.A., and Loblaw Companies Limited. The board has carefully reviewed the audit committee service of each
of Mr. B&eacute;rard and Mr. O&#146;Neill and has concluded in each case that these other activities do not impair their ability to effectively serve on BCE Inc.&#146;s Audit Committee. This conclusion is based on the following: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">each is
retired and is not involved in professional activities other than sitting on various public corporations&#146; boards of directors and audit committees
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">each has extensive accounting and financial knowledge and experience, which serves the
best interests of BCE Inc. </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">each makes valuable contributions to BCE Inc.&#146;s Audit Committee.
	</font></P></li>
</ul>
<P align="left">
<I>External Auditor&#146;s Fees</I></P>
<P align="left">
<font size="2">The table below shows the fees that Deloitte &amp; Touche LLP billed to BCE Inc. and its subsidiaries for various services for each year in the past two fiscal years.
</font> </P>
<TABLE border=0 width=100% style="border-collapse: collapse" bordercolor="#000000">
<TR valign="bottom">
	<TD align=left width="34%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=center width="33%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>2007</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="33%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>2006</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=center width="33%" style="border-bottom: 2px solid #000000; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px">
<B><FONT size=2>(in &#36; millions)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="33%" style="border-bottom: 2px solid #000000; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px">
<B><FONT size=2>(in &#36; millions)</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="33%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=center width="33%" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=2>Audit fees </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=center width="33%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=2>16.2 </FONT>
	</TD>
	<TD align=center width="33%" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=2>13.6 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=2>Audit-related fees </FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=center width="33%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=2>3.8 </FONT>
	</TD>
	<TD align=center width="33%" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=2>5.2 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=2>Tax fees </FONT><SUP><FONT size=2>(3)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=center width="33%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=2>0.8 </FONT>
	</TD>
	<TD align=center width="33%" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=2>0.9 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=2>Other fees </FONT><SUP><FONT size=2>(4)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=center width="33%" style="border-bottom: 2px solid #000000; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px">
<FONT size=2>&#151; </FONT>
	</TD>
	<TD align=center width="33%" style="border-bottom: 2px solid #000000; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px">
<FONT size=2>&#151; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<B><FONT size=2>Total</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="33%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=2>20.8</FONT><SUP><FONT size=2>(5)</FONT></SUP><font size="2"> </font>
	</TD>
	<TD align=center width="33%" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px">
<FONT size=2>19.7</FONT><SUP><FONT size=2>(5)</FONT></SUP><font size="2"> </font>
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td colspan="2" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">&nbsp;</td>
		<td width="85%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">(1)

</font> </td>
		<td colspan="2" valign="top">
<P align="left">
<font size="2">These fees include professional services provided by the external auditors for the review of the interim financial statements, statutory audits of the annual financial statements, the audit of the effectiveness of internal control over financial
reporting, the review of prospectuses, the review of financial accounting and reporting matters, other regulatory audits and filings and translation services.

<br>
&nbsp;</font></P> </td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">(2)</font></td>
		<td colspan="2" valign="top">
<P align="left">
<font size="2">These fees relate to non-statutory audits, due diligence, pension plan audits and the review of financial accounting and reporting matters.
<br>
&nbsp;</font></P> </td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">(3)</font></td>
		<td colspan="2" valign="top">
<P align="left">
<font size="2">&nbsp;These fees include professional services for tax compliance, tax advice and assistance with tax audits and appeals.
<br>
&nbsp;</font></P> </td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">(4)
</font> </td>
		<td colspan="2" valign="top">
<P align="left">
<font size="2">These fees include any other fees for permitted services not included in any of the above-stated categories. No such services were provided in the last two fiscal years.
<br>
&nbsp;</font></P> </td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">(5) </font> </td>
		<td colspan="2" valign="top">
<P align="left">
<font size="2">The amounts of &#36;20.8 million for 2007 and &#36;19.7 million for 2006 reflect fees billed in those fiscal years without taking into account the year to which those services relate. However, total fees for services provided for each fiscal
year amounted to &#36;13.5 million in 2007 and &#36;26.7 million in 2006. </font> </P> </td>
	</tr>
</table>
<P align="left">
<B>Corporate Governance Committee </B></P>
<P align="left">
<font size="2">The purpose of the Corporate Governance Committee is to assist the board in:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">developing and implementing BCE Inc.&#146;s corporate governance guidelines
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">identifying individuals qualified to become members of the board
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">determining the composition of the board and its committees
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">determining the directors&#146; remuneration for board and committee service
	</font></P></li>
</ul>
<P align="right"><font size="2">page 58</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">developing and overseeing a process to assess the Chair of the board, the board, committees of the board, Chairs of committees, and individual directors
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">reviewing and recommending for board approval BCE Inc.&#146;s policies concerning
business conduct, ethics, public disclosure of material information and other matters.
	</font></P></li>
</ul>
<P align="left">
<I>Directors&#146; Compensation&nbsp; </I></P>
<P align="left">
<font size="2">The Privatization will affect the compensation of our directors in a manner that may differ from the following discussion. See <I>Interest of Management and Others in Material Transactions</I> for a discussion of the treatment of deferred share
units and compensation of the members of the Strategic Oversight Committee in connection with the Privatization.
</font> </P>
<P align="left">
<font size="2">In designing a compensation program for non-management directors, the objective is to ensure that BCE Inc. attracts and retains highly qualified, committed and talented members of the board, with an extensive and relevant breadth of experience, as
well as to align the interests of directors with those of its shareholders.
</font> </P>
<P align="left">
<font size="2">The board sets the compensation of non-management directors based on the Corporate Governance Committee&#146;s recommendations. The Corporate Governance Committee regularly reviews the compensation of non-management directors and recommends to the
board such adjustments as it considers appropriate and necessary to recognize the workload, time commitment and responsibility of the board and committee members and to remain competitive with director compensation trends in North America. Any
director who is also an employee of BCE Inc. or any of its subsidiaries does not receive any compensation as a director.
</font> </P>
<P align="left">
<font size="2">The Corporate Governance Committee adopted parameters for the setting of non-management director remuneration which are based on a comparator group which is substantially the same as the applicable publicly traded companies included in the peer
group of comparator companies (Canadian and U.S.) that is used by the Management Resources and Compensation Committee to benchmark its executive compensation policy. Within such comparator group, the total compensation of non-management directors is
positioned at the same level as our executive compensation (see <I>Executive Compensation &#151; Total Compensation</I>).
</font> </P>
<P align="left">
<I>Annual Compensation </I></P>
<P align="left">
<font size="2">Directors receive an annual flat fee and do not receive additional retainers or attendance fees. The annual fee for each position is paid on a quarterly basis. The annual fees established for 2007 are set out below. During 2007, directors were
entitled to elect to receive their annual 2007 fees in cash or in the form of deferred share units (see <I>Directors&#146; Share Unit Plan</I>).
</font> </P>
<I>
<div align="center">
<TABLE border=0 width="50%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width=90% colspan="2" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>Position</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width=9% style="border-style: solid; border-width: 1px" bordercolor="#000000">
<B><FONT size=2>Annual Fee</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="2%" valign="top" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font face="Times New Roman" size="2">&#149;</font><FONT size=2>&nbsp; </FONT>
	</TD>
	<TD align=left width="45%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>Non-management directors who live in Canada</FONT></TD>
	<TD align=right width=9% valign="top" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>&#36;150,000 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="2%" valign="top" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font face="Times New Roman" size="2">&#149;</font></TD>
	<TD align=left width="45%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>Two non-management directors who live outside of Canada and who were members of the board when the annual flat fee arrangement was approved in November 2002 (Mr. J.H. McArthur and Mr. R.C. Pozen) </FONT>
	</TD>
	<TD align=right width=9% valign="top" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>US&#36;150,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center width="2%" valign="top" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font face="Times New Roman" size="2">&#149;</font></TD>
	<TD align=left width="45%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>Chair of the board, who also currently serves as Chair of the Board of Bell Canada with no additional compensation </FONT>
	</TD>
	<TD align=right width=9% valign="top" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>&#36;300,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center width="2%" valign="top" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font face="Times New Roman" size="2">&#149;</font></TD>
	<TD align=left width="45%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>Chair of the Audit Committee </FONT>
	</TD>
	<TD align=right width=9% valign="top" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>&#36;225,000 </FONT>
	</TD>
</TR>
</TABLE></div>
&nbsp;</i><p align="right"><font size="2">page 59</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<i>Directors&#146; Share Unit Plan</i> </P>

<P align="left">
<font size="2">During 2007 directors were entitled to elect to receive their annual 2007 fees in the form of deferred share units under the Share Unit Plan for Non-Employee Directors (1997). Considering the Privatization, the board determined that effective
January 1, 2008, all directors&#146; annual 2008 fees are payable solely in cash.
</font> </P>
<P align="left">
<font size="2">Each director has an account where deferred share units are credited and held until the director leaves the board. The number of deferred share units credited to each
director&#146;s account is calculated by dividing the amount of the quarterly fee payment by the common share price on the day the credit is made.
</font> </P>
<P align="left">
<font size="2">Holders of deferred share units are credited additional units that are equal to the dividends declared on BCE Inc.&#146;s common shares. Additional deferred share units are credited to each non-management director&#146;s account on each dividend
payment date. The number of deferred share units is calculated using the same rate as the dividends paid on the common shares.
</font> </P>
<P align="left">
<font size="2">When a director retires from the board, BCE Inc. will buy the same number of common shares on the open market as the number of deferred share units the director holds in the Share Unit Plan for Non-Employee Directors (1997), after deducting
appropriate taxes. These shares are then delivered to the former director.
</font> </P>
<P align="left">
<I>Compensation of Directors of Subsidiary Boards of Directors
</I></P>
<P align="left">
<font size="2">The directors&#146; annual flat fee also compensates non-management directors for their services as directors of subsidiaries whose common shares or units are not publicly traded, including Bell Canada. BCE Inc. directors who sit on boards of
directors of subsidiaries whose common shares or units are publicly traded may also receive compensation from such publicly traded subsidiaries.
</font> </P>
<P align="left">
<I>Minimum Share Ownership Requirement </I></P>
<P align="left">
<font size="2">The board has established a minimum share ownership requirement for non-management directors under which each such director must own at least 10,000 shares or deferred share units. They must meet this requirement within five years of first being
elected to the board or November 26, 2002 (when this requirement was adopted), whichever is later. As of the date of this annual information form, all non-management directors had previously met this minimum share ownership requirement.
</font> </P>
<P align="left">
<B>Management Resources and Compensation Committee </B></P>
<P align="left">
<font size="2">The purpose of the Management Resources and Compensation Committee is:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">to assist the board in its oversight responsibilities concerning compensation, nomination, evaluation, and succession of officers and other management personnel
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">to oversee BCE Inc.&#146;s health and safety policies and practices.
	</font></P></li>
</ul>
<P align="left">
<I>Composition of the Management Resources and Compensation Committee

</I></P>
<P align="left">
<font size="2">The Management Resources and Compensation Committee is currently made up of five independent directors: Mr. R.J. Currie (Chair), Mr. R.A. Brenneman, Mr. A.S. Fell, Mr. J.H. McArthur and Mr. R.C. Pozen.
</font> </P>
<P align="left">
<font size="2">The members of the Management Resources and Compensation Committee have certain interests in connection with the Privatization. For more information, see <I>Interest of Management and Others in Material Transactions</I>.</font><I><font size="2">
</font> </I></P>
<i>Compensation Advice</i>
<P align="left">
<font size="2">In 2007, BCE Inc. and Bell Canada retained the firms of Towers Perrin and Hewitt Associates to provide expertise and advice in connection with the compensation market review for our executive positions. Towers Perrin also provided expertise and
advice on the design of executive compensation programs and policies. BCE Inc. and Bell Canada paid a total of &#36;36,000 to Towers Perrin and &#36;79,479 to Hewitt
</font> </P>
<P align="right">
<font size="2">page 60</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">Associates for services rendered. Towers Perrin was also used to provide advice on specific compensation issues for other management personnel. BCE Inc. and Bell Canada also retained the services of Exequity, LLP to provide expertise and advice on
various human resources matters mainly in connection with the Privatization, such as the design of a retention policy and a change in control severance policy. BCE Inc. and Bell Canada paid a total of US&#36;61,745 to Exequity, LLP for services
rendered in 2007. </font> </P>
<P align="left">
<I>Compensation of Officers&nbsp; </I></P>
<P align="left">
<font size="2">Please see <I>Officers&#146; Compensation</I> for information on the compensation of BCE Inc.&#146;s President and Chief Executive Officer, BCE Inc.&#146;s Chief Financial Officer and other officers, and on details of the process by which the board
determines the compensation of officers based on the recommendations of the Management Resources and Compensation Committee.
</font> </P>
<P align="left">
<B>Pension Fund Committee </B></P>
<P align="left">
<font size="2">The purpose of the Pension Fund Committee is to assist the board in its oversight responsibilities related to:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the administration, funding and investment of BCE Inc.&#146;s pension plans and fund
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the unitized pooled fund sponsored by
BCE Inc. for the collective investment of the fund and the participant subsidiaries&#146; pension funds.
	</font></P></li>
</ul>
<P align="left">
<B><U>CHIEF EXECUTIVE OFFICER</U> </B></P>
<P align="left">
<font size="2">BCE Inc.&#146;s Chief Executive Officer has primary responsibility for the management of the business and affairs of BCE Inc. As such, the Chief Executive Officer, subject to the board&#146;s approval, develops BCE Inc.&#146;s strategic and
operational orientation. In so doing, the Chief Executive Officer provides leadership and vision for the effective overall management, profitability and growth of BCE Inc., and for increasing shareholder value and ensuring compliance with policies
adopted by the board. The Chief Executive Officer is directly accountable to the board for all of BCE Inc.&#146;s activities. The board approved a written position description for the Chief Executive Officer, a copy of which is attached at Schedule
1C to this annual information form and is also available in the governance section of BCE Inc.&#146;s website at www.bce.ca.
</font> </P>
<P align="left">
<B><U>ETHICAL BUSINESS CONDUCT</U> </B></P>
<P align="left">
<font size="2">We have an Ethics and Policy Management Group which provides regular reports to the Corporate Governance Committee and the Audit Committee. This group was formed to strengthen our governance practices, our ethics program and our oversight of
corporate policies across BCE. </font> </P>
<P align="left">
<font size="2">The Ethics and Policy Management Group has responsibility, among others, for:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the oversight of BCE&#146;s ethics program, including the Code of Business Conduct and ethics training
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">our anonymous 24/7 Employee Help Line that assists employees with any ethical issues
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">our complaint tool allowing for
anonymous reporting of issues relating to questionable accounting, internal controls, auditing matters or corporate fraud
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the oversight of BCE&#146;s corporate policy management framework designed to improve employee awareness and access to
some of the core corporate policies and business unit-specific practices, processes and procedures.
	</font></P></li>
</ul>
<P align="left">
<B>Corporate Policies </B></P>
<P align="left">
<font size="2">The most significant corporate-wide policies with respect to business ethics are the Code of Business Conduct, the Complaint Procedures for Accounting and Auditing Matters, the Disclosure Policy and the Auditor Independence Policy. These policies
are available in the governance section of BCE Inc.&#146;s website at
www.bce.ca.
</font> </P>
<P align="right">
<font size="2">page 61</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<I>Code of Business Conduct  </I></P>
<P align="left">
<font size="2">Our Code of Business Conduct provides various rules and guidelines for ethical behaviour based on BCE&#146;s values, applicable laws and regulations and corporate policies. The Code of Business Conduct applies to all employees, officers and
directors. In recognition of the important role of the directors and senior management personnel in demonstrating their commitment to and support of BCE&#146;s ethics program, as embodied in the values and rules set out in the Code of Business
Conduct, the board requires all directors, officers and vice-presidents to certify annually their compliance with the Code of Business Conduct. This certification also confirms their express support for the setting of standards to discourage
wrongdoing and to promote honest and ethical conduct throughout the organization.
</font> </P>
<P align="left">
<font size="2">Our shareholders, customers and suppliers expect honest and ethical conduct in all aspects of our business. Accordingly, we require that employees, officers and directors certify annually that they have reviewed and understood the Code of Business
Conduct. In addition, all new employees are required to complete an online training course on the Code of Business Conduct within the first few weeks of being hired.
</font> </P>
<P align="left">
<font size="2">Employees must also report to their manager any real or potential conflict of interest and, as required, provide written disclosure of such conflict to the Ethics and Policy Management Group. The Ethics and Policy Management Group is responsible for
managing conflict of interest issues of employees. In addition to the requirements to comply with the conflict of interest guidelines and procedures set out in the Code of Business Conduct applicable to employees, all officers and vice-presidents
are required to disclose to the Ethics and Policy Management Group any potential or actual conflicts of interest. Any actual or potential conflict of interest is resolved by the Ethics and Policy Management Group or the Chief Legal Officer.
</font> </P>
<P align="left">
<font size="2">BCE Inc. considers it vital that employees have the most effective tools to pose questions or raise issues concerning any ethical dilemma. Our Employee Help Line can be accessed either by telephone or online on a completely anonymous and
confidential 24/7 basis, to pose questions or report concerns relating to issues under the Code of Business Conduct. The system is administered by an independent outside firm specializing in the field. Our new support system also provides employees
a means to track the progress of their enquiries online, responds to requests for additional information (when required) and provides BCE with an auditable record of issues raised.
</font> </P>
<P align="left">
<I>Complaint Procedures for Accounting and Auditing Matters
</I></P>
<P align="left">
<font size="2">The Audit Committee established procedures for receiving, filing and handling complaints that BCE Inc. or any of its subsidiaries might receive about:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">accounting, internal accounting control or auditing matters
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">evidence of an activity
that may constitute corporate fraud, violation of federal or provincial laws, or misappropriation of property that belongs to BCE Inc. or any of its subsidiaries, if such activity is deemed material by the Chief Legal Officer.
	</font></P></li>
</ul>
<P align="left">
<font size="2">The Audit Committee also established &#147;whistleblowing&#148; procedures for confidentially and anonymously submitting concerns from employees about questionable accounting or auditing matters. To this end, BCE developed an internal online web
tool that allows all employees to report questionable accounting and auditing practices in complete confidence. This is in addition to the other means of communication available to our employees, such as an Employee Help Line which can be accessed
either by telephone or online on a completely anonymous and confidential 24/7 basis.


</font> </P>
<P align="left">
<I>Disclosure Policy </I></P>
<P align="left">
<font size="2">The board periodically approves policies for communicating with our various stakeholders, including shareholders, employees, financial analysts, governments and regulatory authorities, the media and the Canadian and international communities. The
disclosure policy was adopted to govern our </font> </P>
<P align="right">
<font size="2">page 62</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">communications to the investment community, the media and the general public. This policy was designed to assist us in ensuring that our communications are timely, accurate and broadly disseminated according to the laws that apply to us. Among
others, the policy establishes guidelines for the verification of the accuracy and completeness of information disclosed publicly and the &#147;principles of disclosure&#148; with respect to material information, news releases, conference calls and
webcasts, electronic communications and rumours. All officers and vice-presidents are required to certify annually their compliance with the disclosure policy.
</font> </P>
<P align="left">
<I>Auditor Independence Policy    </I></P>
<P align="left">
<font size="2">BCE Inc.&#146;s Auditor Independence Policy is a comprehensive policy governing all aspects of BCE Inc.&#146;s relationship with its external auditors, including:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">establishing a process for determining whether various audit and other services
provided by the external auditors affect their independence </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">identifying the services that the external auditors may and may not provide to BCE.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">pre-approving all services to be provided by the external auditors of BCE.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">establishing a process outlining procedures when hiring current or former personnel of the external auditors in a financial oversight role to ensure auditor independence is maintained.
	</font></P></li>
</ul>
<P align="left">
<B>Oversight and Reports<font size="2"> </font> </B></P>
<P align="left">
<font size="2">The board is responsible for ensuring that BCE&#146;s management creates and supports a culture in which ethical business conduct is recognized, valued and exemplified throughout the organization. The board must also satisfy itself as to the
integrity of the Chief Executive Officer, other corporate officers and senior management. Both the Corporate Governance Committee and the Audit Committee support the board in its oversight of BCE&#146;s ethics program. The Corporate Governance
Committee has the responsibility for the content of the policies discussed above, while the Audit Committee has the oversight responsibility for compliance with these policies.
</font> </P>
<P align="left">
<font size="2">The Audit Committee receives a quarterly report prepared by the Ethics and Policy Management Group on the number, nature and scope of issues raised under the Code of Business Conduct and provides details of the complaints received in respect of
accounting and auditing matters. This report also details the status of investigations and any follow-up action required. In addition, the Ethics and Policy Management Group provides an annual report to the Audit Committee identifying the officers
and vice-presidents who have signed their annual certification statement under the Code of Business Conduct.
</font> </P>
<P align="left">
<font size="2">The Chair of the Audit Committee is notified by either the Chief Legal Officer or internal audit of any complaints that relate to
accounting, internal controls, auditing matters or corporate fraud. The results of any investigation or follow-up action are provided to the Audit Committee.
</font> </P>
<P align="right">
<font size="2">Page 63</font></P>

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<P align="center">
&nbsp;</P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center"><B>SCHEDULE 1A &#151; BOARD MANDATE
		</B>
		</td>
	</tr>
</table>
<P align="center">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" align="left" valign="top"><B><font size="2">I.</font></B></td>
		<td width="98%" colspan="4" align="left" valign="top"><B><font size="2">Purpose
		<br>
&nbsp;</font></B></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="98%" colspan="4" align="left" valign="top">
<P align="left">
<font size="2">The Board of Directors (&#147;Board&#148;) of BCE Inc. (the &#147;Corporation&#148;)
is responsible for the supervision of the management of the business and affairs
of the Corporation. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<B><font size="2">II.</font></B></td>
		<td width="98%" colspan="4" align="left" valign="top"><B><font size="2">Duties and Responsibilities of the Board<br>
&nbsp;</font></B></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="98%" colspan="4" align="left" valign="top">
<P align="left">
<font size="2">In furtherance of its purpose, the Board assumes the following duties and responsibilities, some of which are initially reviewed and recommended by the applicable Committee of the Board to the full Board for approval:
<br>
&nbsp;</font></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<B><font size="2">A.</font></B></td>
		<td width="96%" colspan="3" align="left" valign="top"><B><font size="2">Strategy and budget
		<br>
&nbsp;</font></B></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">1.</font></td>
		<td width="94%" colspan="2" align="left" valign="top">
<P align="left">
<font size="2">Ensuring a strategic planning process is in place and approving, on at least an annual basis, a Business Plan which takes into account, among other things, the longer term opportunities and risks of the business;
<br>
&nbsp;</font></P>
		</td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">2.</font></td>
		<td width="94%" align="left" valign="top" colspan="2"><font size="2">Approving the Corporation&#146;s annual operating and capital budgets;
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">3.</font></td>
		<td width="94%" align="left" valign="top" colspan="2">
<font size="2">Reviewing operating and financial performance results in relation to the Corporation&#146;s Business Plan and budgets;
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top"><b><font size="2">B.</font></b></td>
		<td width="96%" align="left" valign="top" colspan="3"><font size="2"> <B>Governance<br>
&nbsp;</B></font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">1.</font></td>
		<td width="94%" align="left" valign="top" colspan="2"><font size="2">Developing the Corporation&#146;s approach to, and disclosure of, corporate governance practices, including developing a &#147;Statement of Corporate Governance Principles and Guidelines&#148; setting out the Board&#146;s expectations and
responsibilities of individual Directors, including with respect to attendance at meetings of the Board and of committees of the Board and the commitment of time and energy expected;
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">2.</font></td>
		<td width="94%" align="left" valign="top" colspan="2"><font size="2">Approving the nomination of Directors to the Board, as well as:
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">a.</font></td>
		<td width="92%" align="left" valign="top"><font size="2">ensuring that a majority of the Corporation&#146;s Directors have no direct or indirect material relationship with the Corporation and determine who, in the reasonable opinion of the Board, are independent pursuant to applicable legislation,
regulation and listing requirements; <br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">b.</font></td>
		<td width="92%" align="left" valign="top"><font size="2">developing appropriate qualifications/criteria for the selection of Board members, including criteria for determining Director independence;<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">c.</font></td>
		<td width="92%" align="left" valign="top">
<P align="left">
<font size="2">appointing the Board Chair and the Chair and members of each Committee of the Board, in consultation with the relevant Committee of the Board;
</font><br>
&nbsp;</P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">3.</font></td>
		<td width="94%" align="left" valign="top" colspan="2"><font size="2">Determining who among the members of the Audit Committee of the Board qualify as an Audit Committee Financial Expert, pursuant to applicable legislation, regulation and listing requirements;
</font> </td>
	</tr>
</table>
<P align="right">
<font size="2"><B> &nbsp;</B>&nbsp; Page 64</font></P>

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<P align="left">
<font size="2">&nbsp;</font></P>

<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top"><font size="2">4.</font></td>
		<td width="94%" colspan="2" align="left" valign="top"><font size="2">Providing an orientation program for new Directors to the Board and continuing education opportunities for all Directors;<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">5.
</font> </td>
		<td width="94%" align="left" valign="top" colspan="2"><font size="2">Assessing annually the effectiveness and contribution of the Board and the Board Chair, of each Committee of the Board and their respective Chairs and of individual Directors;
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">6.
</font> </td>
		<td width="94%" align="left" valign="top" colspan="2"><font size="2">Developing written position descriptions for the Board Chair and the Chair of each Committee of the Board;
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<B><font size="2">C.</font></B></td>
		<td width="96%" align="left" valign="top" colspan="3"><B><font size="2">Chief Executive Officer, Officers and Compensation and Benefits Policies
		<br>
&nbsp;</font></B></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">1.</font></td>
		<td width="94%" align="left" valign="top" colspan="2"><font size="2">Appointing the Chief Executive Officer and all other Officers of the Corporation;
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">2.</font></td>
		<td width="94%" align="left" valign="top" colspan="2"><font size="2">Together with the Chief Executive Officer, developing a written position description for the role of the Chief Executive Officer;<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">3.
</font> </td>
		<td width="94%" align="left" valign="top" colspan="2">
<P align="left">
<font size="2">Developing the corporate goals and objectives that the Chief Executive Officer is responsible for meeting and reviewing the performance of the Chief Executive Officer against such corporate goals and objectives;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">4.
</font> </td>
		<td width="94%" align="left" valign="top" colspan="2">
<P align="left">
<font size="2">Approving the Corporation&#146;s compensation policy for Directors;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">5.
</font>
		</td>
		<td width="94%" align="left" valign="top" colspan="2">
<P align="left">
<font size="2">Approving the Corporation&#146;s compensation and benefits (including pension plans) policy or any changes thereto for Officers and approving, by the independent Directors, all forms of compensation for the Chief Executive Officer, as well as:
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">a.</font></td>
		<td width="92%" align="left" valign="top">
<P align="left">
<font size="2">monitoring and reviewing, as appropriate, the administration,
funding and investment of the Corporation&#146;s pension plans; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">b.</font></td>
		<td width="92%" align="left" valign="top">
<P align="left">
<font size="2">appointing, or removing, the custodian, trustee, or investment
manager(s) for the Corporation&#146;s pension plans and fund(s); <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">6. </font></td>
		<td width="94%" align="left" valign="top" colspan="2">
<P align="left">
<font size="2">Satisfying itself as to the integrity of the Chief Executive Officer, other Officers and senior management personnel and that the Chief Executive Officer, other Officers and senior management personnel create a culture of integrity throughout the
organization; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">7.</font></td>
		<td width="94%" align="left" valign="top" colspan="2">
<P align="left">
<font size="2">Providing stewardship in respect of succession planning, including the appointment, training and monitoring of the Chief Executive Officer, other Officers and senior management personnel;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<B><font size="2">D.</font></B></td>
		<td width="96%" align="left" valign="top" colspan="3">
<P align="left">
<B><font size="2">Risk Management, Capital Management and Internal Controls
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">1.</font></td>
		<td width="94%" align="left" valign="top" colspan="2">
<P align="left">
<font size="2">Identifying and assessing the principal risks of the Corporation&#146;s business, and ensuring the implementation of appropriate systems to manage these risks;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">2.</font></td>
		<td width="94%" align="left" valign="top" colspan="2">
<P align="left">
<font size="2">Ensuring the integrity of the Corporation&#146;s internal control system and management information systems and the safeguarding of the Corporation&#146;s assets;
<br>
&nbsp;</font></P></td>
	</tr>
</table>
<P align="right">
<font size="2">&nbsp; Page 65</font></P>

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<P align="right">
&nbsp;</P>

<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top"><font size="2">3.</font></td>
		<td width="94%" align="left" valign="top">
		<P align="left">
<font size="2">Reviewing, approving, and as required, overseeing compliance with the Corporation&#146;s Disclosure Policy by Directors, Officers and other management personnel and employees;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">4.</font></td>
		<td width="94%" align="left" valign="top">
<P align="left">
<font size="2">&nbsp;Reviewing, approving and overseeing the Corporation&#146;s disclosure controls and procedures;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">5.
</font> </td>
		<td width="94%" align="left" valign="top">
<P align="left">
<font size="2">Reviewing and approving the Code of Business Conduct of the Corporation with the purpose of promoting integrity and deterring wrongdoing, and encouraging and promoting a culture of ethical business conduct and as required, overseeing compliance
with the Corporation&#146;s Code of Business Conduct by Directors, Officers and other management personnel and employees;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<B><font size="2">E.</font></B></td>
		<td width="96%" align="left" valign="top" colspan="2">
<P align="left">
<B><font size="2">Financial Reporting, Auditors and Transactions
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">1.
</font> </td>
		<td width="94%" align="left" valign="top">
<P align="left">
<font size="2">Reviewing and approving, as required, the Corporation&#146;s financial statements and related financial information;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">2.
</font> </td>
		<td width="94%" align="left" valign="top">
<P align="left">
<font size="2">Appointing, subject to approval of shareholders, (including terms and review of engagement) and removing of the shareholders&#146; auditor;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">3.
</font> </td>
		<td width="94%" align="left" valign="top">
<P align="left">
<font size="2">Appointing (including responsibilities, budget and staffing) and removing of the Corporation&#146;s internal auditor;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">4.
</font> </td>
		<td width="94%" align="left" valign="top">
<P align="left">
<font size="2">Delegating (to the extent permitted by law) to the Chief Executive Officer, other Officers and management personnel appropriate powers to manage the business and affairs of the Corporation;<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<B><font size="2">F.</font></B><font size="2"><B> </B></font></td>
		<td width="96%" align="left" valign="top" colspan="2">
<P align="left">
<B><font size="2">Legal Requirements and Communication
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">1.
</font> </td>
		<td width="94%" align="left" valign="top">
<P align="left">
<font size="2">Overseeing the adequacy of the Corporation&#146;s processes to ensure compliance by the Corporation with applicable legal and regulatory requirements;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">2.
</font> </td>
		<td width="94%" align="left" valign="top">
<P align="left">
<font size="2">Establishing measures for receiving feedback from shareholders;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<B><font size="2">G.</font></B><font size="2"><B> </B></font></td>
		<td width="96%" align="left" valign="top" colspan="2">
<P align="left">
<B><font size="2">Other
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">1.
</font> </td>
		<td width="96%" align="left" valign="top" colspan="2">
<P align="left">
<font size="2">Reviewing and approving, as required, the Corporation&#146;s environmental policies and ensuing management systems;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">2.
</font> </td>
		<td width="96%" align="left" valign="top" colspan="2">
<P align="left">
<font size="2">Reviewing, approving, and as required, overseeing Directors, other Officers and management personnel and employees compliance with the Corporation&#146;s health and safety policies and practices;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="2%" align="left" valign="top">
<font size="2">3.
</font> </td>
		<td width="96%" align="left" valign="top" colspan="2">
<P align="left">
<font size="2">Performing any other function as prescribed by law or as not delegated by the Board to one of the Committees of the Board or to management personnel.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="100%" align="left" valign="top" colspan="4">
<P align="left">
<B><font size="2">BOARD CHAIR <br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">
<B><font size="2">I.</font></B><font size="2"><B> </B></font></td>
		<td width="98%" align="left" valign="top" colspan="3">
<P align="left">
<B><font size="2">Appointment
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" align="left" valign="top">&nbsp;</td>
		<td width="98%" align="left" valign="top" colspan="3">
<P align="left">
<font size="2">The Board shall appoint its Chair from among the Corporation&#146;s Directors.
</font> </P>

		</td>
	</tr>
</table>
<p align="right"><font size="2">Page 66</font></p>

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<p align="right">&nbsp;</p>

<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><B><font size="2">II.</font></B><font size="2"><B> </B></font>
		</td>
		<td width="98%" valign="top" colspan="3">
		<P align="left">
<B><font size="2">Duties and Responsibilities of the Board Chair
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="98%" valign="top" colspan="3">
<P align="left">
<font size="2">The Board Chair leads the Board in all aspects of its work and is responsible to effectively manage the affairs of the Board and ensure that the Board is properly organized and functions efficiently. The Board Chair also advises the Chief Executive
Officer in all matters concerning the interests of the Board and the relationships between management personnel and the Board.
<br>
<br>
More specifically, the Board Chair shall: <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<B><font size="2">A.</font></B><font size="2"><B> </B></font></td>
		<td width="96%" valign="top" colspan="2">
<P align="left">
<B><font size="2">Strategy
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">1.
</font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">Provide leadership to enable the Board to act effectively in carrying out its duties and responsibilities as described in the Board charter and as otherwise may be appropriate;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">Work with the Chief Executive Officer and other Officers to monitor progress on the Business Plan, annual budgets, policy implementation and succession planning;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<B><font size="2">B.</font></B><font size="2"><B> </B></font></td>
		<td width="96%" valign="top" colspan="2">
<P align="left">
<B><font size="2">Advisor to the Chief Executive Officer
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">1.
</font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">Provide advice, counsel and mentorship to the Chief Executive Officer and fellow members of the Board;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">In consultation with the Chief Executive Officer, ensure that there is an effective relationship between management personnel and the members of the Board;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<B><font size="2">C.</font></B><font size="2"><B> </B></font></td>
		<td width="96%" valign="top" colspan="2">
<P align="left">
<B><font size="2">Board structure and management
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">1. </font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">Chair the Board meetings; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">2. </font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">In consultation with the Chief Executive Officer, the Corporate Secretary&#146;s Office and the Chairs of the Committees of the Board, as appropriate, determine the frequency, dates and locations of meetings of the Board, of Committees of the
Board, and of the shareholders; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">3. </font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">In consultation with the Chief Executive Officer, and the Corporate Secretary&#146;s Office, review the meeting agendas to ensure all required business is brought before the Board to enable it to efficiently carry out its duties and
responsibilities; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">4.
</font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">Ensure the Board has the opportunity, at each regularly scheduled meeting, to meet separately without non-independent directors and management personnel present;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">5.
</font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">Ensure, in consultation with the Chairs of the Committees of the Board, that all items requiring Board and Committee approval are appropriately tabled;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">6.
</font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">Ensure the proper flow of information to the Board and review, with the Chief Executive Officer and the Corporate Secretary&#146;s Office, the adequacy and timing of materials in support of management personnel&#146;s proposals;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">7.
</font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">In conjunction with the relevant Committee of the Board (and its Chair), review and assess the Directors&#146; meeting attendance records and the effectiveness and
</font> </P></td>
	</tr>
</table>
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<p>&nbsp;</p>

<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="94%" valign="top">
		<P align="left">
<font size="2">&nbsp;&nbsp;performance of the Board, its Committees (and their Chairs) and
individual Directors;&nbsp; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><b><font size="2">D.
</font></b></td>
		<td width="96%" valign="top" colspan="2"><font size="2"><B>Shareholders<br>
&nbsp;</B></font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">1.
</font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">Chair the annual, and any special meeting, of the shareholders;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">Ensure that all business that is required to be brought before a meeting of shareholders is brought before such meeting.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><b>
<font size="2">E. </font> </b></td>
		<td width="96%" valign="top" colspan="2">
<P align="left">
<font size="2"><B>Other</B> <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">1. </font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">Exercise the authority of the Chief Executive Officer in the unlikely event that the Chief Executive Officer is absent and is unable to act and action on the part of the Chief Executive Officer is urgently required to protect the interests of the
Corporation; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="94%" valign="top">
<P align="left">
<font size="2">Carry out special assignments or any functions as requested by the Board.
<br>
&nbsp;</font></P></td>
	</tr>
</table>
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<P align="center">
&nbsp;</P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center"><B>SCHEDULE 1B &#151; AUDIT COMMITTEE CHARTER
		</B>
		</td>
	</tr>
</table>
<P align="center">
<B><font size="2"> &nbsp;</font></B></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="100%" valign="top" colspan="3">
		<P align="center">
<B><font size="2">I.</font></B><font size="2"><B> </B></font><B><font size="2">PURPOSE
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="3">
<P align="left">
<font size="2">The purpose of the Audit Committee is to assist the Board of
Directors in its oversight of: <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">A. </font></td>
		<td width="98%" valign="top" colspan="2">
		<P align="left">
<font size="2">the integrity of the Corporation&#146;s financial statements and
related information; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">B. </font></td>
		<td width="98%" valign="top" colspan="2">
		<P align="left">
<font size="2">the Corporation&#146;s compliance with applicable legal and regulatory
requirements; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">C. </font></td>
		<td width="98%" valign="top" colspan="2">
		<P align="left">
<font size="2">the independence, qualifications and appointment of the
shareholders&#146; auditor; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">D. </font></td>
		<td width="98%" valign="top" colspan="2">
		<P align="left">
<font size="2">the performance of the Corporation&#146;s shareholders&#146; auditor and
internal audit; and <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">E. </font></td>
		<td width="98%" valign="top" colspan="2">
		<P align="left">
<font size="2">management responsibility for reporting on internal controls and
risk management. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="3">
<P align="center">
<B><font size="2">II.</font></B><font size="2"><B> </B></font><B><font size="2">DUTIES AND RESPONSIBILITIES
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="3">
<P align="left">
<font size="2">The Audit Committee shall perform the functions customarily performed by audit committees and any other functions assigned by the Board of Directors. In particular, the Audit Committee shall have the following duties and responsibilities:
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<B><font size="2">A.</font></B><font size="2"><B> </B></font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2"><B> <U>FINANCIAL REPORTING AND CONTROL</U></B></font><B><font size="2">
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">On a periodic basis, review and discuss with management and the shareholders&#146; auditor the following:
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">a.
</font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">major issues regarding accounting principles and financial statement presentation, including any significant changes in the Corporation&#146;s selection or application of accounting principles, and major issues as to the adequacy of the
Corporation&#146;s internal controls and any special audit steps adopted in light of material control deficiencies;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">b.
</font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">analyses prepared by management and/or the shareholders&#146; auditor setting forth significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including analyses of the effects of
alternative generally accepted accounting principles methods on the financial statements when such alternatives have been selected in the current reporting period;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">c.
</font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">the effect of regulatory and accounting initiatives, as well as off-balance sheet structures, on the financial statements of the Corporation;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">d.
</font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">the type and presentation of information to be included in earnings press releases (including any use of pro-forma or adjusted non-generally accepted accounting principles, information).
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Meet to review and discuss with management and the shareholders&#146; auditor, report and, where appropriate, provide recommendations to the Board of Directors on the following prior to its public disclosure:
<br>
&nbsp;</font></P></td>
	</tr>
</table>
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<p align="right">&nbsp;</p>




<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">a.
</font> </td>
		<td width="96%" valign="top">
		<P align="left">
<font size="2">the annual and interim consolidated financial statements, the Corporation&#146;s disclosure under &#147;Management Discussion and Analysis&#148;, Annual Information Form, earnings press releases, financial information and earnings guidance
provided to analysts and rating agencies and the integrity of the financial reporting of the Corporation;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">&#151;&nbsp;&nbsp;&nbsp; In addition to the role of the Audit
Committee to make recommendations to the Board of Directors, where the members
of the Audit Committee consider that it is appropriate and in the best interest
of the Corporation, the interim consolidated financial statements, the interim
Corporation&#146;s disclosure under &#147;Management Discussion and Analysis&#148; for interim
period and interim earnings press releases and earnings guidance, may also be
approved on behalf of the Board of Directors by the Audit Committee, provided
that such approval is subsequently reported to the Board of Directors at its
next meeting; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">b. </font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">any audit problems or difficulties and management&#146;s response thereto, including any restrictions on the scope of the activities of the shareholders&#146; auditor or access to requested information and any significant disagreements with
management. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">3.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Review and discuss reports from the shareholders&#146; auditor on: <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">a.
</font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">all critical accounting policies and practices used by the Corporation;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">b. </font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">all material alternative treatments of financial information within generally accepted accounting principles that have been discussed with management, including the ramifications of the use of such alternate treatments and disclosures and the
treatment preferred by the shareholders&#146; auditor; and <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">c.
</font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">other material written communications between the shareholders&#146; auditor and management, and discuss such report with the shareholders&#146; auditor.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><b>
<font size="2">B.
</font> </b></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2"><B><U>OVERSIGHT OF THE SHAREHOLDERS&#146; AUDITORS</U></B>
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1. </font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Be directly responsible for the appointment, compensation, retention and oversight of the work of the shareholders&#146; auditor and any other auditor preparing or issuing an audit report or performing other audit services or attest services for
the Corporation or any consolidated subsidiary of the Corporation, where required and review, report and where appropriate, provide recommendations to the Board of Directors on the appointment, terms and review of engagement, removal, independence
and proposed fees of the shareholders&#146; auditor. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2. </font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Approve in advance all audit, review or attest engagement fees and terms for all audit, review or attest services to be provided by the shareholders&#146; auditor to the Corporation and any consolidated subsidiary and any other auditor preparing
or issuing an audit report or performing other audit services or attest services for the Corporation or any consolidated subsidiary of the Corporation, where required.<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">3. </font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Pre-approve all engagements for permitted non-audit services provided by the shareholders&#146; auditor to the Corporation and any consolidated subsidiary and to this effect may establish policies and procedures for the engagement of the
shareholders&#146; auditor to provide to the Corporation and any consolidated subsidiary permitted non-audit services, which shall include approval in advance by the Audit Committee of all audit/review and permitted non-audit services to be provided
by the shareholders&#146; auditor to the Corporation and any consolidated subsidiary.<br>
&nbsp;</font></P></td>
	</tr>
</table>
<p align="right"><font size="2">Page 70</font></p>

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<p align="right">&nbsp;</p>




<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><font size="2">4. </font> </td>
		<td width="98%" valign="top" colspan="2">
		<P align="left">
<font size="2">Delegate, if deemed appropriate, authority to one or more members
of the Audit Committee to grant pre-approvals of audit/review/attest and
permitted non-audit services, provided that any such approvals shall be
presented to the Audit Committee at its next scheduled meeting. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">5.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Establish policies for the hiring of partners, employees and
former partners and employees of the shareholders&#146; auditor. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">6.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">At least annually, consider, assess, and report to the Board of
Directors on: <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">a.
</font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">the independence of the shareholders&#146; auditor, including whether the shareholders&#146; auditor&#146;s performance of permitted non-audit services is compatible with the shareholders&#146; auditor&#146;s independence;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">b.
</font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">obtaining from the shareholders&#146; auditor a written statement (i) delineating all relationships between the shareholders&#146; auditor and the Corporation; (ii) assuring that lead audit partner rotation is carried out, as required by law; and
(iii) delineating any other relationships that may adversely affect the independence of the shareholders&#146; auditor; and
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">c.
</font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">the evaluation of the lead audit partner, taking into account the opinions of management and internal audit.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">7.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">At least annually, obtain and review a report by the shareholders&#146; auditor describing:
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">a.
</font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">the shareholders&#146; auditor&#146;s internal quality-control procedures;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">b.
</font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">any material issues raised by the most recent internal quality-control review, or peer review of the shareholders&#146; auditor firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years,
respecting one or more independent audits carried out by the shareholders&#146; auditor firm, and any steps taken to deal with any such issues.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">8.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Resolve any disagreement between management and the shareholders&#146; auditor regarding financial reporting.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">9. </font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Review audit plan with the shareholders&#146; auditor. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">10.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Meet periodically with the shareholders&#146; auditor in the absence of management and internal audit.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<B><font size="2">C.</font></B><font size="2"><B> </B></font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2"><B> <U>OVERSIGHT OF INTERNAL AUDIT</U></B></font><B><font size="2">
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1. </font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Review and discuss with the head of internal audit, report and, where appropriate, provide recommendations to the Board of Directors on the following:<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">a. </font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">the appointment and mandate of internal audit, including the responsibilities, budget and staffing of the Corporation&#146;s internal audit;<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">b. </font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">discuss with the head of internal audit the scope and performance of the internal audit, including a review of the annual internal audit plan, and whether there are any restrictions or limitations on internal audit;<br>
&nbsp;</font></P></td>
	</tr>
</table>
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<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">c.
</font> </td>
		<td width="96%" valign="top">
		<P align="left">
<font size="2">obtain periodic reports from the head of internal audit regarding internal audit findings, including the Corporation&#146;s internal controls, and the Corporation&#146;s progress in remedying any material control deficiencies.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Meet periodically with the head of internal audit in the absence of management and the shareholders&#146; auditor.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<B><font size="2">D.</font></B><font size="2"><B> </B></font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2"><B> <U>OVERSIGHT OF THE CORPORATION&#146;S INTERNAL CONTROL SYSTEM</U></B></font><B><font size="2">
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1. </font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Review and discuss with management, the shareholders&#146; auditor and internal audit, monitor, report and, when appropriate, provide recommendations to the Board of Directors on the following:<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">a. </font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">the Corporation&#146;s internal control system;<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">b. </font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">compliance with the policies and practices of the Corporation relating to business ethics;<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">c. </font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">compliance by Directors, Officers and other management personnel with the Corporation&#146;s Disclosure Policy; and<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">d.
</font> </td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">the relationship of the Audit Committee with other committees of the Board of Directors, management and the Corporation&#146;s consolidated subsidiaries&#146; audit committees.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Review and discuss with the Chief Executive Officer and Chief Financial Officer of the Corporation the process for the certifications to be provided in the Corporation&#146;s public disclosure documents.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">3.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Review, monitor, report and where appropriate, provide recommendations to the Board of Directors on the Corporation&#146;s disclosure controls and procedures.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">4. </font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Establish procedures, for the receipt, retention, and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or auditing matters, including procedures for confidential, anonymous submission by
employees regarding questionable accounting or auditing matters. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">5.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Meet periodically with management in the absence of the shareholders&#146; auditor and internal audit.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<B><font size="2">E.</font></B><font size="2"><B> </B></font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2"><B> <U>OVERSIGHT OF THE CORPORATION&#146;S RISK MANAGEMENT</U></B></font><B><font size="2">
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Review, monitor, report and, where appropriate, provide recommendations to the Board of Directors on the following:
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">a. </font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">the Corporation&#146;s processes for identifying, assessing and managing risk; and<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">b. </font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">the Corporation&#146;s major financial risk exposures and the steps the Corporation has taken to monitor and control such exposures.<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<B><font size="2">F.</font></B><font size="2"><B> </B></font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2"><B> <U>OVERSIGHT OF THE CORPORATION&#146;S ENVIRONMENTAL RISKS</U></B></font><B><font size="2">
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Review, monitor, report, and where appropriate, provide recommendations to the Board of Directors on the Corporation&#146;s environmental policy, and environmental management systems.
<br>
&nbsp;</font></P></td>
	</tr>
</table>
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<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><font size="2">2.
</font> </td>
		<td width="98%" valign="top">
		<P align="left">
<font size="2">When appropriate, ensure that the Corporation&#146;s subsidiaries establish an environmental policy, and environmental management systems and review and report thereon to the Board of Directors of the Corporation.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<B><font size="2">G.</font></B><font size="2"><B> </B></font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="2"><B> <U>COMPLIANCE WITH LEGAL REQUIREMENTS</U></B></font><B><font size="2">
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1. </font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Review and discuss with management, the shareholders&#146; auditor and internal audit, monitor, report and, when appropriate, provide recommendation to the Board of Directors on the adequacy of the Corporation&#146;s process for complying with
laws and regulations. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Receive, on a periodic basis, reports from the Corporation&#146;s Chief Legal Officer, with respect to legal issues.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="center">
<B><font size="2">III.</font></B><font size="2"><B> </B></font><B>
<font size="2">EVALUATION OF THE AUDIT COMMITTEE AND REPORT TO BOARD OF DIRECTORS
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">A.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">The Audit Committee shall evaluate and review with the Corporate Governance Committee of the Board of Directors, on an annual basis, the performance of the Audit Committee.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">B.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">The Audit Committee shall review and discuss with the Corporate Governance Committee of the Board of Directors, on an annual basis, the adequacy of the Audit Committee charter.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">C.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">The Audit Committee shall report to the Board of Directors periodically on the Audit Committee&#146;s activities.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="center">
<B><font size="2">IV.</font></B><font size="2"><B> </B></font><B><font size="2">OUTSIDE ADVISORS
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="left">
<font size="2">The Audit Committee shall have the authority to engage outside counsel and other outside advisors as it deems appropriate to assist the Audit Committee in the performance of its functions. The Corporation shall provide appropriate funding for such
advisors as determined by the Audit Committee. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="center">
<B><font size="2">V.</font></B><font size="2"><B> </B></font><B><font size="2">MEMBERSHIP
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="left">
<font size="2">The Audit Committee shall consist of such number of directors, in no event to be less than three, as the Board of Directors may from time to time by resolution determine. The members of the Audit Committee shall meet the independence, experience and
other membership requirements under applicable laws, rules and regulations as determined by the Board of Directors.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="center">
<B><font size="2">VI.</font></B><font size="2"><B> </B></font><B><font size="2">AUDIT COMMITTEE CHAIR
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="left">
<font size="2">The Chair of the Audit Committee shall be appointed by the Board of Directors. The Chair of the Audit Committee leads the Audit Committee in all aspects of its work and is responsible to effectively manage the affairs of the Audit Committee and
ensure that it is properly organized and functions efficiently. More specifically, the Chair of the Audit Committee shall:<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">A. </font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Provide leadership to enable the Audit Committee to act effectively in carrying out its duties and responsibilities as described elsewhere in this charter and as otherwise may be appropriate;<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">B. </font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">In consultation with the Board Chair and the Chief Executive Officer, ensure that there is an effective relationship between management and the members of the Audit Committee;<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">C. </font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Chair meetings of the Audit Committee;<br>
&nbsp;</font></P></td>
	</tr>
</table>
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<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><font size="2">D. </font></td>
		<td width="98%" valign="top">
		<P align="left">
<font size="2">In consultation with the Chief Executive Officer, the Corporate Secretary&#146;s Office and the Board Chair, determine the frequency, dates and locations of meetings of the Audit Committee;<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">E. </font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">In consultation with the Chief Executive Officer, the Chief Financial Officer, the Corporate Secretary&#146;s Office and, as required, other Officers, review the meeting agendas to ensure all required business is brought before the Audit
Committee to enable it to efficiently carry out its duties and responsibilities;<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">F. </font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Ensure, in consultation with the Board Chair, that all items requiring the Audit Committee&#146;s approval are appropriately tabled;<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">G. </font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Ensure the proper flow of information to the Audit Committee and review, with the Chief Executive Officer, the Chief Financial Officer, the Corporate Secretary&#146;s Office and, as required, other Officers, the adequacy and timing of materials
in support of management&#146;s proposals;<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">H. </font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Report to the Board of Directors on the matters reviewed by, and on any decisions or recommendations of, the Audit Committee at the next meeting of the Board of Directors following any meeting of the Audit Committee; and<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">I.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Carry out any special assignments or any functions as requested by the Board of Directors.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="center">
<B><font size="2">VII.</font></B><font size="2"><B> </B></font><B>
<font size="2">TERM <br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="left">
<font size="2">The members of the Audit Committee shall be appointed or changed by resolution of the Board of Directors to hold office from the time of their appointment until the next annual general meeting of the shareholders or until their successors are so
appointed.<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="center">
<B><font size="2">VIII.</font></B><font size="2"><B> </B></font><B>
<font size="2">PROCEDURES FOR MEETINGS <br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="left">
<font size="2">The Audit Committee shall fix its own procedure at meetings and for the calling of meetings. The Audit Committee shall meet separately in executive session in the absence of management, internal audit and the shareholders&#146; auditor, at each
regularly scheduled meeting. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="center">
<B><font size="2">IX.</font></B><font size="2"><B> </B></font><B><font size="2">QUORUM AND VOTING
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="left">
<font size="2">Unless otherwise determined from time to time by resolution of the Board of Directors, two members of the Audit Committee shall constitute a quorum for the transaction of business at a meeting. For any meeting(s) at which the Audit Committee Chair
is absent, the Chair of the meeting shall be the person present who shall be decided upon by all members present. At a meeting, any question shall be decided by a majority of the votes cast by members of the Audit Committee, except where only two
members are present, in which case any question shall be decided unanimously.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="center">
<B><font size="2">X.</font></B><font size="2"><B> </B></font><B><font size="2">SECRETARY
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="left">
<font size="2">Unless otherwise determined by resolution of the Board of Directors, the Corporate Secretary of the Corporation or his/her delegate shall be the Secretary of the Audit Committee.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="center">
<B><font size="2">XI.</font></B><font size="2"><B> </B></font><B><font size="2">VACANCIES
<br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<P align="left">
<font size="2">Vacancies at any time occurring shall be filled by resolution of the Board of Directors.
<br>
&nbsp;</font></P></td>
	</tr>
</table>
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<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td>
		<P align="center">
<B><font size="2">XII.</font></B><font size="2"><B> </B></font><B>
<font size="2">RECORDS <br>
&nbsp;</font></B></P></td>
	</tr>
	<tr>
		<td>
<P align="left">
<font size="2">The Audit Committee shall keep such records as it may deem necessary of its proceedings and shall report regularly its activities and recommendations to the Board of Directors as appropriate.
<br>
&nbsp;</font></P></td>
	</tr>
</table>
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<P align="center">
&nbsp;</P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center"><B>SCHEDULE 1C &#150; CHIEF EXECUTIVE OFFICER POSITION DESCRIPTION<font size="2">
</font> &nbsp;</B></td>
	</tr>
</table>
<P align="center">
<B><font size="2">&nbsp;</font></B></P>
<P align="left">
<font size="2">The Chief Executive Officer (&#147;CEO&#148;) of BCE Inc. (the &#147;Corporation&#148;) has the primary responsibility for the management of the business and affairs of the Corporation. As such, the CEO shall establish the strategic and operational
orientation of the Corporation and in so doing, provide leadership and vision for the effective overall management, profitability, increasing shareholder value and growth of the Corporation and for conformity with policies agreed upon by the Board
of Directors of the Corporation (the &#147;Board&#146;). The CEO is directly accountable to the Board for all activities of the Corporation.
</font> </P>
<P align="left">
<font size="2">More specifically, in collaboration with the Board, the CEO shall:
</font> </P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><B><I><font size="2">A. </font> </I></B>
		</td>
		<td width="98%" valign="top">
		<P align="left">
<B><I><font size="2">Leadership <br>
&nbsp;</font></I></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Create a culture within the Company that supports the achievement of strategic and operational objectives by ensuring rigor in the recruitment, selection, individual development and the monitoring of executive team members and other senior
management personnel, thus ensuring the Company maintains a strong succession plan
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Provide leadership and vision for the Corporation and promote the Corporation&#146;s goal of profitability and growth in a sustainable and responsible manner
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">3.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Develop an awareness of global trends in the Corporation&#146;s core lines of operations so as to manage rapid technological developments
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">4.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Promote an environment of customer focus and outstanding customer service so as to respond to the demands of increasingly service oriented markets
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<B><I><font size="2">B. </font> </I></B></td>
		<td width="98%" valign="top">
<P align="left">
<B><I><font size="2">Corporate Social Responsibility &amp; Integrity <br>
&nbsp;</font></I></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Develop and maintain a corporate culture that promotes integrity and ethical values throughout the organization, fostering a culture of ethical business conduct
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Promote and protect the Corporation&#146;s reputation in its markets and with all customers, communities, and government and regulatory bodies
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<B><I><font size="2">C. </font> </I></B></td>
		<td width="98%" valign="top">
<P align="left">
<B><I><font size="2">Strategy, Risks and Budget <br>
&nbsp;</font></I></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Develop and oversee the execution of, and monitor progress of, the Business Plan and the annual operating and capital budgets
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Identify, and develop plans to manage, the principal risks with respect to the Corporation and its businesses
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<B><I><font size="2">D. </font> </I></B></td>
		<td width="98%" valign="top">
<P align="left">
<B><I><font size="2">Governance &amp; Policies <br>
&nbsp;</font></I></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1. </font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Oversee the development and implementation of, and compliance with, key corporate policies, including policies regarding corporate governance, social responsibility, risk management and financial reporting, as well as compliance with applicable
legal and regulatory requirements <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Work in close collaboration with the Board Chair to determine the scheduling of, and agendas for, meetings of the Board and of Committees of the Board so as to ensure that the Board is kept apprised in a timely manner of the business operations
and main issues facing the Corporation, and to ensure there is an effective relationship between management and the members of the Board
<br>
&nbsp;</font></P></td>
	</tr>
</table>
<p align="right"><font size="2">Page 76</font></p>

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<p align="right">&nbsp;</p>




<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><B><I><font size="2">E. </font> </I></B>
		</td>
		<td width="98%" valign="top" colspan="2">
		<P align="left">
<B><I><font size="2">Business Management <br>
&nbsp;</font></I></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Approve commitments within the limits of delegated approval authorities from the Board and provide general supervision and management of the day-to-day business and affairs of the Corporation
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Serve as the Corporation&#146;s chief spokesperson to its principal stakeholders including its shareholders, the financial community, customers, government and regulatory bodies and the public generally
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<B><I><font size="2">F. </font> </I></B></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<B><I><font size="2">Disclosure <br>
&nbsp;</font></I></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Together with the Disclosure and Compliance Committee and the Chief Financial Officer, ensure appropriate and timely disclosure of material information
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Together with the Chief Financial Officer:&nbsp;&nbsp;&nbsp;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">a) </font></td>
		<td width="96%" valign="top">
<font size="2">establish and maintain the Corporation&#146;s disclosure controls and
procedures through appropriate policies and processes<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">b) </font></td>
		<td width="96%" valign="top">
<font size="2">establish and maintain the Corporation&#146;s internal controls over
financial reporting through appropriate policies and procedures<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">c) </font></td>
		<td width="96%" valign="top">
<font size="2">develop the process for, and comply with, the certifications to be provided in the Corporation&#146;s public disclosure documents<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<B><I><font size="2">G. </font> </I></B></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<B><I><font size="2">Other <br>
&nbsp;</font></I></B></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1.
</font> </td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Carry out any other appropriate duties and responsibilities assigned by the Board.
<br>
&nbsp;</font></P></td>
	</tr>
</table>
<p align="right"><font size="2">Page 77</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="center">
&nbsp;</P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center"><B>SCHEDULE 2 &#150; STATEMENT OF EXECUTIVE COMPENSATION </B>
		</td>
	</tr>
</table>
<P align="center">
<B><font size="2">&nbsp;</font></B></P>
<P align="left">
<B>REPORT ON EXECUTIVE COMPENSATION </B></P>
<P align="left">
<font size="2">The executive compensation policy is designed to attract, motivate and retain the executive officers needed to achieve and surpass BCE Inc.&#146;s corporate objectives and to build a company that can capture growth opportunities in our rapidly
changing markets and that leads the industry in terms of operational performance and creation of value for our shareholders.
</font> </P>
<P align="left">
<font size="2">Our compensation philosophy is to offer total compensation that is competitive in the marketplace. To complement this market positioning, we also ensure (for internal equity) that the compensation of each position fairly reflects the
responsibilities of that position compared to other positions. </font> </P>
<P align="left">
<font size="2">A substantial portion of every executive officer&#146;s cash compensation each year is based on meeting annual corporate performance objectives. In addition, we have in place mid-term and long-term incentive programs. These are mainly in the form of
restricted share units and stock options that are designed to:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">compensate and retain executive officers
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">link the executive officers&#146; interests to those of the shareholders
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">encourage executive officers to pursue
value-creating opportunities for BCE Inc. by allowing them to participate in the appreciation of share value.
	</font></P></li>
</ul>
<P align="left">
<font size="2">We periodically review our executive compensation policy to make sure that it continues to meet our objectives. This review also includes a specific review of the compensation of the President and Chief Executive Officer and of the executive
officers. In this document, executive officers whose compensation is disclosed in the <I>Summary Compensation Table</I> are referred to as the &#147;named executive officers.&#148;
</font> </P>
<P align="left">
<B><font size="2">The Privatization of BCE Inc. will affect the compensation of our senior executives in a manner that may differ from the following discussion of the 2007 compensation of our senior executives and related compensation elements. Please refer to the
section </font> </B><font size="2"><B><I>Interest of Management and Others in Material Transactions</I></B></font><B><font size="2"> for a discussion of the treatment of deferred share units, restricted share units, stock options and other compensation elements in connection with such
Privatization and related compensation disclosure. </font> </B></P>
<P align="left">
<B><U>TOTAL COMPENSATION</U> </B></P>
<P align="left">
<font size="2">In 2007, total compensation consisted of:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">base salary </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">annual short-term incentive awards </font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">mid-term incentive awards </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">long-term incentives </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">benefits and perquisites, including pension benefits, described under
	<I>Other Compensation Information</I>. </font></P></li>
</ul>
<P align="left">
<font size="2">Total compensation is positioned at the 60<SUP>th</SUP> percentile of compensation paid by the group of companies that we compare
ourselves against (comparator group). Paying at the 60<SUP>th</SUP> percentile of the comparator group means that 40% of the companies in the comparator group pay more, and 60% pay less, for similar positions. We believe this allows us to attract
and retain high-performing executives. </font> </P>
<P align="left">
<font size="2">Since 2006, base salaries and mid-points have been maintained at their 2005 levels. Base salaries can however be adjusted, as required, to reflect an increase in responsibilities or job scope. In conjunction with the above and in order to preserve
our current competitive positioning to the North American market, short-term incentive targets (measured as a percentage of base salary) were increased in 2006 by
</font> </P>
<P align="right">
<font size="2">Page 78</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">up to 10% for all executives except for the President and Chief Executive Officer and for the Chief Operating Officer whose targets remained at the same level.
</font> </P>
<P align="left">
<font size="2">The base salary and the annual short-term incentive are positioned at the 50<SUP>th</SUP> percentile (median) and the 75<SUP>th</SUP> percentile, respectively. The other components of total compensation are used to bring overall compensation of the
executive officers to the 60<SUP>th</SUP> percentile. This reflects our objective to put a significant portion of compensation at risk, encouraging the required behaviour for achieving the desired business results.</font></P>
<P align="left">
<font size="2">Since 2004 and in light of the introduction of grants of restricted share units made under a mid-term incentive plan, there is less emphasis on the use of long-term incentive plans under which stock options are granted. For more information on key
features of these plans, see <I>Mid-Term Incentive Plan </I>and<I> Long-Term Incentives</I>.
</font> </P>
<P align="left">
<font size="2">We did not assign specific weightings to any element of the total compensation other than the positioning of base salary, short-term incentive and total compensation value in relation to the market.
</font> </P>
<P align="left">
<font size="2">The comparator group for 2007 consisted of 46 publicly traded Canadian and U.S. companies. The companies in the comparator group were selected based on one or more of the following criteria: telecommunications/high technology, strategic use of
technology, most admired companies and revenues.</font></P>
<P align="left">
<font size="2">Please see <I>Other Compensation Information &#151; Executive Compensation Table</I> for more information on compensation paid to the named executive officers over the past three years.
</font> </P>
<P align="left">
<B>Base Salary </B></P>
<P align="left">
<font size="2">We determine the base salary of each executive officer within a salary range to reflect the scope and responsibilities of the position as well as individual performance. The mid-point of the salary range corresponds to the median of the comparator
group for similar positions. The minimum for the salary range is 20% below the mid-point and the maximum is 20% above.
</font> </P>
<P align="left">
<B>Annual Short-Term Incentive Awards </B></P>
<P align="left">
<font size="2">The short-term incentive program is designed to support the achievement of corporate objectives and reward executive officers based on Bell Canada&#146;s success. In 2007, the following components of Bell Canada&#146;s performance were used for
setting short-term incentive awards:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">EBITDA<SUP>1</SUP> (40%) </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Revenue (25%) </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Working capital<SUP>2</SUP> (5%) </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Customer experience<SUP>3</SUP> (30%).
</font></P></li>
</ul>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td colspan="2" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">&nbsp;</td>
		<td width="85%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<sup><font size="2">1</font></sup></td>
		<td colspan="2" valign="top">
		<P align="left">
<font size="2">EBITDA is intended to be the measure of the amount of cash generated by Bell Canada&#146;s operations and leaves out the costs of financing and impact of taxes (income). In other words, EBITDA is the calculation of our revenues minus expenses
related to operations. </font> </P> </td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<sup>
<font size="2">2</font></sup></td>
		<td colspan="2" valign="top">
<P align="left">
<font size="2">Represents the measure of both Bell Canada&#146;s efficiency and its short-term financial health. The working capital for purposes of the annual short-term incentive is calculated as the movement of the accounts receivables and inventory balances from
one point in time to another (December 31, 2006 to December 31, 2007). </font> </P> </td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<SUP><font size="2">3</font></SUP></td>
		<td colspan="2" valign="top">
<P align="left">
<font size="2"> The customer experience measure consists of a short-term component and an operational component that measure a certain number of unique / customized indicators for each Business Unit via transactional customer surveys or operational
measures. Indicators were selected because they have an impact on customer loyalty and employees can directly influence them.<br>
<br>
The weight of these various metrics is customized based on the 2007 Business Unit business strategy.
</font></P> </td>
	</tr>
</table>
<p align="right"><font size="2">Page 79</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">This resulted in a Bell Canada corporate performance factor of 61% of the target award which was computed based on total results for Bell Canada.
</font> </P>
<P align="left">
<font size="2">We determine the annual short-term incentive awards by taking both the corporate performance and the executive officer&#146;s individual contribution into consideration.
</font> </P>
<P align="left">
<font size="2">In 2007, the individual contribution was evaluated based on the achievement of objectives (results) and the demonstration of leadership behaviour required to drive corporate success (leadership attributes). The individual performance factor may vary
between 0 and 200%. </font> </P>
<P align="left">
<font size="2">Each year, we set target values for the awards. In 2007, target awards ranged from 50% of base salary for the lowest eligible officer&#146;s position to 125% of base salary for the President and Chief Executive Officer. The lowest target for the
named executive officers was 80% of base salary. </font> </P>
<P align="left">
<font size="2">On the basis of the above factors, we determine the size of the annual short-term incentive awards. Awards are calculated based on the product of the target award, the corporate performance factor and the individual performance factor. The maximum
payout is two times the target award. Awards granted for a year are paid at the beginning of the following year.
</font> </P>
<P align="left">
<font size="2">Executive officers may participate in the share unit plan for senior executives and other key employees (1997) (Deferred Share Unit Plan) by electing to receive up to 100% of their annual short-term incentive award in deferred share units instead of
cash. Considering the upcoming Privatization, we decided that no deferred share units should be granted in early 2008 as payment of 2007 short-term incentive awards. All awards were therefore paid in cash. Please see <I>Deferred Share Unit Plan
</I>for more information. </font> </P>
<P align="left">
<font size="2">Awards in the form of deferred share units can be used as a means to achieve the mandatory share ownership levels described under <I>Share Ownership Requirements</I>.
</font> </P>
<P align="left">
<B>Mid-Term Incentive Plan </B></P>
<P align="left">
<font size="2">We may grant to executive officers and other key employees, and those of certain subsidiaries, restricted share units. The Restricted Share Unit Plan is designed to more closely link the compensation of the executives with the achievement of
specific financial and operating objectives that are key in supporting the overall business strategy.
</font> </P>
<P align="left">
<font size="2">Restricted share units are granted for a given performance period based on position and level of contribution.
</font> </P>
<P align="left">
<font size="2">At any time, the value of one restricted share unit is equal to the value of one BCE Inc. common share. Restricted share units vest according to the vesting schedule relating to the performance period for the award. Under the vesting schedule,
restricted share units vest at the end of the performance period subject to meeting pre-set financial and operating objectives directly aligned to specific goals. Restricted share units that are granted during a given performance period are all
subject to the same vesting rules and objectives attached to the performance period.
</font> </P>
<P align="left">
<font size="2">Dividend equivalents in the form of additional restricted share units are credited to the participant&#146;s account on each dividend payment date and are equal in value to the dividend paid on BCE Inc. common shares. These additional restricted
share units are subject to the same vesting schedule that applied to the original grant of restricted share units.
</font> </P>
<P align="left">
<font size="2">At the end of the performance period, we assess the actual performance against the pre-set objectives to determine the percentage of restricted share units that will become vested. Restricted share units become vested on the date the board confirms
the percentage of restricted share units that will become vested. All unvested restricted share units as of that date are forfeited. If an employee participating in the plan is terminated prior to the end of the performance period, he must have
participated in at least half of the performance period to be entitled to receive his vested restricted share units.
</font> </P>

<p align="right"><font size="2">Page 80</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">Participants may choose to receive their payment of restricted share units in cash, in BCE Inc. common shares, or a combination of both. We may, however, determine that all or a portion of a participant&#146;s restricted share units is to be paid
out in BCE Inc. common shares if he has not met the minimum share ownership requirements described under <I>Share Ownership Requirements</I>. Payment in cash is calculated based on the number of vested restricted share units in the
participant&#146;s account times the percentage chosen for payment in cash times the market value of a BCE Inc. common share on the day before the board confirms the vesting percentage (after withholding taxes and any other deductions). For payment
in shares, BCE Inc. will buy a number of BCE Inc. common shares on the open market equal to the number of vested restricted share units chosen to be taken in shares (less withholding taxes and any other deductions). Such purchase will occur within
45 days from the day the board confirms the vesting percentage. </font> </P>
<P align="left">
<font size="2">In 2006, executives were granted restricted share units for the performance period ending December 31, 2007 (2006-2007 restricted share units). However, upon announcement of the Privatization on June 30, 2007, the executives became eligible for a
retention payment in lieu of their 2006-2007 restricted share units. These restricted share units were therefore cancelled in 2007. Mr. Sabia, President and Chief Executive Officer of BCE Inc., declined any payments under the retention policy and as
a result retained his restricted share units. For more information on Mr. Sabia&#146;s 2006-2007 restricted share units, see <I>Interest of Management and Others in Material Transactions</I>.
</font> </P>
<P align="left">
<font size="2">Executives will be eligible to the retention payment if employed by BCE Inc. or its subsidiaries on June 30, 2008, with 25% becoming payable upon the close of the Privatization if earlier. A detailed description of the retention policy is available
under <I>Interest of Management and Others in Material Transactions</I>. </font> </P>
<P align="left">
<B><U>LONG-TERM INCENTIVES</U> </B></P>
<P align="left">
<B>Stock Options
</B></P>
<P align="left">
<font size="2">We may grant to executive officers and other key employees, as well as those of certain subsidiaries, options to buy BCE Inc. common shares under stock option plans<SUP>4</SUP>. Under the BCE Inc. Long-Term Incentive (Stock Option) Program (1999),
not more than 50% of the BCE Inc. common shares covered by options under the plan may be granted to insiders who participate in it. We may recommend special grants of stock options to recognize specific achievements or, in some cases, to retain or
motivate executive officers and key employees. We may also determine, within the parameters of the stock option plans (see <I>Amendments</I> section) and subject to board approval, the terms and conditions of each grant. The number of outstanding
options held by an employee is not taken into account when determining if and how many new options are awarded to him.
</font> </P>
<P align="left">
<font size="2">In 2007, executives were awarded a grant of stock options for a two-year cycle ending December 31, 2008. These stock options are called the 2007-2008 Multi-year options.
</font> </P>
<P align="left">
<font size="2">The exercise price is the price at which a common share may be purchased when an option is exercised. Effective June 6, 2007, shareholders approved that the exercise price<SUP>5</SUP> be the higher of the volume weighted average of the trading price
per BCE Inc. common share of a board lot of BCE Inc. common shares traded on the Toronto stock exchange: (i) on the trading day prior to the day the grant becomes
</font> </P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td colspan="2" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">&nbsp;</td>
		<td width="85%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<sup>
<font size="2">4</font></sup></td>
		<td colspan="2" valign="top">
<P align="left">
<font size="2">Two stock option plans are in place: the BCE Inc. Long-Term Incentive (Stock Option) Program (1999) and the BCE Inc. Replacement Stock Option Plan (Plan of Arrangement 2000). Both plans are substantially similar in their terms and, unless
specifically noted where material differences exist, this section refers to the terms of the BCE Inc. Long-Term Incentive (Stock Option) Program (1999). The BCE Inc. Long-Term Incentive (Stock Option) Program (1985) was terminated on March 7, 2007.
There were no outstanding options under such program. <br>
&nbsp;</font></P> </td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<sup>
<font size="2">5</font></sup></td>
		<td colspan="2" valign="top">
<P align="left">
<font size="2">In the BCE Inc. Replacement Stock Option (Plan of Arrangement 2000), the exercise price was set in direct relation to the value of the optionee&#146;s existing options immediately prior to the effective date of the plan of arrangement in
connection with the spin-off of Nortel Networks Inc. by BCE Inc. in 2000. </font> </P> </td>
	</tr>
</table>
<p align="right"><font size="2">Page 81</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">effective or, if at least one board lot of BCE Inc. common shares has not been traded on such day, then the closing price for the next preceding day for which at least one board lot was so traded; and (ii) for the five consecutive trading days
ending on the trading day prior to the day the grant becomes effective. The exercise price of the 2007-2008 Multi-year options which were granted prior to June 2007 is equal to the market value of a BCE Inc. common share on the day before the grant
became effective. The grant became effective on the third business day following the board&#146;s confirmation of the grant unless there is undisclosed material information or unless regulatory requirements dictate otherwise, in which cases the
grant will become effective at a later date. </font> </P>
<P align="left">
<font size="2">Under the terms of our stock option plans, the right to exercise an option accrues or &#147;vests&#148; by 25% per year for four years from the effective date of the grant, unless we determine otherwise.</font></P>
<P align="left">
<font size="2">The stock option plans provide that the term of any option may not exceed 10 years from the effective date of grant. The term of the Multi-year options is six years. If the option holder retires, leaves BCE, dies, or the company he works for is no
longer part of BCE, the term may be reduced pursuant to the stock option plan under which it was granted. Options are not assignable by the optionee, except to the optionee&#146;s estate upon the optionee&#146;s death. We may use our discretionary
authority under the relevant plan as described under <I>Amendments</I> in order to otherwise alter the terms of the options within the parameters of the relevant plans.
</font> </P>
<P align="left">
<font size="2">Option holders will lose all of their unexercised options granted after 2001 if they engage in prohibited behaviour after they leave BCE. This includes using our confidential information for the benefit of another employer. In addition, the option
holder must reimburse the after-tax profit realized on exercising any options during the twelve-month period preceding the date on which the unfair employment practice began.
</font> </P>
<P align="left">
<font size="2">Prior to November 1999, some options were granted with related rights to special compensation payments. Special compensation payments are cash payments equal to the excess of the market value of the shares on the day of exercise of the related
option over the exercise price of the option. Special compensation payments, if any, are attached to options and are triggered when the options are exercised. </font> </P>
<P align="left">
<font size="2">Effective January 1, 2003, we adopted the fair value method of accounting for stock option
compensation on a prospective basis. </font> </P>
<P align="left">
<I><font size="2">Change of Control </font> </I></P>
<P align="left">
<font size="2">If there is a change of control of BCE Inc. and the option holder&#146;s employment is terminated within 18 months of the change of control for a reason other than for cause, or if the option holder terminates his employment for good reason, his
unvested options can be exercised for a period of 90 days from the date of termination, or for a longer period that we may determine.
</font> </P>
<P align="left">
<font size="2">In 1999, we introduced special vesting provisions in the event of a change of control. A change of control occurs when:
</font>
</P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">another party acquires 50% or more of the outstanding securities of a class of voting or equity securities of BCE Inc.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the composition of a majority of the BCE Inc.&#146;s board changes for a reason such as a dissident proxy solicitation
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">BCE Inc.&#146;s shareholders approve plans or agreements for disposing of all or substantially all of BCE Inc.&#146;s assets, liquidating or dissolving BCE Inc., or in certain cases, merging, consolidating or amalgamating BCE Inc., or
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">we determine that an event is a change of control.
	</font></P></li>
</ul>
<P align="left">
<I>Change of Control or Partial Change of Control of Bell Canada or a Designated Entity
</I></P>
<P align="left">
<font size="2">Unvested options of an option holder who is employed in one of our business units, such as Bell Canada or another subsidiary that we identify as a &#147;designated business unit,&#148; will become exercisable if:
</font> </P>

<p align="right"><font size="2">Page 82</font></p>

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<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">BCE Inc.&#146;s interest in the business unit or subsidiary falls below 50% but remains at least 20%, and
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the option holder&#146;s employment is terminated within 18 months of the reduction for a reason other than for cause, or if the
option holder terminates employment for good reason. </font></P></li>
</ul>
<P align="left">
<font size="2">The option holder has up to 90 days from that day, or longer if we so determine, to exercise the options.
</font> </P>
<P align="left">
<font size="2">If our interest in a designated business unit falls below 20%, option holders who are employed in that business unit may exercise all of their
unvested options effective upon the earlier of:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">one year following the reduction in the interest, or
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">the day the option holder was terminated.
	</font></P></li>
</ul>
<P align="left">
<font size="2">The option holder has up to 90 days from that day, or longer if we so determine, to exercise the options.
</font> </P>
<P align="left">
<I> Termination Clauses </I></P>
<P align="left">
<font size="2">The following provisions for early termination apply to stock options, unless we have, for specific circumstances, determined otherwise either at the time an option is granted or later, based on our discretionary authority under the relevant stock
option plan. See <I>Amendments</I> for more information. </font> </P>
<P align="left">
<font size="2">All non-vested options are forfeited when an employee ceases to be employed by BCE Inc. or an applicable subsidiary. Participants have 30 days following their termination date (without exceeding the original option period) to exercise their vested
options. At the end of the 30-day period or as of the expiry date, all outstanding options are forfeited. The same provisions apply when someone dies except that the estate has 12 months instead of 30 days to exercise all vested options (without
exceeding the original expiry date). </font> </P>
<P align="left">
<font size="2">When an employee retires, options granted after September 2000 continue to vest for three years after retirement. Participants have three years following their retirement date (without exceeding the original expiry date) to exercise their vested
options. At the end of the three-year period or on the original expiry date if it is earlier, all outstanding options are forfeited.
</font> </P>
<P align="left">
<font size="2">For options granted before September 2000 which are already vested, participants have five years following their retirement date (without exceeding the original expiry date) to exercise their vested options. At the end of the five-year period or on
the original expiry date if it is earlier, all outstanding options are forfeited.
</font> </P>
<P align="left">
<I>Amendments </I></P>
<P align="left">
<font size="2">Under the discretionary authority granted to the Management Resources and Compensation Committee under the relevant stock options plans<SUP>6</SUP>, we may use such authority to depart from standard vesting provisions, exercise schedules or
termination provisions at the time of grant of new options or later on with respect to any outstanding option, without shareholder approval. We may not, without shareholder approval, extend the term of any option beyond 10 years from the original
date of grant. In 2007, shareholders approved amendments to the Stock Option Program (1999) to specify which future amendments to the program will require shareholder approval and to implement other ancillary modifications with respect to
restriction on the number of shares issued and issuable to insiders. </font> </P>
<P align="left">
<B>Deferred Share Unit Plan </B></P>
<P align="left">
<font size="2">The Deferred Share Unit Plan is designed to more closely link the interests of the executive officers to those of the shareholders. Deferred share units may be awarded to certain executive officers and other key employees and those of certain
subsidiaries. </font> </P>
<P align="left">
<font size="2">Deferred share units have the same value as BCE Inc. common shares. The number and terms of outstanding deferred share units are not taken into account when determining if deferred share units will
</font> </P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td colspan="2" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">&nbsp;</td>
		<td width="85%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%">
<SUP><font size="2">6</font></SUP><font size="2">
</font> </td>
		<td colspan="2">
		<P align="left">
<font size="2"> See footnote 4 on page 81.
</font> </P> </td>
	</tr>
</table>
<p align="right"><font size="2">Page 83</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">be awarded and how many deferred share units will be awarded under the plan. Deferred share units vest immediately.
</font> </P>
<P align="left">
<font size="2">Dividend equivalents in the form of additional deferred share units are credited to the participant&#146;s account on each dividend payment date and are equal in value to dividends paid on BCE Inc. common shares.
</font> </P>
<P align="left">
<font size="2">Executive officers can choose to have up to 100% of their annual short-term incentive award paid in deferred share units instead of cash. The award is converted into deferred share units based on the market value of a BCE Inc. common share on the
day before the award becomes effective. Deferred share units count towards the minimum share ownership requirements, which are described under <I>Share Ownership Requirements</I>.
</font> </P>
<P align="left">
<font size="2">We may also grant special awards of deferred share units to recognize outstanding achievements or for reaching certain corporate objectives.
</font> </P>
<P align="left">
<font size="2">Considering the upcoming Privatization, no deferred share units were granted as payment of 2007 short-term incentive awards.
</font> </P>
<P align="left">
<font size="2">Holders of deferred share units may not redeem their deferred share units while they are employed by a company within the BCE group of companies. Once they leave the BCE group, BCE Inc. will buy a number of BCE Inc. common shares on the open market
equal to the number of deferred share units a participant holds in the plan, after withholding taxes and any other deductions. These shares are then delivered to the former employee or to the estate in case of death.
</font> </P>
<P align="left">
<B><U>SHARE OWNERSHIP REQUIREMENTS</U> </B></P>
<P align="left">
<font size="2">We believe in the importance of substantial share ownership and our compensation programs are designed to encourage share ownership by executive officers. A minimum share ownership level has been set for each position as a percentage of annual base
salary:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">President and Chief Executive Officer &#151; 500%
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Chief Operating Officer &#151; 400% </font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Heads of major lines of businesses, and Chief Financial Officer &#151; 300%
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">other officers &#151; 200%. </font></P></li>
</ul>
<P align="left">
<font size="2">Officers must meet their target within five years (5-year target) of their hire or promotion date with the objective that 50% of their target will be reached within 3 years of such date (3-year target). The 5-year target had to be reached by April
2006 for officers hired or promoted before the implementation of share ownership requirements in April 2001. Share ownership requirements also apply to all Vice-Presidents with a target of 100% of annual base salary.
</font> </P>
<P align="left">
<font size="2">Direct and indirect holdings of BCE Inc. common shares including shares or deferred share units received under the following programs can be used to reach the minimum share ownership level: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">Deferred Share Unit Plan, described under <I>Deferred Share Unit Plan</I>
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">employees&#146; savings plan, described in <I>Other Compensation Information &#151; Executive Compensation Table</I>, footnote 6
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">shares acquired and held by exercising stock options granted under our stock option plans, described under
	<I>Long-Term Incentives</I>, and </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">shares received upon payment of restricted share units, described under
	<I>Mid-Term Incentive Plan</I>. </font></P></li>
</ul>
<P align="left">
<font size="2">Concrete measures are taken if the 3-year target or the 5-year target is missed. These measures include, but are not limited to, the
payment of a portion of the short-term annual incentive award in deferred share units, the payment of restricted share units in shares and, when BCE Inc. stock options are exercised, the requirement to hold BCE Inc. common shares having a market
value equal to a portion of </font> </P>

<p align="right"><font size="2">Page 84</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">the after-tax financial gain resulting from the exercise. These measures remain in effect until the target is reached.
</font> </P>
<P align="left">
<B><U>CHIEF EXECUTIVE OFFICER&#146;S COMPENSATION</U> </B></P>
<P align="left">
<font size="2">When Mr. Sabia was appointed President and Chief Executive Officer in 2002, he asked that his current and future base salary and incentive compensation be adjusted to place more weight on variable (at risk) compensation. As a result, we reduced the
mid-point of the salary range for the Chief Executive Officer from the median of the comparator group to 90% of that value (adjusted mid-point). At the same time, we increased the target value of the annual short-term incentive from 100% to 125% of
base salary to preserve the alignment of the total cash compensation. In 2005, Mr. Sabia&#146;s base salary was set at &#36;1.25 million, the adjusted (90%) mid-point for the comparator group. We did not make any changes to Mr. Sabia&#146;s salary
and short-term incentive target in 2007. </font> </P>
<P align="left">
<font size="2">We evaluate at the beginning of each year the performance of the Chief Executive Officer for the preceding year based on his contribution to the:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">financial performance of BCE compared to financial targets set at the beginning of the year
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">progress of BCE in reaching its operating and strategic objectives
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">development of the executive team and succession planning
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">maintenance of BCE&#146;s leadership in the telecommunications industry.
	</font></P></li>
</ul>
<P align="left">
<font size="2">This year, BCE&#146;s continued focus on execution strengthened its operational foundations and contributed to its improved financial performance, delivering in 2007 an increase in revenues, EBITDA and free cash flow and setting the stage for the
&#36;51.7 billion Privatization of BCE Inc. announced mid-2007. The transaction value crystallized the progress made by BCE towards improving cost structure and competitive capabilities, investing in growth platforms and strengthening its
brand.</font></P>
<P align="left">
<font size="2">In the area of customer service, steady progress was made this year in driving a higher overall level of customer satisfaction and strengthening the customer relationship.
</font> </P>
<P align="left">
<font size="2">With respect to talent management, BCE has continued to strengthen the executive team through continuing efforts to improve the company&#146;s execution capabilities through a wide range of executive development and culture change initiatives.
</font> </P>
<P align="left">
<font size="2">In light of Mr. Sabia&#146;s substantial contribution in all of these areas, we recommended and the board awarded him a short-term incentive award in the amount of &#36;1,906,300 for the year 2007 which was computed based on an individual
performance factor of 200%. </font> </P>
<P align="left">
<font size="2">As President and Chief Executive Officer, Mr. Sabia received in 2006 a grant of 148,755 2006-2007 restricted share units, which covered the performance period ending December 31, 2007. According to his employment agreement, his restricted share
units will vest upon completion of the Privatization. For more information on Mr. Sabia&#146;s 2006-2007 restricted share units, see <I>Interest of Management and Others in Material Transactions</I>.
</font> </P>
<P align="left">
<font size="2">Mr. Sabia received in 2007 a grant of 450,000 2007-2008 Multi-year options which covers the performance period ending December 31, 2008.</font></P>
<P align="left">
<font size="2">We did not make any changes to Mr. Sabia&#146;s pension arrangements in 2007.
</font> </P>
<P align="left">
<B><U>COMPENSATION POLICY OF SUBSIDIARIES</U> </B></P>
<P align="left">
<font size="2">Bell Canada&#146;s compensation policy is the same as BCE Inc.&#146;s.
</font> </P>
<P align="left">
<B><U>CONCLUSION</U> </B></P>
<P align="left">
<font size="2">In our view, the total compensation of the named executive officers for 2007, including changes made in June 2007 in the context of the Privatization, was appropriate in supporting the business strategy and very competitive in the marketplace.
</font> </P>

<p align="right"><font size="2">Page 85</font></p>

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<P align="left">
<font size="2">Overall, we are confident that our approach to compensation has allowed BCE Inc. to attract, motivate and retain executive officers whose type of leadership is considered essential for success now and in the future, and align their interests with
those of our shareholders. </font> </P>
<P align="left">
<I><font size="2">Report presented March 5, 2008 by: </font> </I></P>
<P align="left">
<B><font size="2">R.J. CURRIE, CHAIR <br>
R.A. BRENNEMAN <br>
A.S. FELL <br>
J.H. MCARTHUR <br>
R.C. POZEN </font> </B></P>
<p align="right"><font size="2">Page 86</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<B><font size="2">The Privatization of BCE Inc. will affect the compensation of our senior executives in a manner that may differ from the following discussion of the 2007 compensation of our senior executives and related compensation elements. Please refer to the
section </font> </B><font size="2"><B><I>Interest of Management and Others in Material Transactions</I></B></font><B><font size="2"> for a discussion of the treatment of deferred share units, restricted share units, stock options and other compensation elements in connection with such
Privatization and related compensation disclosure. </font> </B></P>
<P align="left">
<B>OTHER COMPENSATION INFORMATION </B></P>
<P align="left">
<font size="2">This section describes how the named executive officers are compensated, their pension arrangements and termination and other employment arrangements.
</font> </P>
<P align="left">
<B><U>EXECUTIVE COMPENSATION TABLE</U> </B></P>
<P align="left">
<font size="2">Compensation information for 2007, 2006 and 2005 for the President and Chief Executive Officer, the Chief Financial Officer and the three most highly compensated executive officers other than the President and Chief Executive Officer and the Chief
Financial Officer (our named executive officers) in 2007 is presented in the following table.
</font> </P>
<P align="left">
<B>Summary Compensation Table </B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=20%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="38%" colspan="4" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<p align="center"><B><FONT size=2>ANNUAL COMPENSATION</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width=29% colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>LONG-TERM COMPENSATION</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>SECURITIES</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>UNDER</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>SHARES OF</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>LONG-</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>OPTIONS</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>UNITS</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>TERM</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>OTHER</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>OR STOCK</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>SUBJECT</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>INCENTIVE</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<B><FONT size=2>NAME AND</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>ANNUAL</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>APPRECIATI</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>TO RESALE</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>PLAN</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>ALL OTHER</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<B><FONT size=2>PRINCIPAL</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>COMPEN-</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>ON RIGHTS</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>RESTRIC-</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>[LTIP]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>COMPEN-</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<B><FONT size=2>POSITION</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>YEAR</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>SALARY</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>BONUS</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>SATION</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>GRANTED</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>TIONS</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>PAYOUTS</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>SATION</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<font size="2"> &nbsp;</font></TD>
	<TD align=right width=9%>
<B><FONT size=2>[&#36;]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>[&#36;]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>[&#36;]</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>[#]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>[#]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>[&#36;]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>[#]</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>[1]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>[2]</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
&nbsp;</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>[3]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>[4]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>[5]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>[6]</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<B><FONT size=2>Michael J. Sabia</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>2007 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>1,250,000 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>1,906,300 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>131,911 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>450,000 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>472,000 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>President and Chief </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>2006 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>1,250,000 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>114,614 </FONT>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>91,145 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>310,467 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>Executive Officer, </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>deferred </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>BCE Inc. </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>share units </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>Chief Executive </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>based on </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>Officer, Bell Canada </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>&#36;2,800,000 </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>2005 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>1,250,000 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>34,700 </FONT>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>77,205 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>3,005,053 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>218,073 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>deferred </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>share units </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>based on </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#36;2,200,000 </FONT>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<B><FONT size=2>Siim A. Vanaselja</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>2007 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>526,667 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>391,700 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>3,762 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>110,000 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>64,359 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>Chief Financial </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>2006 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>485,000 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>1,613 </FONT>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>16,512 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>47,199 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>Officer, </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>deferred </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>BCE Inc. and Bell </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>share units </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>Canada </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>based on </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#36;500,000 </FONT>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>2005 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>482,500 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>318,300 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>315,190 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>1,202,033 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>42,142 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<B><FONT size=2>George A. Cope</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>2007 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>900,000 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>823,500 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>2,869 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>250,000 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>161,159 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>President and Chief </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>2006 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>856,154 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>1,300,000 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>1,263 </FONT>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>443,000 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>167,349 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>4,070,483 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>Operating Officer, </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>share units </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>Bell Canada </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>based on </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#36;4,500,000 </FONT>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>2005 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
</TR>
</TABLE>&nbsp;<p align="right"><font size="2">Page 87</font></p>
<hr color="#000000" size="1">
<p>&nbsp;</p>




<TABLE border=0 width=100% style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width=20%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="38%" colspan="4" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<p align="center"><B><FONT size=2>ANNUAL COMPENSATION</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=center width=29% colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>LONG-TERM COMPENSATION</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>SECURITIES</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>UNDER</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>SHARES OF</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>LONG-</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>OPTIONS</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>UNITS</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>TERM</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>OTHER</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>OR STOCK</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>SUBJECT</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>INCENTIVE</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<B><FONT size=2>NAME AND</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>ANNUAL</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>APPRECIATI</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>TO RESALE</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>PLAN</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>ALL OTHER</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<B><FONT size=2>PRINCIPAL</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>COMPEN-</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>ON RIGHTS</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>RESTRIC-</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>[LTIP]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>COMPEN-</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<B><FONT size=2>POSITION</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>YEAR</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>SALARY</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>BONUS</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>SATION</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>GRANTED</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>TIONS</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>PAYOUTS</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>SATION</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<font size="2"> &nbsp;</font></TD>
	<TD align=right width=9%>
<B><FONT size=2>[&#36;]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>[&#36;]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>[&#36;]</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=9%>
<B><FONT size=2>[#]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>[#]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>[&#36;]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>[#]</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>[1]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>[2]</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
&nbsp;</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>[3]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>[4]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>[5]</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>[6]</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<B><FONT size=2>Patrick Pichette</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>2007 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>712,500 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>636,900 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>3,125 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>190,000 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>89,841 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>President &#151; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>2006 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>650,000 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>351,000 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>815 </FONT>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>11,591 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>63,031 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>Operations, Bell </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>deferred </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>Canada </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>share units </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>based on </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#36;351,000 </FONT>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>2005 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>633,333 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>17,785 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>1,302,187 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>45,168 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>deferred </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>share units </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>based on </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#36;477,800 </FONT>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<B><FONT size=2>St&eacute;phane Boisvert</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>2007 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>650,000 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>634,400 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>3,651 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>130,000 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>87,073 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>President &#151; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>2006 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>270,833 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>520,000 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>1,046 </FONT>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>50,000 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>572,644 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% bgcolor="#C0C0C0">
<FONT size=2>Enterprise, </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>2005 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>Bell Canada </FONT>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2" valign="top"><font size="2">1
</font> </td>
		<td width="98%" valign="top">
		<P align="left">
<font size="2">MR. SABIA was appointed Executive Vice-President of BCE Inc. and Vice-Chairman of Bell Canada on July 3, 2000. On December 1, 2000, he was appointed President of BCE Inc. while maintaining his responsibilities at Bell Canada. On March 1, 2002, he
became President and Chief Operating Officer of BCE Inc. and Chief Operating Officer of Bell Canada. He became President and Chief Executive Officer of BCE Inc. on April 24, 2002 and Chief Executive Officer of Bell Canada on May 2, 2002.
<br>
<br>
MR. VANASELJA was appointed Chief Financial Officer of BCE Inc. on January 15, 2001 and also Chief Financial Officer of Bell Canada on December 13, 2003.
<br>
<br>
MR. COPE was appointed President and Chief Operating Officer of Bell Canada on January 19, 2006. MR. COPE has been participating in certain stock option and benefit programs since November 18, 2005, being the day his benefits were withdrawn by his
former employer. <br>
<br>
MR. PICHETTE was appointed Chief Financial Officer of Bell Canada on September 25, 2002. He was appointed Executive Vice-President of Bell Canada on December 1, 2003. On November 1, 2004, he was appointed President &#151; Operations of Bell Canada.
<br>
<br>
MR. BOISVERT was appointed President &#150; Enterprise of Bell Canada on August 1, 2006.
<br>
<br>
The main terms of their employment with us are described under <I>Pension Arrangements </I>and<I> Termination and Other Employment Arrangements</I>.
	<br>
<br>
Annual salary increases are generally effective as of March 1 of any given year.
	<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2" valign="top">
<font size="2">2 </font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">This column does not include an amount for perquisites and other personal benefits if the aggregate amount of these total less than &#36;50,000 or 10% of the total of the annual salary and bonus, which is the disclosure threshold set by the laws
that apply to us. <br>
<br>
For MR. SABIA, perquisites in the amount of &#36;92,393 and &#36;77,559 are included in 2007 and 2006, respectively. These consist mainly of a perquisite allowance in the amount of &#36;90,000 and &#36;59,190 in 2007 and 2006, respectively. Other
types of annual compensation are disclosed in this column, as described below. For MR. SABIA, this includes an amount of &#36;18,362 for payment of taxes on an additional life insurance policy of &#36;10 million in his name for 2007, 2006 and 2005.
<br>
<br>
For MR. VANASELJA, this consists of a special compensation payment of &#36;315,190 in 2005. Please see <I>Long-Term Incentives</I> for details.
	<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2" valign="top">
<font size="2">3 </font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">All options granted in 2007 are 2007-2008 Multi-year options
granted under the BCE Inc. Long-Term Incentive (Stock Option) Program (1999).
Please see <I>Report on Executive Compensation&#151;Long-Term Incentives</I> for
details and the tables under </font><I><font size="2">Stock Options</font></I><font size="2">.
<br>
<br>
For 2006, this column includes 443,000 options granted to MR. COPE on November
18, 2005, being the day his benefits were withdrawn by his former employer, to
replace non-performance-based options granted by his former employer. These
options will vest at 100% on the 3rd anniversary of the grant and expire after 6
years. This column also includes <br>
&nbsp;</font></P></td>
	</tr>
</table>
<p align="right"><font size="2">Page 88</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<p>&nbsp;</p>

<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="98%" valign="top">
		<P align="left">
 <font size="2">50,000 2004-2006 Front-loaded options granted to MR. BOISVERT at
	the time of his hire in 2006. None of the 2004-2006 Front-loaded options
	vested and MR. BOISVERT&#146;s options were forfeited in early 2007. <br>
	<br>
	We do not grant freestanding stock appreciation rights under our stock option plans.
	<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">4
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">For all the named executive officers except MR. COPE and MR.
BOISVERT this column includes deferred share units. Deferred share units have
the same value as BCE Inc. common shares. The number of deferred share units
awarded was calculated using the closing price of BCE Inc. common shares on the
Toronto Stock Exchange on the day preceding the effective date (third business
day following the date the award is approved by the board). The dollar amount
included in this table is the pre-tax value of the deferred share units on the
day the award was effective. This column includes deferred share units granted
as payment of the annual short-term incentive award. <br>
<br>
Additional deferred share units are credited to each named executive officer&#146;s
account on each BCE Inc. common share on the dividend payment date. The number
of deferred share units is calculated using the same rate as the dividends paid
on our common shares. Please see <I>Report on Executive Compensation &#151; Deferred
Share Unit Plan</I> for details. The table below shows the total number of
deferred share units that each named executive officer held and their value at
December 31, 2007, based on a BCE Inc. common share price of $39.65 at year-end.
<br>
&nbsp;</font></P></td>
	</tr>
</table>
<P align="left">
 &nbsp;</P>
<div align="right">
<TABLE border=0 width="98%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="74%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>AT DECEMBER 31, </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="74%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>2007 </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="74%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>TOTAL NUMBER </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="74%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>OF </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="74%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>DEFERRED </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="74%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>SHARE UNITS </FONT>
	</TD>
	<TD align=left width="12%">
<p align="right">
<font size="2">&nbsp;
	TOTAL VALUE</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="74%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>NAME </FONT>
	</TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>HELD </FONT>
	</TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>&#36; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="74%" bgcolor="#C0C0C0">
<FONT size=2>Michael J. Sabia </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<FONT size=2>316,470 </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<FONT size=2>12,548,044 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="74%" bgcolor="#C0C0C0">
<FONT size=2>Siim A. Vanaselja </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<FONT size=2>39,454 </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<FONT size=2>1,564,383 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="74%" bgcolor="#C0C0C0">
<FONT size=2>George A. Cope </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="74%" bgcolor="#C0C0C0">
<FONT size=2>Patrick Pichette </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<FONT size=2>52,565 </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<FONT size=2>2,084,220 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="74%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>St&eacute;phane Boisvert </FONT>
	</TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
</TR>
</TABLE></div>
&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="98%" valign="top">
<P align="left">
 <font size="2">No additional deferred share units were credited into MR.SABIA&#146;s account since December 31, 2007 except for deferred share units in lieu of dividends on January 15, 2008, for a total number of deferred share units currently held of 319,506, as
shown on page 33. <br>
	<br>
	For MR. COPE, this column includes share units granted to him in 2006 outside of the Restricted Share Unit Plan. These share units vested on December 31, 2007. They were not subject to performance vesting as they were granted in replacement of
non-performance-based share units from his former employer. They were all paid in cash on January 31, 2008. The terms of the Restricted Share Unit Plan, other than the vesting provisions, applied to the share units granted to MR. COPE.
	<br>
	<br>
	Restricted share units granted under the Restricted Share Unit Plan are not included in this column as they have performance vesting criteria and qualify as a mid-term incentive. See footnote 5 for cancellation of restricted share units.
	<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">5</font></td>
		<td width="98%" valign="top">
		<P align="left">
<font size="2">Executive officers became eligible for a retention payment in lieu of their 2006-2007 restricted share units. These restricted share units were therefore cancelled in 2007. MR. SABIA declined any payments under the retention policy and as a result
retained his restricted share units. See <I>Interest of Management and Others in Material Transactions</I> for further details on the retention policy and on MR.SABIA&#146;s restricted share units.
<br>
<br>
For 2005, this consists of amounts payable under the Restricted Share Unit Plan related to the restricted share units granted in February 2004 for a 2-year performance period ending December 31, 2005 (2004-2005 restricted share units).
	The vesting of the 2004-2005 grant of restricted share units was based on reaching pre-set operating objectives. The 2004-2005 restricted share units became fully vested on January 31, 2006 when the board confirmed the achievement of all specific
operating objectives. The value was determined on the day the restricted share units became vested i.e., January 31, 2006, based on a BCE Inc. share price of &#36;27.38 (the day preceding the vesting date).
<br>
<br>
MR. SABIA elected to use all of the after-tax proceeds (about &#36;1.5 million) from his 2004-2005 restricted share units to purchase BCE Inc. common shares which he also elected to retain throughout his tenure as President and Chief Executive
Officer. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">6</font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">For all the named executive officers, amounts in this column include company contributions under the <I>Employees&#146; Savings Plan</I>.
<br>
<br>
Under the Employees&#146; Savings Plan, when employees, including executive officers, elect to contribute up to 6% of their eligible earnings to buy BCE Inc. common shares, BCE Inc. or Bell Canada contributes &#36;1 for every &#36;3 that the
employee contributes. <br>
<br>
This column also includes payments for life insurance premiums for all of the named executive officers.
	<br>
<br>
<br>
&nbsp;</font></P></td>
	</tr>
</table>
<p align="right"><font size="2">Page 89</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<p>&nbsp;</p>

<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="98%" valign="top">
		<P align="left">
<font size="2">For MR. SABIA, it includes an amount of &#36;19,721 for premiums paid in 2007, 2006 and 2005 for an additional life insurance policy of &#36;10 million in his name.
	<br>
	<br>
	For MR. COPE, it includes an amount of &#36;132,000 and &#36;225,000 for employer contributions to MR. COPE&#146;s defined contribution account in 2007 and 2006, respectively. See <I>Pension Arrangements</I> for further details. Bell Canada
required MR. COPE to exercise all vested stock options and dispose of all shares of his former employer prior to his appointment in January 2006. As a result, Bell Canada agreed to compensate him on an after-tax basis for the decrease in share price
of his former employer following the announcement of his departure which negatively impacted the gain on the exercise of his stock options and the value of shares he sold for a total amount of &#36;1,717,678 paid in 2006. For 2006, it also includes
a hiring incentive of &#36;2,100,000 paid to MR. COPE in 2005. Prior to his appointment, as stipulated in his employment agreement, MR. COPE had met his minimum share ownership target of 4 times annual salary and has agreed to keep the shares while
employed by Bell Canada. See <I>Report on Executive Compensation &#151; Share Ownership Requirements</I> for further details.
	<br>
	<br>
	For MR. BOISVERT, it includes an amount of &#36;69,658 in 2007 for employer contributions to MR. BOISVERT&#146;s defined contribution account. For 2006, it includes a hiring incentive of &#36;400,000 as well as a relocation allowance of
&#36;109,350. <br>
	<br>
	In 2007, 2006 and 2005, this also includes the value of additional deferred share units credited in lieu of dividends on BCE Inc. common shares, except for MR. COPE and MR. BOISVERT who do not participate in the Deferred Share Unit Plan.
	For 2007, 2006 and 2005 respectively, this represents an amount of &#36;410,931, &#36;247,651 and &#36;159,321 for MR. SABIA, &#36;49,551, &#36;27,497 and &#36;25,634 for MR. VANASELJA and &#36;69,413, &#36;44,000 and &#36;22,290 for MR. PICHETTE.
	</font> </P></td>
	</tr>
</table>
<P align="left">
<B><U>STOCK OPTIONS</U> </B></P>
<P align="left">
<font size="2">The table below shows grants of stock options made to each of the named executive officers under our stock option program for the financial year ended December 31, 2007.
</font> </P>
<P align="left">
<B><font size="2">Option/Stock appreciation rights grants during the most recently completed financial year
</font> </B></P>
<TABLE border=0 width=100% style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>MARKET VALUE </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>OF </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>% OF TOTAL </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>SECURITIES </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>OPTIONS/ </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>UNDERLYING </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>SECURITIES </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>STOCK </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>OPTIONS/STOCK </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>UNDER </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>APPRECIATION </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>APPRECIATION </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>OPTIONS/STOCK </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>RIGHTS GRANTED </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>RIGHTS ON THE </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>APPRECIATION </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>TO </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>EXERCISE </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>DATE OF THE </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>RIGHTS GRANTED </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>EMPLOYEES IN </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>OR BASE PRICE </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>GRANT </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>[#] </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>FINANCIAL YEAR </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>[&#36;/SECURITY] </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>[&#36;/SECURITY] </FONT>
	</TD>
	<TD align=right width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>NAME </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>[1] [2] </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>[2] </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>[3] </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>[3] </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>EXPIRATION DATE </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>Michael J. Sabia </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>450,000 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>7.8% </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>&#36;30.72 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>&#36;30.72 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>March 11, 2013 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>Siim A. Vanaselja </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>110,000 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>1.9% </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>&#36;30.72 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>&#36;30.72 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>March 11, 2013 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>George A. Cope </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>250,000 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>4.4% </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>&#36;30.72 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>&#36;30.72 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>March 11, 2013 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" bgcolor="#C0C0C0">
<FONT size=2>Patrick Pichette </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>190,000 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>3.3% </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>&#36;30.72 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>&#36;30.72 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>March 11, 2013 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>St&eacute;phane Boisvert </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>130,000 </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>2.3% </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#36;30.72 </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#36;30.72 </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>March 11, 2013 </FONT>
	</TD>
</TR>
</TABLE>&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<font size="2">1 </font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">In March 2007, all of the executive officers received a grant of 2007-2008 Multi-year options for a two-year period ending December 31, 2008. These options will vest at a rate of 25% per year over a 4-year period as per standard plan provisions.
The option period is 6 years. <br>
<br>
Each option granted under our stock option plans covers one BCE Inc. common share. No rights to special compensation payments were attached to options granted in 2007. Please see <I>Report on Executive Compensation&#151; Long-Term Incentives</I>
for details. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">These numbers represent stock options. The percentage represents the options granted over the total options granted to employees in 2007. No freestanding stock appreciation rights were granted.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">3
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">The exercise price of the stock options in this table is equal to
the closing price of the BCE Inc. common shares on the Toronto Stock Exchange on
the day before the grant was effective. <br>
&nbsp;</font></P></td>
	</tr>
</table>
<P align="left">
<font size="2">The table below is a summary of all of the stock options that
each of the named executive officers exercised under BCE Inc.&#146;s stock option
plans in the financial year ended December 31, 2007. It also shows their
unexercised options at December 31, 2007. </font> </P>

<p align="right"><font size="2">Page 90</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<B><font size="2">Aggregated option/stock appreciation rights exercises during the most recently completed financial year and financial year-end option/stock appreciation rights values
</font> </B></P>
<TABLE border=0 width=100% style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="22%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>OPTIONS/STOCK </FONT>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>OPTIONS/STOCK </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>APPRECIATION </FONT>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>APPRECIATION </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>SECURITIES </FONT>
	</TD>
	<TD align=right width="13%">
<FONT size=2>AGGREGATE </FONT>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>RIGHTS AT </FONT>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>RIGHTS AT </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>ACQUIRED </FONT>
	</TD>
	<TD align=right width="13%">
<FONT size=2>VALUE </FONT>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>DECEMBER </FONT>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>DECEMBER </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>ON EXERCISE </FONT>
	</TD>
	<TD align=right width="13%">
<FONT size=2>REALIZED </FONT>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>31, 2007 </FONT>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>31, 2007 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>[#] </FONT>
	</TD>
	<TD align=right width="13%">
<FONT size=2>[&#36;] </FONT>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>[#] </FONT>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>[&#36;] </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>[1] </FONT>
	</TD>
	<TD align=left width="13%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%">
<FONT size=2>[1] [2] </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>NAME </FONT>
	</TD>
	<TD align=left width="13%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="13%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>EXERCISABLE </FONT>
	</TD>
	<TD align=right width="13%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>UNEXERCISABLE </FONT>
	</TD>
	<TD align=right width="13%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>EXERCISABLE </FONT>
	</TD>
	<TD align=right width="13%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>UNEXERCISABLE </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" bgcolor="#C0C0C0">
<FONT size=2>Michael J. Sabia </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>1,163,343 </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>450,000 </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>9,433,295 </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>4,018,500 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" bgcolor="#C0C0C0">
<FONT size=2>Siim A. </FONT>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" bgcolor="#C0C0C0">
<FONT size=2>&nbsp;&nbsp; Vanaselja </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>308,288 </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>110,000 </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>2,095,884 </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>982,300 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" bgcolor="#C0C0C0">
<FONT size=2>George A. </FONT>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" bgcolor="#C0C0C0">
<FONT size=2>&nbsp;&nbsp; Cope </FONT><SUP><FONT size=2>3</FONT></SUP><font size="2"> </font>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>693,000 </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>7,836,450 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" bgcolor="#C0C0C0">
<FONT size=2>Patrick Pichette </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>401,400 </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>190,000 </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>2,309,524 </FONT>
	</TD>
	<TD align=right width="13%" bgcolor="#C0C0C0">
<FONT size=2>1,696,700 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" bgcolor="#C0C0C0">
<FONT size=2>St&eacute;phane </FONT>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="13%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&nbsp;&nbsp; Boisvert </FONT>
	</TD>
	<TD align=right width="13%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>130,000 </FONT>
	</TD>
	<TD align=right width="13%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width="13%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>1,160,900 </FONT>
	</TD>
</TR>
</TABLE>&nbsp;<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="2%" valign="top">
<font size="2">1
</font> </td>
		<td width="98%">
<P align="left">
<font size="2">These numbers relate only to stock options. No freestanding stock appreciation rights are granted.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2
</font> </td>
		<td width="98%">
<P align="left">
<font size="2">An option is &#147;in-the-money&#148; when it can be exercised at a profit. This happens when the market value of the shares is higher than the price at which the options may be exercised. The value of unexercised in-the-money options is
calculated using the closing price of a board lot of common shares of BCE Inc. on the Toronto Stock Exchange on December 31, 2007, i.e. &#36;39.65 less the exercise price of those options.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">3 </font> </td>
		<td width="98%">
<P align="left">
<font size="2">For MR. COPE, this includes a grant of 443,000 time vesting options he received on November 18, 2005, being the day his benefits were withdrawn by his former employer, to replace non-performance based options granted by his former employer. These
options will vest at 100% on November 18, 2008. <br>
&nbsp;</font></P></td>
	</tr>
</table>
<P align="left">
<B>Additional Information with Respect to Security-Based Compensation Plans
</B></P>
<P align="left">
Equity Compensation Plan Information </P>
<TABLE border=0 width=100% style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="20%">
<FONT size=2>NUMBER OF SECURITIES </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="20%">
<FONT size=2>REMAINING </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="20%">
<FONT size=2>AVAILABLE FOR FUTURE </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="20%">
<FONT size=2>ISSUANCE </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="20%">
<FONT size=2>NUMBER OF SECURITIES </FONT>
	</TD>
	<TD align=left width="20%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="20%">
<FONT size=2>UNDER EQUITY </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="20%">
<FONT size=2>TO BE ISSUED </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2>WEIGHTED-AVERAGE </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2>COMPENSATION </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="20%">
<FONT size=2>UPON EXERCISE OF </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2>EXERCISE </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2>PLANS EXCLUDING </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="20%">
<FONT size=2>OUTSTANDING </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2>PRICE OF OUTSTANDING </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2>SECURITIES </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="20%">
<FONT size=2>OPTIONS, WARRANTS </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2>OPTIONS, </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2>REFLECTED IN COLUMN </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="20%">
<FONT size=2>AND RIGHTS </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2>WARRANTS AND RIGHTS </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2>[A] </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>PLAN CATEGORY </FONT>
	</TD>
	<TD align=right width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2># [A] </FONT>
	</TD>
	<TD align=right width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>&#36; [B] </FONT>
	</TD>
	<TD align=right width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2># [C] </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" bgcolor="#C0C0C0">
<FONT size=2>Equity compensation plans approved </FONT>
	</TD>
	<TD align=left width="20%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" bgcolor="#C0C0C0" valign="top">
<FONT size=2>&nbsp;&nbsp; by securityholders </FONT>
	</TD>
	<TD align=right width="20%" bgcolor="#C0C0C0">
<FONT size=2>161,261 </FONT>
	</TD>
	<TD align=right width="20%" bgcolor="#C0C0C0">
<FONT size=2>17 </FONT>
	</TD>
	<TD align=right width="20%" bgcolor="#C0C0C0">
<FONT size=2>&#150;</FONT><SUP><FONT size=2>2</FONT></SUP><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" bgcolor="#C0C0C0">
<FONT size=2>Equity compensation plans not approved </FONT>
	</TD>
	<TD align=left width="20%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" bgcolor="#C0C0C0">
<FONT size=2>&nbsp;&nbsp; by securityholders</FONT><SUP><FONT size=2>1</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="20%" bgcolor="#C0C0C0">
<FONT size=2>17,536,119 </FONT>
	</TD>
	<TD align=right width="20%" bgcolor="#C0C0C0">
<FONT size=2>33 </FONT>
	</TD>
	<TD align=right width="20%" bgcolor="#C0C0C0">
<FONT size=2>39,395,278</FONT><SUP><FONT size=2>3</FONT></SUP><font size="2">
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>Total </FONT>
	</TD>
	<TD align=right width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>17,697,380 </FONT>
	</TD>
	<TD align=right width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>33</FONT></TD>
	<TD align=right width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>39,395,278 </FONT>
	</TD>
</TR>
</TABLE>&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<font size="2">1
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">The material features of the BCE Inc. Long-Term Incentive (Stock Option) Program (1999) are provided in the section <I>Report on Executive Compensation&#151; Stock Options</I> and the material features of the BCE Inc. Employees&#146; Savings Plans
(1970) and (2000) are provided in the section <I>Employees&#146; Savings Plans</I>.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">The BCE Inc. Long-Term Incentive (Stock Option) Program (1985) was cancelled by the board on March 7, 2007.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">3
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">This number includes 13,513,812 BCE Inc. common shares issuable pursuant to employee subscriptions under the BCE Inc. Employees&#146; Savings Plans (1970) and (2000).
<br>
&nbsp;</font></P></td>
	</tr>
</table>
<p align="right"><font size="2">Page 91</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">The following table sets out the number of securities issued and issuable under each of BCE&#146;s security-based compensation arrangements and the number of BCE Inc. common shares underlying outstanding options and percentages represented by each
calculated over the number of BCE Inc. common shares outstanding as at December 31, 2007.
</font> </P>
<TABLE border=0 width=100% style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width=40%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=center width="18%" colspan="2">
<FONT size=2>COMMON SHARES </FONT>
	</TD>
	<TD align=center width="18%" colspan="2">
<FONT size=2>COMMON SHARES </FONT>
	</TD>
	<TD align=center width=19% colspan=2>
<FONT size=2>COMMON SHARES UNDER </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=center width="18%" colspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>ISSUABLE</FONT><SUP><FONT size=2>1</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=center width="18%" colspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>ISSUED TO DATE </FONT>
	</TD>
	<TD align=center width=19% colspan=2 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>OUTSTANDING OPTIONS </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2># </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>%</FONT><SUP><FONT size=2>2</FONT></SUP><font size="2"> </font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2># </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>%</FONT><SUP><FONT size=2>2</FONT></SUP><font size="2"> </font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2># </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>%</FONT><SUP><FONT size=2>2</FONT></SUP><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% bgcolor="#C0C0C0">
<FONT size=2>BCE Inc. Long-Term Incentive (Stock </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% bgcolor="#C0C0C0">
<FONT size=2>&nbsp;&nbsp; Option) Program (1999)</FONT><SUP><FONT size=2>3</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>43,417,585</FONT><SUP><FONT size=2>4</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>5.4% </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>6,276,320 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>0.8% </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>17,536,119</FONT><SUP><FONT size=2>5</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>2.2% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% bgcolor="#C0C0C0">
<FONT size=2>BCE Inc. Replacement Stock Option </FONT>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% bgcolor="#C0C0C0">
<FONT size=2>&nbsp;&nbsp; Plan (Plan of Arrangement 2000) </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>161,261 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>3,532,830 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>0.4% </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>161,261 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% bgcolor="#C0C0C0">
<FONT size=2>Teleglobe Stock Options</FONT><SUP><FONT size=2>6</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>4,530,294 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>0.6% </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>&#150; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% bgcolor="#C0C0C0">
<FONT size=2>Employees&#146; Savings Plans (1970) and </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>13,513,812</FONT><SUP><FONT size=2>7</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>1.7% </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>16,574,937 </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>2.1% </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>n/a </FONT>
	</TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<FONT size=2>n/a </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>&nbsp;&nbsp; (2000) </FONT>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<font size="2">1 </font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">This number excludes BCE Inc. common shares issued to date and represents the aggregate of BCE Inc. common shares underlying outstanding options and BCE Inc. common shares remaining available for future grants of options and subscriptions under
the Employees&#146; Savings Plans. <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Outstanding BCE Inc. common shares as at December 31, 2007 = 805,264,816<B>.</B>
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">3
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">As at the date of this annual information form, there were 49,693,905 common shares issued and issuable under the Stock Option Program (1999), which represented 6.2<B>% </B>of the then outstanding common shares.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">4 </font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Out of a maximum number of issuable BCE Inc. common shares of 50,000,000 under the Stock Option Program (1999) after deduction of 306,095 common shares transferred to and issued or issuable under the BCE Inc. Replacement Stock Option Plan (Plan of
Arrangement 2000). <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">5
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">As at the date of this annual information form, there were 17,411,964 common shares underlying outstanding options, which represented 2.2% of the then outstanding common shares.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">6
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">All outstanding Teleglobe stock options were exercised or forfeited during 2007.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">7
</font> </td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Out of an aggregate maximum number of issuable BCE Inc. common shares of 20,000,000 under the Employees&#146; Savings Plans (1970) and (2000).
<br>
&nbsp;</font></P></td>
	</tr>
</table>
<P align="left">
<B><U>EMPLOYEES&#146; SAVINGS PLANS</U><sup>7</sup> </B></P>
<P align="left">
<font size="2">Employees&#146; Savings Plans are designed to encourage our employees and those of our participating subsidiaries to own shares of BCE Inc. In most instances, each year, employees who have completed at least 6 months of service and who do not
control directly or indirectly 5% or more of the outstanding common shares of BCE Inc. are eligible to participate in the plans and can choose to have up to a certain percentage of their annual eligible earnings withheld through regular payroll
deductions to buy BCE Inc. common shares. In some cases, the employer may also contribute up to a maximum percentage of the employee&#146;s annual eligible earnings to the plan. The number of shares which may be issued under the Employees&#146;
Savings Plans to insiders of a participating company, within any one-year period, under all security-based compensation arrangements of BCE Inc. may not exceed 10% of all issued and outstanding BCE Inc. common shares. Each participating company
decides on its maximum contribution percentage. Employees can contribute up to 12% of their annual earnings. BCE Inc. or Bell Canada contributes up to 2%. The trustee of the Employees&#146; Savings Plans buys BCE Inc. common shares for the
participants on the open market, by private purchase or from BCE Inc. (issuance of treasury shares). The price of the shares purchased by the trustee on the open market or by private purchase is equal to the value paid by the trustee for such
shares. The price for treasury shares (if any) purchased from BCE Inc. is equal to the
</font> </P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td colspan="2" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">&nbsp;</td>
		<td width="85%">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">7</font></td>
		<td colspan="2">
		<P align="left">
<font size="2">Two Employees&#146; Savings Plans are in place: the BCE Inc. Employees&#146; Savings Plan (1970) and the BCE Inc. Employees&#146; Savings Plan (2000). The Employees&#146; Savings Plan (2000), which is intended for employees whose principal
employment is in the United States, is not currently in use and thus, there are no accumulated shares currently issued under this plan. The terms of both plans are substantially similar.
</font> </P>

		</td>
	</tr>
</table>
<p align="right"><font size="2">Page 92</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">weighted average prices of the shares purchased by the trustee on the open market and by private purchase (if any) in the week immediately preceding the week in which the purchase is made from BCE Inc. The purchase price for treasury shares may not
be below the market price of the securities, as established pursuant to the plan. All the shares have been purchased on the market in 2007, but we may issue shares from treasury from time to time to fill employee subscriptions. Upon termination of
employment, participation in the Employees&#146; Savings Plans ceases and the participant receives all the shares or the value of such shares in the participant&#146;s account, excluding those purchased by contributions made by the participating
company during the year of termination unless the participating company authorizes it. In instances of retirement or death, such entitlement to the company contribution is automatic. Participation in the Employees&#146; Savings Plans is not
assignable. </font> </P>
<P align="left">
<font size="2">In 2007, shareholders approved amendments to the BCE Inc. Employees&#146; Savings Plans (1970) and (2000) to specify which future amendments to the plans would require shareholder approval and to implement another ancillary modification with respect
to restriction on the number of shares issued and issuable to insiders. </font> </P>
<P align="left">
<B><U>PENSION ARRANGEMENTS</U> </B></P>
<P align="left">
<font size="2">All of the named executive officers participate in the Bell Canada Pension Plan (Bell Plan). All named executive officers except Mr. Cope and Mr. Boisvert are covered under the defined benefit arrangement of the Bell Plan and they have all entered
into supplementary agreements (Defined Benefit Supplementary Executive Retirement Plans). Mr. Cope and Mr. Boisvert are covered under the defined contribution arrangement of the Bell Plan and have also entered into supplementary agreements (Defined
Contribution Supplementary Executive Retirement Plans). </font> </P>
<P align="left">
<B>Defined Benefit Supplementary Executive Retirement Plans
</B></P>
<P align="left">
<font size="2">Under the Defined Benefit Supplementary Executive Retirement Plans, named executive officers receive 1.5 years of pensionable service for every year they serve as an officer. Retirement eligibility is based on the executive officer&#146;s age and
years of service. The board may credit additional years of service towards retirement eligibility, pension calculation or both, through a special arrangement.
</font> </P>
<P align="left">
<font size="2">In general, a named executive officer will receive Supplementary Executive Retirement Plan benefits when he reaches one of the following: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">at least age 55, and the sum of age and service is at least 85
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">at least age 60, and the sum of
age and service is at least 80 </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">age 65 and has 15 years of service. </font>
	</P></li>
</ul>
<P align="left">
<font size="2">Pensions are calculated based on pensionable service and pensionable earnings. Pensionable earnings include base salary and short-term incentive awards, up to the target value, whether they are paid in cash or deferred share units. The one-year
average of the named executive officer&#146;s best consecutive 36 months of pensionable earnings is used to calculate his pension.
</font> </P>
<P align="left">
<font size="2">A named executive officer may receive up to 70% of his average pensionable earnings as total pension benefits under the Bell Plan and Defined Benefit Supplementary Executive Retirement Plans. Pensions are payable for life. Surviving spouses receive
about 60% of the pension that was payable to the named executive officer. </font> </P>
<P align="left">
<font size="2">Named executive officers receive a retirement allowance equal to one year&#146;s base salary when they retire. This is not included in their pensionable earnings.
</font> </P>
<P align="left">
<font size="2">The table below shows the estimated annual pension benefits for various categories of pensionable earnings and years of pensionable service that would be payable under the Bell Plan and Defined Benefit Supplementary Executive Retirement Plans,
assuming that a named executive officer retired on December 31, 2007 at age 65.
</font> </P>

<p align="right"><font size="2">Page 93</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">These benefits are not subject to any deductions for government benefits or other off set amounts. They are partly indexed every year to increases in the Consumer Price Index, subject to a maximum of 4% per year.
</font> </P>
<TABLE border=0 width=100% style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="55%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="28%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<p align="center">
<FONT size=2>YEARS OF PENSIONABLE SERVICE&nbsp;
	</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="55%">
<FONT size=2>PENSIONABLE EARNINGS [&#36;] </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>20 YEARS </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>30 YEARS </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>40 YEARS </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="55%" bgcolor="#C0C0C0">
<FONT size=2>500,000 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>163,900 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>245,800 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>319,400 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="55%" bgcolor="#C0C0C0">
<FONT size=2>900,000 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>299,900 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>449,800 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>584,600 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="55%" bgcolor="#C0C0C0">
<FONT size=2>1,300,000 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>435,900 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>653,800 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>849,800 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="55%" bgcolor="#C0C0C0">
<FONT size=2>1,700,000 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>571,900 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>857,800 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>1,115,000 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="55%" bgcolor="#C0C0C0">
<FONT size=2>2,100,000 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>707,900 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>1,061,800 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>1,380,200 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="55%" bgcolor="#C0C0C0">
<FONT size=2>2,500,000 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>843,900 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>1,265,800 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>1,645,400 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="55%" bgcolor="#C0C0C0">
<FONT size=2>2,900,000 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>979,900 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>1,469,800 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>1,910,600 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="55%" bgcolor="#C0C0C0">
<FONT size=2>3,300,000 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>1,115,900 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>1,673,800 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>2,175,800 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="55%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>3,700,000 </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>1,251,900 </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>1,877,800 </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>2,441,000 </FONT>
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<B>Defined Contribution Supplementary Executive Retirement Plans
</B></P>
<P align="left">
<font size="2">Named executive officers hired on or after January 1, 2005 are eligible to benefits under the Defined Contribution Supplementary Executive Retirement Plan after having served as an officer for at least 5 years. These supplemental arrangements
consist in the application of a multiplier to employer&#146;s contributions accumulated in their account under the defined contribution arrangement of the Bell Plan while serving as an officer.</font></P>
<P align="left">
<font size="2">The defined contribution arrangement of the Bell Plan is the sum of:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2"><B>Employee contributions</B>: Employee may contribute up to a maximum of 4% of pensionable earnings, subject to the
	<I>Income Tax Act</I> limit.
</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2"><B>Employer contributions</B>: Employer contributes 4% of pensionable earnings and matches the first 2% of employee contributions, for a maximum of 6%. Any contribution in excess of the
	<I>Income Tax Act</I> limit is notionally deposited into
the account. </font></P></li>
</ul>
<P align="left">
<font size="2">Once a named executive officer becomes eligible for benefits under the Defined Contribution Supplementary Executive Retirement Plan, a multiplier varying from 1.25 upon reaching 45 points (age and years of service) to 3.0 with 80 points will apply.
A named executive officer may therefore accumulate while an officer (through employer contributions and the related multiplier) up to 18% of his pensionable earnings plus credited investment returns. The board may credit additional years of service,
additional Corporation contributions or both, through a special arrangement.
</font> </P>
<P align="left">
<font size="2">Pensionable earnings include base salary and short-term incentive awards, whether they are paid in cash or deferred share units.
</font> </P>
<P align="left">
<font size="2">Benefits under the Defined Contribution Supplementary Executive Retirement Plan in excess of the <I>Income Tax Act</I> limit are payable in a lump sum at termination, death or retirement.
</font> </P>
<P align="left">
<B>Pension Benefits for Named Executive Officers </B></P>
<P align="left">
<font size="2">The number of years of service for calculating total pension benefits at December 31, 2007 was 27.5 years for Mr. Sabia (age 54), 20.3 years for Mr. Vanaselja (age 51) and 10.4 years for Mr. Pichette (age 45).
</font> </P>
<P align="left">
<font size="2">Mr. Sabia is eligible for Defined Benefit Supplementary Executive Retirement Plan benefits if he retires on or after age 60. If Mr. Sabia&#146;s employment is terminated on or after age 55 but before age 60, his pension will be equal to 40% of his
pensionable earnings. In this case, the calculation will be based on the annual average of his best consecutive 60 months of pensionable earnings. If Mr. Sabia&#146;s employment is terminated before age 55 (for any reasons other than for cause) or
in the event of a change of control, his pension from age 55 will be calculated as if he was age 55 when he left BCE Inc. Mr. Sabia entered into a
</font> </P>

<p align="right"><font size="2">Page 94</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<font size="2">written employment agreement with BCE Inc. at the time he was appointed President and Chief Executive Officer in April 2002. Please see <I>Termination and Other Employment Arrangements</I> for more information.
</font> </P>
<P align="left">
<font size="2">Mr. Vanaselja is eligible for Defined Benefit Supplementary Executive Retirement Plan benefits if he retires on or after age 60. If Mr. Vanaselja&#146;s employment is severed for any reasons other than cause on or after age 51 but before age 55, he
will be eligible to a deferred pension at age 55 of at least &#36;325,000. If Mr. Vanaselja&#146;s employment terminates or is severed for any reasons other than cause on or after age 55 but before age 60, his pension will be equal to a percentage
of pensionable earnings corresponding to 35% at age 55 plus 3.5% per additional year of age.
</font> </P>
<P align="left">
<font size="2">Mr. Pichette can retire at age 55 under his Defined Benefit Supplementary Executive Retirement Plan. If Mr. Pichette&#146;s employment terminates on or after age 47 but before age 55, or if his employment is severed for any reasons other than cause
between age 45 and 47, he will be eligible for a deferred pension at age 55 according to the Bell Plan with deemed service being credited until age 55 including benefits in excess of the maximum pension prescribed by the <I>Income Tax Act</I>.
</font> </P>
<P align="left">
<font size="2">Based on current pensionable earnings and service accrual to the earliest eligibility date for a supplementary pension, the estimated annual benefits payable are as follows:
</font> </P>
<TABLE border=0 width=100% style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="70%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>ESTIMATED </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2>AGE AT EARLIEST </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2>ANNUAL BENEFIT </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>EXECUTIVE </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>ELIGIBILITY DATE </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>&#36; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" bgcolor="#C0C0C0">
<FONT size=2>Michael J. Sabia </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>55 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>935,000 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" bgcolor="#C0C0C0">
<FONT size=2>Siim A. Vanaselja </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>55 </FONT>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<FONT size=2>325,000 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>Patrick Pichette </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>55 </FONT>
	</TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#C0C0C0">
<FONT size=2>355,100 </FONT>
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font size="2">In conjunction with his appointment as President and Chief Operating Officer, Mr. Cope was credited 5 years of service and &#36;180,000 of notional employer contributions, through a special arrangement under his Defined Contribution Supplementary
Executive Retirement Plan. The total employer contributions to Mr. Cope&#146;s account accumulated as of December 31, 2007 were &#36;389,863 excluding the impact of the multiplier. At year end, his multiplier was 1.65 based on 53 points (age 46.4,
and 7.1 years of service). </font> </P>
<P align="left">
<font size="2">Mr. Boisvert is eligible for a Defined Contribution Supplementary Executive Retirement Plan benefits. The total employer contributions to Mr. Boisvert&#146;s account accumulated as of December 31, 2007 were &#36;73,447 excluding the impact of the
multiplier. At year end, Mr. Boisvert Defined Contribution Supplementary Executive Retirement Plan benefits were not vested, his multiplier was 1.00 based on 46 points (age 44.9 and 1.4 years of service).
</font> </P>
<P align="left">
<B><U>TERMINATION AND OTHER EMPLOYMENT ARRANGEMENTS</U> </B></P>
<P align="left">
<font size="2">We entered into an agreement with Mr. Sabia on April 24, 2002 setting out the terms of his employment. In addition to the total compensation elements and pension arrangements described above, the agreement provides for the following principal terms:
</font> </P>
<P align="left">
<font size="2">Mr. Sabia will receive payments if:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">he is terminated without cause, including following a change of control, or
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">he resigns for certain reasons, including if there is a major change in his responsibilities, such as being removed as a
director of BCE Inc. (other than if required by law), a reduction in his total compensation or specific benefits or perquisites, or for any reason within one year of a change of control. The employment agreement defines a change of control primarily
as another party acquiring at least 33<SUP>1/3</SUP>% of BCE Inc.&#146;s voting shares or at least 33<SUP>1/3</SUP>% of its assets.
	</font></P></li>
</ul>
<P align="left">
<font size="2">These payments include: </font> </P>

<p align="right"><font size="2">Page 95</font></p>

<HR noshade align="center" width="100%" size=1 color="#000000">



<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">base salary and annual short-term incentive award, prorated to the number of complete months expired immediately after the termination
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">a lump-sum payment equal to his base salary plus the target value of the annual short-term incentive
award for up to 36 months or the period between the day he is terminated and the day he is eligible to receive his pension at age 65, whichever is less. The current target for the annual short-term incentive award for the Chief Executive Officer is
125% of base salary </font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">any other benefits, such as pension, disability, insurance proceeds, stock options or other amounts that may be payable under any other plan or agreement if Mr. Sabia&#146;s employment is terminated.
	</font></P></li>
</ul>
<P align="left">
<font size="2">The above payments are
subject to Mr. Sabia&#146;s compliance with the non-competition and non-solicitation provisions of his employment agreement.
</font> </P>
<P align="left">
<font size="2">If there is a change of control, all of Mr. Sabia&#146;s BCE Inc. stock options as well as awards granted under any replacement plans will vest, whether his employment is terminated or not.
</font> </P>
<P align="left">
<font size="2">Mr. Sabia&#146;s employment agreement also covers compensation and treatment of immediate vesting of stock options and awards granted under any replacement plans which he shall be entitled to exercise within 120 days of a termination caused by an
illness, disability, retirement or death. </font> </P>
<P align="left">
<font size="2">Mr. Cope&#146;s employment agreement dated October 18, 2005 with Bell Canada provides for the following terms:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">if his employment is terminated for any reasons other than cause, a severance indemnity equal to his base salary and annual
short-term incentive award for a period of 24 months subject to the non-competition provisions of his employment agreement. The award will be based on the average of his awards for the two years preceding his termination
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 2px; margin-bottom: 2px"><font size="2">a commitment from Mr.
Cope to meet his share ownership target prior to his appointment in January 2006 (which he has already met) through the purchase of &#36;3,900,000 worth of BCE Inc. shares which he has agreed to keep while employed by Bell Canada.
	</font></P></li>
</ul>
<P align="left">
<font size="2">Mr. Pichette will receive the following severance payment if his employment is terminated for any reasons other than cause: </font> </P>
<ul>
	<li>
	<P align="left"><font size="2">&nbsp;a severance indemnity equal to his base salary and annual short-term incentive award at target for a period of 24
months. </font></P></li>
</ul>
<P align="left">
<font size="2">Mr. Boisvert&#146;s employment agreement dated May 23, 2006 provides for the following severance payment if his employment is terminated for any reasons other than cause: </font> </P>
<ul>
	<li>
	<P align="left"><font size="2">a severance indemnity equal to his base salary and annual short-term
incentive award at target for a period of 18 months. </font></P></li>
</ul>
<P align="right">
<font size="2">Page 96</font></P>

<HR noshade align="center" width="100%" size=1 color="#000000">



<P align="left">
<B><U>PERFORMANCE GRAPH</U> </B></P>
<P align="left">
<B>Shareholder Return Performance Graph </B></P>
<P align="left">
<font size="2">The graphs below compare the cumulative annual total return of BCE Inc.&#146;s common shares against the cumulative annual total return of the S&amp;P/TSX Composite Index and the S&amp;P Global 1200 Telecommunications Services Index, assuming an
initial investment of &#36;100 and that all subsequent dividends were reinvested. Percentages shown within the graphs represent compounded annual rates of return over the period.
</font> </P>
<p align="center">
<img border="0" src="aifctx97x1.jpg" width="664" height="287"><font size="2">
<BR>
</font>
</p>
<TABLE border=0 width=100% cellspacing=0>
<TR valign="bottom">
	<TD align=left width=40% style="border-style: solid; border-width: 1px" bordercolor="#000000" bgcolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#000000">
<font color="#FFFFFF">
<B><FONT size=2>2002</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#000000">
<font color="#FFFFFF">
<B><FONT size=2>2003</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#000000">
<font color="#FFFFFF">
<B><FONT size=2>2004</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#000000">
<font color="#FFFFFF">
<B><FONT size=2>2005</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#000000">
<font color="#FFFFFF">
<B><FONT size=2>2006</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000" bgcolor="#000000">
<font color="#FFFFFF">
<B><FONT size=2>2007</FONT></B><font size="2"> </font>
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>S&amp;P/TSX Composite</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>100 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>127 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>145 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>180 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>211 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>232 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>S&amp;P Global 1200 Telecom</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>100 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>126 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>150 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>142 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>190 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>241 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>BCE Inc.</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>100 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>106 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>111 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>113 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>133 </FONT>
	</TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>175 </FONT>
	</TD>
</TR>
</TABLE><font size="2"><BR>
</font>
<P align="left">
<font size="2">The graph below compares the one-year total return of BCE Inc.&#146;s common shares against the one-year total return of the S&amp;P/TSX Composite Index and the S&amp;P Global 1200 Telecommunications Services Index, assuming reinvestment of
dividends. </font> </P>
<p align="center">
<font size="2">
<img border="0" src="aifctx97x2.jpg" width="652" height="214">
<BR>
</font>
</p>
<P align="left">
<B>BCE Inc. </B></P>
<P align="left">
<font size="2">BCE Inc.&#146;s total return is based on BCE Inc.&#146;s share price on the Toronto Stock Exchange and assumes the reinvestments of dividends.
</font> </P>

<p align="right"><font size="2">Page 97</font></p>

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<P align="left">
<B>S&amp;P/TSX Composite Index </B></P>
<P align="left">
<font size="2">With approximately 95% coverage of the Canadian equities market, the S&amp;P/TSX Composite Index is the primary gauge for Canadian-based, Toronto Stock Exchange-listed companies. Such companies include amongst others: BCE Inc., Royal Bank of Canada,
Manulife Financial Corporation, EnCana Corporation and Research In Motion Limited.
</font> </P>
<P align="left">
<font size="2">The S&amp;P/TSX total return data was obtained from Thomson Financial.
</font> </P>
<P align="left">
<B>S&amp;P Global 1200 Telecommunications Services Index </B></P>
<P align="left">
<font size="2">The S&amp;P Global 1200 Telecommunications Services Index consists of 43 companies worldwide including amongst others: BCE Inc., TELUS Corp., Rogers Communications Inc., the U.S. Regional Bell Operating Companies (AT&amp;T Inc., Verizon
Communications Inc., Qwest Communications International Inc.), European Incumbent Local Exchange Carriers (BT Group, Deutsche Telekom AG, France Telecom SA, Telecom Italia SpA, Telefonica S.A.), the U.S. Regional Local Exchange Carriers (Century
Telephone, Citizens Communications) and wireless companies (Sprint Nextel Corp., Vodafone Group PLC, China Mobile Ltd., NTT DoCoMo Inc.).
</font> </P>
<P align="left">
<font size="2">The S&amp;P Global 1200 Telecommunication Services Index&#146;s total return data was obtained from Standard &amp; Poor&#146;s.
</font> </P>

<p align="right"><font size="2">Page 98</font></p>

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<P align="center">
&nbsp;</P>
<table border="4" width="100%" cellspacing="0" bordercolor="#808080" cellpadding="8" bgcolor="#C0C0C0" bordercolorlight="#000000">
	<tr>
		<td>
		<p align="center"><B>SCHEDULE 3 &#150; GLOSSARY<font size="2"> </font> </B>
		</td>
	</tr>
</table>
<P align="center">
&nbsp;</P>
<P align="left">
<font size="2">Certain capitalized words and terms used throughout this annual information form are defined below: <BR>
<BR>
<B>Aliant Telecom</B> means Aliant Telecom Inc.; </font> </P>
<P align="left">
<font size="2"><B>Arrangement</B> means the plan of arrangement of BCE Inc. under section 192 of the <I>Canada Business Corporations Act</I> giving effect to the Privatization; </font> </P>
<P align="left">
<font size="2"><B>BCE 2007 Financial Statements</B> means the BCE Inc. 2007 financial statements on pages 68 to 71 of the Bell
Canada Enterprises 2007 Annual Report; </font> </P>
<P align="left">
<font size="2"><B>BCE 2007 MD&amp;A</B> means BCE Inc.&#145;s 2007 management&#146;s discussion and analysis on pages 2 to 65 of the
Bell Canada Enterprises 2007 Annual Report; </font> </P>
<P align="left">
<font size="2"><B>BCE Special Meeting Proxy Circular</B> means the Notice of Special Shareholder Meeting and Management
Proxy Circular of BCE Inc. dated August 7, 2007 in respect of the special meeting of shareholders held on
September 21, 2007; </font> </P>
<P align="left">
<font size="2"><B>Bell Aliant Income Fund</B> means Bell Aliant Regional Communications Income Fund; </font> </P>
<P align="left">
<font size="2"><B>Bell Aliant LP</B> means Bell Aliant Regional Communications, Limited Partnership; </font> </P>
<P align="left">
<font size="2"><B>Bell Distribution</B> means Bell Distribution Inc.; </font> </P>
<P align="left">
<font size="2"><B>Bell ExpressVu</B> means Bell ExpressVu Limited Partnership; </font> </P>
<P align="left">
<font size="2"><B>Bell ICT</B> means Bell Information and Communications Technology Outsourcing Solutions Inc.; </font> </P>
<P align="left">
<font size="2"><B>Bell Mobility</B> means Bell Mobility Inc.; </font> </P>
<P align="left">
<font size="2"><B>CEP</B> means the Communications, Energy and Paperworkers Union of Canada; </font> </P>
<P align="left">
<font size="2"><B>CEPACC</B> means CEP Atlantic Communications Council;</font></P>
<P align="left">
<font size="2"><B>CGI</B> means CGI Group Inc.; </font> </P>
<P align="left">
<font size="2"><B>CIBC Mellon</B> means CIBC Mellon Trust Company; </font> </P>
<P align="left">
<font size="2"><B>CLEC</B> means competitive local exchange carrier; </font> </P>
<P align="left">
<font size="2"><B>Computershare</B> means Computershare Trust Company of Canada; </font> </P>
<P align="left">
<font size="2"><B>Connexim</B> means Connexim Inc.; </font> </P>
<P align="left">
<font size="2"><B>CTEA</B> means the Canadian Telecommunications Employees&#146; Association; </font> </P>
<P align="left">
<font size="2"><B>DBRS</B> means DBRS Limited; </font> </P>
<P align="left">
<font size="2"><B>EBITDA</B> means earnings before interest, taxes, depreciation and amortization of intangible assets; </font> </P>
<P align="left">
<font size="2"><B>Expertech</B> means Expertech Network Installation Inc.; </font> </P>
<P align="left">
<font size="2"><B>Fitch</B> means Fitch Ratings Ltd.; </font> </P>
<P align="left">
<font size="2"><B>ICT</B> means information and communications technology; </font> </P>
<P align="left">
<font size="2"><B>IP</B> means Internet Protocol; </font> </P>
<P align="left">
<font size="2"><B>IT</B> means information technology; </font> </P>
<P align="left">
<font size="2"><B>MNVO</B> means mobile virtual network operator;</font></P>
<P align="left">
<font size="2"><B>Moody&#146;s</B> means Moody&#146;s Investors Service, Inc.; </font> </P>

<p align="right"><font size="2">Page 99</font></p>

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<P align="left">
<B><font size="2">NorthernTel</font></B><font size="2"> means NorthernTel, Limited Partnership;
</font> </P>
<P align="left">
<font size="2"> <B>Northwestel</B> means Northwestel Inc.;
</font> </P>
<P align="left">
<B><font size="2">Privatization</font></B><font size="2"> means the acquisition of all of the outstanding common and preferred equity of BCE Inc. by the Purchaser; </font> </P>
<P align="left">
<font size="2"> <B>Purchaser</B> means 6796508 Canada Inc., an entity controlled by an investor group led by Teachers&#146; Private
Capital, the private investment arm of the Ontario Teachers&#146; Pension Plan, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC; </font> </P>
<P align="left">
<font size="2"> <B>S&amp;P</B> means Standard &amp; Poor&#146;s, a division of The McGraw-Hill Companies, Inc.;
</font> </P>
<P align="left">
<font size="2"> <B>SMB</B> means small and medium-sized business; </font> </P>
<P align="left">
<font size="2"> <B>Strategic Oversight Committee</B> means the strategic oversight committee of the board of directors of BCE Inc., comprised of Andr&eacute; B&eacute;rard, Thomas C. O&#146;Neill, James A. Pattison
and Donna Soble Kaufman (Chair); </font> </P>
<P align="left">
<font size="2"> <B>T&eacute;l&eacute;bec</B> means T&eacute;l&eacute;bec, Limited Partnership; </font> </P>
<P align="left">
<font size="2"> <B>Teleglobe</B> means Teleglobe Inc. and Teleglobe Holdings (U.S.) Corporation; </font> </P>
<P align="left">
<font size="2"> <B>Telesat</B> means Telesat Canada; and </font> </P>
<P align="left">
<font size="2"> <B>VarTec</B>
means VarTec Telecom, Inc. and VarTec Holding Company. </font> </P>

<p align="right"><font size="2">Page 100</font></p>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>annual.htm
<DESCRIPTION>BCE INC 2007 ANNUAL REPORT
<TEXT>

<HTML>
<HEAD>
   <TITLE>BCE 2007 Annual Report</TITLE>
<meta equiv="Content-Type" content="text/html; charset=windows-1252">
</HEAD>

<BODY bgcolor="#ffffff">



<A name="page_1"><font size="2"></font></A>

<P align="right">
<b><font size="2">EXHIBIT 99.2</font></b></P>
<P align="left">
<font size="7">Bell Canada Enterprises</font><I><font size="6"><br>
2007 Annual Report</font></I></P>
<P align="left">
&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2">
<b>MANAGEMENT&#146;S DISCUSSION</b>
</font>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=19% colspan=2>
<b><font size="2">NOTES TO CONSOLIDATED FINANCIAL </font></b>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2"><b>AND ANALYSIS</b>
</font>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=19% colspan=2>
<b><font size="2">STATEMENTS</font></b></TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>About Forward-Looking Statements </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>2 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 1 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Significant Accounting Policies </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>72 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Privatization of BCE Inc. </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>3 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 2 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Going-Private Transaction </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>80 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>About Our Business </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>4 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 3 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Segmented Information </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>80 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>2007 Operating Highlights </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>9 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 4 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Restructuring and Other </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>83 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Business Outlook and Assumptions </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>12 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 5 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Other Income (Expense) </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>84 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Selected Annual and Quarterly Information </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>14 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 6 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Interest Expense </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>84 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Financial Results Analysis </FONT>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 7 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Income Taxes </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>85 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Consolidated Analysis </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>17 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 8 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Discontinued Operations </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>86 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Segmented Analysis </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>23 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 9 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Earnings Per Share </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>87 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Financial and Capital Management </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>32 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 10 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Accounts Receivable </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>88 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Our Competitive Environment </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>40 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 11 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Inventory </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>88 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Our Regulatory Environment </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>43 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 12 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Capital Assets </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>89 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Risks that Could Affect Our Business and Results </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>50 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 13 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Other Long-Term Assets </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>90 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Our Accounting Policies </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>58 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 14 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Goodwill </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>90 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Controls and Procedures </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>63 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 15 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Accounts Payable and Accrued Liabilities </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>92 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-GAAP Financial Measures </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>63 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 16 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Debt Due Within One Year </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>93 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 17 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Long-Term Debt </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>93 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px"><b><font size="2">REPORTS ON
INTERNAL CONTROL</font></b></TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 18 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Other Long-Term Liabilities </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>94 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Management&#146;s Report on Internal Control </FONT>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 19 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Non-Controlling Interest </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>94 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>over Financial Reporting </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>66 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 20 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Financial Instruments </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>95 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Report of Independent Registered </FONT>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 21 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Share Capital </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>96 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Chartered Accountants </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>67 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 22 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Stock-Based Compensation Plans </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>99 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 23 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Accumulated Other Comprehensive </FONT>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px"><b><font size="2">CONSOLIDATED
FINANCIAL STATEMENTS</font></b></TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Income (Loss) </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>102 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Management&#146;s Responsibility </FONT>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<font size="2">Note 24</font></TD>
	<TD align=left width="35%">
<font size="2">Employee Benefit Plans</font></TD>
	<TD align=left width="5%">
<p align="right">
<font size="2">&nbsp;
	103</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>for Financial Reporting </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>68 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 25 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Commitments and Contingencies </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>106 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Report of Independent Registered </FONT>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 26 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Guarantees </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>109 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Chartered Accountants </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>68 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<FONT size=2>Note 27 </FONT>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Supplemental Disclosure for </FONT>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Consolidated Statements of Operations </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>69 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="35%">
<FONT size=2>Statements of Cash Flows </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>110 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Consolidated Statements of </FONT>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="35%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="5%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Comprehensive Income </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>69 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="35%" colspan="2">
<FONT size=2>Glossary &nbsp;
	</FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>111 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Consolidated Statements of Deficit </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>69 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=19% colspan=2>
<FONT size=2>Board of Directors </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>113 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Consolidated Balance Sheets </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>70 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=19% colspan=2>
<FONT size=2>Executives </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>114 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Consolidated Statements of Cash Flows </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>71 </FONT>
	</TD>
	<TD width="15%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=19% colspan=2>
<FONT size=2>Shareholder Information &#150; Tax Information </FONT>
	</TD>
	<TD align=right width="5%">
<FONT size=2>115 </FONT>
	</TD>
</TR>
</TABLE><font size="2"><BR>

</font>

<hr color="#000000" size="1">

<P align="left">
<font size="5">Management&#146;s Discussion and Analysis</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="2">In this management&#146;s discussion and analysis of financial condition and results of operations (MD&amp;A),
</font> </I><font size="2">we<I>, </I>us<I>, </I>our <I>and </I>BCE </font> <I>
<font size="2">mean BCE Inc., its subsidiaries and joint ventures. Bell Canada is, unless otherwise
indicated, referred to herein as Bell, and is comprised of our Bell Wireline and Bell Wireless segments. References to Bell Aliant include matters relating to, and actions taken by, both Aliant Inc. and its affiliated entities prior to July 7,
2006, and Bell Aliant Regional Communications Income Fund and its affiliated entities on and after such date.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><I><font size="2">All amounts in this MD&amp;A are in millions of Canadian dollars, except where noted. Please refer to our glossary on pages 112&#150;113 for a list of defined terms.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><I><font size="2">Please refer to BCE Inc.&#146;s audited consolidated financial statements for the year ended December 31, 2007 when reading this MD&amp;A. In preparing this MD&amp;A, we have taken into account information available
to us up to March 5, 2008, the date of this MD&amp;A, unless otherwise stated.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><I><font size="2">You will find more information about us, including BCE Inc.&#146;s audited consolidated financial statements for the year ended December 31, 2007 and BCE Inc.&#146;s annual information form for the year ended
December 31, 2007 dated March 5, 2008 (BCE 2007 AIF) and recent financial reports, on BCE Inc.&#146;s website at www.bce.ca, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This MD&amp;A comments on our operations, performance and financial condition for the years ended December 31, 2007, 2006 and 2005.</font></P>
<P align="left">
<B><font size="4">About Forward-Looking Statements</font></B></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">BCE&#146;s 2007 annual report, including this MD&amp;A and in particular the sections of this MD&amp;A entitled <I>Strategic Priorities </I>and <I>Business Outlook and Assumptions</I>, contain forward-looking statements concerning, among others,
BCE&#146;s objectives, plans, strategies, financial condition, results of operations and business outlooks. A statement we make is forward-looking when it uses what we know and expect today to make a statement about the future. Forward-looking
statements may include words such as <I>aim</I>, <I>anticipate</I>, <I>assumption</I>, <I>believe</I>, <I>could</I>, <I>expect</I>, <I>goal</I>, <I>guidance</I>, <I>intend</I>, <I>may</I>, <I>objective</I>, <I>outlook</I>, <I>plan</I>, <I>seek</I>,
<I>should</I>, <I>strategy</I>, <I>strive</I>, <I>target </I>and <I>will</I>. All such forward-looking statements are made pursuant to the &#145;safe harbour&#146; provisions of applicable Canadian securities laws and of the <I>United States Private
Securities Litigation Reform Act of 1995</I>.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated by us, forward-looking statements in BCE&#146;s 2007 annual report, including this MD&amp;A, describe our expectations at March 5, 2008. 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. Forward-looking statements, by their very nature, are
subject to numerous risks and uncertainties and are based on several assumptions 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 investors and others to get a better understanding of our operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking statements made in BCE&#146;s 2007 annual report, including in this MD&amp;A, are based on a number of assumptions that we believed were reasonable on the day we made the forward-looking statements.
Refer, in particular, to the sections of this MD&amp;A entitled <I>Strategic Priorities </I>and <I>Business Outlook and Assumptions </I>for a discussion of certain assumptions we have made in making forward-looking statements.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factors that could cause actual results to differ materially from our expectations expressed in or implied by our forward-looking statements include: general economic conditions; failure to achieve our business
objectives; the intensity of competitive activity and the increase in wireless competitive activity that could result from Industry Canada&#146;s decision to license additional wireless 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, information technology (IT) systems and softwares; labour disruptions; the potential adverse effects on
our Internet business of the significant increase in broadband demand; competitive risks related to potential changes in foreign ownership restrictions; events affecting the operations of our service providers operating outside Canada; our ability
to raise the capital we need to implement our business plan; the consummation of the Privatization (as defined immediately following this section under <I>Privatization of BCE Inc.</I>) is still subject to a number of terms and conditions including
the receipt of regulatory approval, resolution of any appeal filed by the
debenture holders which affects the approval of the </font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="2">2 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P style="margin-top: 0; text-align:right">
&nbsp;</P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Arrangement (as defined immediately following this section under
Privatization of BCE Inc.), and contractual termination rights; 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 regulations banning the use of wireless devices while driving; launch and in-orbit risks of satellites used by Bell ExpressVu Limited Partnership (Bell ExpressVu); increased pension fund contributions; and
health concerns about radio frequency emissions from wireless devices. These and 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 MD&amp;A and, in particular, under <I>Our Competitive Environment, Our Regulatory Environment </I>and <I>Risks that Could Affect Our Business and Results</I>.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We caution readers that the risks described above are not the only ones that could impact us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a
material adverse effect on our business, financial condition or results of operations.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise indicated by us, forward-looking statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made may have
on our business. More specifically, such statements do not, unless otherwise specified by us, reflect the impact of dispositions, sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs
or other charges announced or occurring after forward-looking statements are made. The financial impact of these transactions and non-recurring and other special items can be complex and depends on the facts particular to each of them. We therefore
cannot describe the expected impact in a meaningful way or in the same way we present known risks affecting our business.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the provisions of <I>National Instrument 51-102 </I>adopted by the Canadian securities regulatory authorities, reference is hereby made to BCE Inc.&#146;s press release dated November 6, 2007, available on
SEDAR at www.sedar.com and on EDGAR at www.sec.gov as well as on BCE Inc.&#146;s website at www.bce.ca, announcing BCE Inc.&#146;s intention to cease updating, as of November 6, 2007, its 2007 financial guidance as well as to cease providing
financial guidance.</font></P>
<P align="left">
<B><font size="4">Privatization of BCE Inc.</font></B></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">On June 30, 2007, BCE Inc. announced that it entered into a definitive agreement (Definitive Agreement) relating to its privatization through the proposed acquisition by a corporation (the Purchaser) owned by an investor group led by Teachers&#146;
Private Capital, the private investment arm of the Ontario Teachers&#146; Pension Plan, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC (collectively, the Investor Group) of all of BCE Inc.&#146;s outstanding common and preferred
shares (the Privatization). The all-cash transaction is valued at &#36;51.7 billion, including &#36;16.9 billion of debt, preferred equity and non-controlling interest. The transaction is to be completed through a plan of arrangement (the
Arrangement). Under the terms of the Privatization, the Purchaser would acquire all of the common shares of BCE Inc. for an offer price of &#36;42.75 per common share and all preferred shares (at various prices provided for in the Definitive
Agreement). The closing of the Privatization remains subject to a number of terms and conditions, including Canadian Radio-television and Telecommunications Commission (CRTC) approval for the transfer of our broadcasting licences
and Industry Canada
approval with respect to the transfer of spectrum licences. On March 7, 2008,
the Qu&#233;bec Superior Court approved the Arrangement and dismissed all claims made
by or on behalf of certain institutional holders of Bell Canada debentures in
connection with the Arrangement. Any appeal of the Court&#146;s decisions must be
filed by the debenture holders with the Qu&#233;bec Court of Appeal by March 17,
2008.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the Definitive Agreement, BCE Inc. has agreed that prior to the consummation of the Privatization, it will conduct its business, and cause its subsidiaries to conduct their business, in the ordinary
course consistent with past practice. In connection with this general covenant, BCE Inc. has also agreed to certain specific covenants, which, among other things, restrict certain of its activities, including the entering into of certain
transactions such as mergers, asset dispositions and acquisitions, capital contributions and the incurrence of debt (subject to certain thresholds and exceptions).
Subject to any appeal by the debenture holders and the timing and terms of such
an appeal, BCE Inc. anticipates that the Privatization will be consummated in the
first part of the second quarter of 2008. However, there can be no assurances that the Privatization will be consummated at that time or at all. For more information, refer to BCE Inc.&#146;s management proxy circular dated August 7, 2007 filed with
the Canadian securities commissions </font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<P align="right" style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>3</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>
<P style="margin-top: 0; text-align:left">
<font size="2">(available on SEDAR at www.sedar.com) and with the U.S.
Securities and Exchange Commission (SEC) (available on EDGAR at www.sec.gov),
and to <I>Risks that Could Affect Our Business and Results &#150; The
consummation of the Privatization is still subject to a number of terms and conditions including the receipt of various approvals and contractual termination rights</I>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the announcement, significant progress has been made towards completing the Privatization and a number of key developments have taken place:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">By August 2, 2007, applications were made for necessary regulatory approvals, including applications with Industry Canada, the CRTC, the Canadian Competition Bureau, the United States Federal Trade Commission and the United States Federal
Communications Commission. We have since received anti-trust clearance from the United States Federal Trade Commission on August 14, 2007 and from the Canadian Competition Bureau on September 21, 2007. The United States Federal Communications
Commission also granted approval of the Privatization on December 20, 2007. Furthermore, on February 25 and 26, 2008, the CRTC held a public hearing to review the change in control of BCE&#146;s broadcasting licences to the Investor Group. The
public hearing is scheduled to resume on March 11, 2008 and a decision is expected by March 31, 2008.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">On September 21, 2007, BCE Inc.&#146;s shareholders approved the Arrangement by more than 97% of the votes cast by holders of common and preferred shares, voting as a single class, exceeding the required 66<SUP> 2</SUP>/</font><font size="1">3</font><font size="2"> %
approval. Of the total outstanding common and preferred shares, 62.5% were voted at the meeting either in person or by proxy.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">An order approving the Arrangement sought by
BCE Inc. was granted by the Qu&#233;bec Superior Court on
March 7, 2008. The granting of the order was contested
by certain holders of Bell Canada debentures who
asserted that they hold debentures issued under the Bell
Canada trust indenture dated July 1, 1976 (1976 Indenture),
the Bell Canada trust indenture dated April 17, 1996
(1996 Indenture), and under the Bell Canada trust indenture
dated November 28, 1997 (1997 Indenture). The
trustees under the 1976 Indenture and the 1996 Indenture
also asked the Court for guidance in the context of the
Privatization. The contesting parties alleged, among
other things, that the Arrangement was unfair, oppressive,
unfairly prejudicial to and/or unfairly disregarded the
interests of such debenture holders and asked the court
to refuse to approve and ratify the Arrangement or alternatively
to order that a meeting of the holders of debentures
be convened to vote as a class on the Arrangement.
The contesting parties that are debenture holders under
the 1976 Indenture and 1996 Indenture also alleged
that the Arrangement constituted a &#147;reorganization or
reconstruction&#148; of Bell Canada and therefore that the
Arrangement required the approval of the trustees under
such indentures. In addition to the foregoing contestations,
the contesting debenture holders filed separate
proceedings for an oppression remedy under section 241
of the <i>Canada Business Corporations Act</i> and the trustees
under the 1976 Indenture and the 1996 Indenture filed
motions for declaratory judgement in which they raised
similar issues and sought similar relief. On March 7,
2008, the Court granted an order approving the
Arrangement and dismissed all claims asserted by the
contesting parties. Among other things, the Court
declared that (i) the Arrangement did not constitute a
&#147;reorganization or reconstruction&#148; of Bell Canada; (ii)
the Arrangement conforms with the requirements of
the <i>Canada Business Corporations Act</i> and is fair and reasonable;
and (iii) the Arrangement is not oppressive or
unfairly prejudicial to the interests of the debenture
holders. In the event the contesting parties decide to
appeal the Court&#146;s judgments, they have agreed the
appeal must be filed with the Qu&#233;bec Court of Appeal by
March 17, 2008.</font></P>
	</li>
</ul>
<P align="left">
<B><font size="4">About Our Business</font></B></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">BCE is Canada&#146;s largest communications company. Bell, which encompasses our core business operation, is the nation&#146;s leading provider of wireline and wireless communications services, Internet access, data services and video services to
residential, business and wholesale customers. At the beginning of 2007, our management structure changed and, as a result, our results of operations now are reported in four segments: Bell Wireline, Bell Wireless, Bell Aliant and Telesat Canada
(Telesat). </font></P>
<P style="margin-top: 0">
&nbsp;</P>
<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">4 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">On October 31, 2007, we sold Telesat, which represents our entire
Telesat segment. We have maintained continuing commercial arrangements between
Telesat and Bell ExpressVu that provide Bell ExpressVu continued access to
current and expanded satellite capacity. As a result of these arrangements, we
have not accounted for Telesat as a discontinued operation.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have restated prior periods to reflect these new segments. Our reporting structure reflects how we manage our business and how we classify our operations for planning and measuring performance. We discuss our
consolidated operating results in this MD&amp;A, as well as the operating results of each segment. See Note 3 to the consolidated financial statements for additional information about our segments. We also discuss our results by product line to
provide further insight into these results.</font></P>
<P align="left">
BELL WIRELINE SEGMENT</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Our Bell Wireline segment provides local telephone, long distance, data (including Internet access and information and communications technology solutions (ICT)), video and other services to Bell&#146;s residential, small and medium-sized business
(SMB) and large enterprise customers primarily in the urban areas of Ontario and Qu&eacute;bec. Video services are provided nationwide. Also included in this segment is our wholesale business which provides local telephone, long distance, data and
other services to resellers and other carriers, the results of our Bell West unit, which offers competitive local exchange carrier (CLEC) services to business customers in Alberta and British Columbia, and the wireline operations of Northwestel Inc.
(Northwestel), which provides telecommunications services to less populated areas of Canada&#146;s northern territories. At December 31, 2007, we owned 100% of Northwestel.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local telephone and long distance services are sold under the Bell brand, Internet access under the Sympatico brand and video services through Bell ExpressVu with Internet protocol television (IPTV) services through
Bell.</font></P>
<P align="left">
BELL WIRELESS SEGMENT</P>
<P align="left">
<font size="2">Our Bell Wireless segment provides wireless voice and data communications products and services to Bell&#146;s residential, SMB and large enterprise customers across Canada. Bell Wireless includes the results of operation for Bell Mobility Inc.
(Bell Mobility), Virgin Mobile Canada (Virgin) and the wireless operations of Northwestel. Virgin is a mobile virtual network operator (MVNO) providing mobile service nationwide. At December 31, 2007, we owned 50% of Virgin.</font></P>
<P align="left">
BELL ALIANT SEGMANT</P>
<P align="left">
<font size="2">The Bell Aliant segment provides local telephone, long distance, Internet, data, wireless and other ICT services to residential and business customers in the Atlantic provinces, and in rural Ontario and Qu&eacute;bec. Bell Aliant provides IT
services in Canada and the United States through its IT division, xwave. Formed on July 7, 2006, Bell Aliant is one of the largest regional telecommunications service providers in North America. At December 31, 2007, BCE owned approximately 44% of
Bell Aliant. The remaining 56% was publicly held.</font></P>
<P align="left">
TELESAT SEGMENT</P>
<P align="left">
<font size="2">We sold our investment in Telesat on October 31, 2007 to a company formed by Canada&#146;s Public Sector Pension Investment Board (PSP Investments) and Loral Space &amp; Communications Inc. (Loral). Telesat provided satellite communications and
systems management and also provided consulting services in establishing, operating and upgrading satellite systems worldwide. BCE Inc. realized net cash proceeds of approximately &#36;3.1 billion. In conjunction with the sale, a set of commercial
arrangements between Telesat and Bell ExpressVu were put into place that provide Bell ExpressVu access to current and expanded satellite capacity. Telesat is not accounted for as discontinued operations as a result of these ongoing commercial
arrangements. With the sale of Telesat, BCE&#146;s financial and operating results subsequent to October 31, 2007 no longer reflect Telesat&#146;s contribution.</font></P>
<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>5</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
BELL PRODUCTS AND SERVICES</P>
<P align="left">
<font size="2">The following table shows selected data on Bell&#146;s operations from 2005 to 2007.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>BELL WIRELINE </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="58%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Wireline</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="58%">
<HR size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Local network access services (NAS) net losses <sup>(1)<B> </B> (2)</sup> </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(511</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(463 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(297 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Local NAS (thousands) <sup>(1)<B> </B> (2)</sup> </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>8,176</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>8,745 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>9,208 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long distance conversation minutes (millions) </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>12,500</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>13,256 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>13,103 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long distance average revenue per minute (cents) </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>9.1</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>9.2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>10.5 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="58%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Data</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="58%">
<HR size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>High-speed Internet net activations (thousands) <sup>(3) (4)</sup> </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>124</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>154 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>254 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>High-speed Internet subscribers (thousands) <sup>(3) (4)</sup> </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>2,004</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1,877 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1,723 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="58%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
&nbsp;</TD>
	<TD align=left width="12%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="12%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="12%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>BELL WIRELESS </FONT>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="58%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Wireless</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="58%">
<HR size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net activations (thousands) </FONT><SUP><FONT size=2>(5) (6)</FONT></SUP><FONT size=2> </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>408</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>513 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>580 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Subscribers (thousands) </FONT><SUP><FONT size=2>(5) (6) </FONT></SUP>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>6,216</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>5,954 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>5,441 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Average revenue per unit (&#36;/month) </FONT><SUP><FONT size=2>(7)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>54</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>51 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>49 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Churn (%) (average per month) </FONT><SUP><FONT size=2>(7)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>1.7</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cost of acquisition (&#36;/subscriber) </FONT><SUP><FONT size=2>(7)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>404</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>420 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>405 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="58%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Video</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="58%">
<HR size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Video net activations (thousands) </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>93 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>224 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Video subscribers (thousands) </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>1,822</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1,820 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1,727 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Average revenue per subscriber (&#36;/month) </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>60</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>54 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>50 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Churn (%) (average per month) </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>1.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>0.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="58%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p style="margin-top: 0; margin-bottom: 0"><font size="2"><BR>
</font><I><font size="1">(1) In the fourth quarter of 2007, we received formal notification from a major wholesale customer that it will migrate substantially all of its subscribers onto its own network. This resulted in a decrease of 58,000 lines from our business NAS
customer base in 2007. The migration is expected to be substantially completed in the first quarter of 2008, at which time we will adjust our opening business NAS customer base to write off the remaining 273,000 lines.</font></I></p>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(2) In 2007, our business NAS subscriber base was decreased by 58,000 lines to reflect an adjustment in the calculation of local interconnections. This adjustment did not impact net losses for 2007.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(3) In 2007, we reduced total net activations for 2007 by 11,000 and for 2006 by 3,000 to correct for customer churn adjustments in 2007 and 2006.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(4) In 2007, our high-speed Internet subscriber base was increased by 18,000 to adjust for prior-year deactivations related to a major upgrade of our order management system. In addition, our high-speed Internet subscriber base was decreased by
15,000 to adjust for the removal of customers who had no network usage in 2007.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(5) In 2007, our wireless subscriber base was decreased by 146,000 as a result of a change to our prepaid deactivation policy.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(6) Total wireless net activations and end-of-period subscribers include all of Virgin&#146;s subscribers as wholesale subscribers.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(7) Wireless average revenue per unit (ARPU), churn and cost of acquisition (COA) reflect the 50% portion of Virgin&#146;s results that are consolidated.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">6 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Bell is our primary focus and the largest component of our business. Bell&#146;s operations are reflected in our Bell Wireline and Bell Wireless segments. Revenues at Bell are generated from six major lines of business:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">local and access
services </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">long distance services</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">data services </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">video services </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">equipment and other </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">wireless services.</font></P></li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Legacy services, as referred to in this document, are those services, such as long distance and local telephone services, voice private lines and dedicated digital private line services, that we offer over our traditional circuit-switched voice and
data networks and which our customers are currently migrating from.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth services, as referred to in this document, are made up of our wireless, video, high-speed Internet and other next-generation services such as ICT solutions.</font></P>
<P align="left">
Local and Access Services</P>
<P align="left">
<font size="2">Bell operates an extensive local access network that provides local telephone services to residential and business customers. The 8.2 million local telephone lines, or NAS, we provide to our customers are key in establishing customer relationships
and are the foundation for the other products and services we offer. Local telephone service is the main source of local and access revenues. Other sources of local and access revenues include: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">value-added services (VAS), such as call
display, call waiting and voicemail </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">services provided to competitors accessing our local network
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">connections to and from our local telephone service customers for competing long distance service providers</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">subsidies from the
National Contribution Fund to support local service in high-cost areas. </font>
	</P></li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">The local telephone services market remained competitive in 2007, due to further cable telephony footprint expansion in our regions and ongoing aggressive pricing of cable telephony services.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CRTC regulates rates for services in our incumbent territories that are subject to regulation. On April 4, 2007, the Minister of Industry issued a variance of Telecom Decision 2006-15 which has improved the ability
of incumbent telephone companies to compete effectively by eliminating the winback and promotional restrictions for local exchange services in regulated and deregulated areas. The variance order also streamlined the criteria and process to obtain forbearance in local service markets. In August and September 2007, the CRTC approved Bell&#146;s local residential service forbearance applications in 193 geographic areas, representing approximately 90% of
Bell&#146;s residential access lines in Ontario and Qu&eacute;bec. On September 13, 2007, the CRTC approved Bell&#146;s local business forbearance applications, excluding Centrex and Enhanced Exchange Wide Dial (EEWD) services, in 59 geographic
areas, representing approximately 40% of Bell&#146;s business access lines in Ontario and Qu&eacute;bec. Since July 2007, the CRTC has granted Bell Aliant forbearance of residential local telephone service in 77 geographic areas in New Brunswick,
Nova Scotia and Prince Edward Island, and in 45 geographic areas in Ontario and Qu&eacute;bec. The CRTC has also approved Bell Aliant&#146;s local business service forbearance applications, excluding Centrex and EEWD services, in 19 geographic areas
in New Brunswick, Nova Scotia, Newfoundland and Labrador and Prince Edward Island, and 15 geographic areas in Ontario and Qu&eacute;bec. These decisions remove local telephone access services from regulation in those areas, with the exception of a
price ceiling which continues to apply to stand-alone local residential telephone access services. On January 31, 2008, the CRTC issued Telecom Decision CRTC 2008-10 where it determined that it is appropriate to consider Centrex and EEWD services
part of the business local exchange services market for the purposes of local business forbearance determinations. The decision also granted immediate forbearance for Centrex and EEWD services in the exchanges where it had previously granted local
business forbearance, increasing to 80% the proportion of Bell&#146;s total business access lines that are no longer subject to price regulation. These forbearance decisions give Bell and Bell Aliant the flexibility to offer more value to their
customers and compete more effectively with local service competitors.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April 30, 2007, the CRTC issued Telecom Decision 2007-27 where it established the rules that will govern the prices Bell and other incumbent telephone companies charge for residential and business local services that
remain subject to regulation, granting them more pricing flexibility in order to meet individual customer needs. For instance, Bell gained the ability to lower a rate for tariff services for certain residential customers without lowering the rate
for all residential customers within the same rate band. This price flexibility is known as &#147;rate de-averaging&#148;. On November 9, 2007, the CRTC removed the prohibition on rate de-averaging for pay telephone and business services offered by
the incumbent telephone companies.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>7</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
Long Distance Services</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We supply long distance voice services to residential and business customers. We also receive settlement payments from other carriers for completing their customers&#146; long distance calls in our territory.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prices for long distance services have been declining since this market was opened to competition. In 2007, our long distance services continued to face intense competitive pressure given the expanded presence of cable
telephony and the continuing impact from non-traditional suppliers, including prepaid card suppliers, dial-around services and voice over Internet protocol (VoIP) providers.</font></P>
<P align="left">
Data Services</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We provide high-speed Internet access service through digital subscriber line (DSL) technology for residential and business customers. At the end of 2007, we provided high-speed Internet access to over two million customers, whether through DSL,
fibre-optic or wireless broadband service. During 2007, we enhanced our Internet products by introducing Sympatico Total Internet, which combines Internet access with security, support and wireless networking. We currently offer three simple
packages for the light to heavy user, including Essential, Performance and Max, which provide speeds of up to 500 kilobits per second (Kbps), 7 megabits per second (Mbps) and 16 Mbps, respectively.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we offer Sympatico WiMAX, a nationwide portable wireless broadband service which delivers wireless Internet access with speeds of up to 3 Mbps. This service is enabled through the network provider Inukshuk
Wireless Inc. (Inukshuk), a joint venture between Bell Canada and Rogers Communications Inc. (Rogers). Inukshuk was launched in 2003 to provide wireless high-speed Internet access across Canada using spectrum in the 2.5 GHz range. As at December 31,
2007, Inukshuk&#146;s wireless broadband network covered over 5 million households, representing more than 40% of the population in 20 urban centres across Canada. We also collaborate with Microsoft Corporation to offer Canadians the
Sympatico.MSN.ca portal, one of Canada&#146;s most popular Internet destinations.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our high-speed Internet access footprint in Ontario and Qu&eacute;bec reached more than 87% of homes and 92% of business lines passed at the end of 2007. In Bell Aliant&#146;s territory, comprised of Atlantic Canada and
rural Ontario and Qu&eacute;bec, DSL high-speed Internet was available to approximately 72% of homes at the end of 2007.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, we offer a full range of data services to business customers, including Internet access, Internet protocol (IP) based services, ICT solutions and equipment sales. While we still offer legacy data services,
we no longer sell legacy data services other than to current customers.</font></P>
<P align="left">
Video Services</P>
<P align="left">
<font size="2">We are Canada&#146;s largest digital television provider, nationally broadcasting more than 500 all-digital video and audio channels and a wide range of domestic and international programming. We also offer hardware, including personal video
recorders (PVRs), interactive television (iTV) services and the most high-definition (HD) channels in Canada. We currently distribute our video services to more than 1.8 million customers in one of four ways:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>direct-to-home (DTH) satellite </I>&#150; we have been offering DTH video services nationally since 1997 and currently use four satellites: Nimiq 1, Nimiq 2, Nimiq 3 and Nimiq 4iR. Telesat, our former subsidiary operates or directs the operation of these satellites.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>very high bit rate DSL (VDSL) </I>&#150; this allows us to expand our reach to the multiple-dwelling unit (MDU) market</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>hybrid fibre co-axial cable </I>&#150; we sell residential analog and digital TV through Cable VDN Inc. (Cable
VDN), a Montr&eacute;al-based cable company that we acquired in August 2005</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>IPTV </I>&#150; we are offering IPTV services on a limited basis, which will enable us to get valuable operational and marketing insights.</font></P>
	</li>
</ul>
<P align="left">
Equipment and Other</P>
<P align="left">
<font size="2">This category includes revenues from a number of other sources, including: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">renting, selling and maintaining business terminal equipment</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">video set-top box (STB) sales </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">network installation and maintenance services for third
parties </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">IT services provided by Bell Aliant. </font>
	</P></li>
</ul>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">8 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left">
Wireless Services</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We offer a broad range of wireless voice and data communications products and services to residential and business customers across Canada. We also provide an array of VAS such as call display and voicemail, e-mail and video streaming, music
downloads, ring tones and games, as well as roaming services with other wireless service providers. Customers can choose to pay for their services through a monthly rate plan (postpaid) or in advance (prepaid). At the end of 2007, we had over 6.2
million wireless customers.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Mobility provides wireless communications services nationwide under the Bell Mobility and Solo Mobile brands. In addition, we have a joint venture with Virgin to offer wireless services under the Virgin brand
across Canada.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our wireless network provides voice services and data services delivered over our existing single-carrier radio transmission technology (1xRTT) network. At the end of 2007, our wireless network covered:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">95% of the population of Ontario and Qu&eacute;bec</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">approximately 90% of the population of Atlantic Canada
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the major cities in the provinces of Alberta and British Columbia.
	</font></P></li>
</ul>
<P align="left">
<font size="2">In 2007, we continued to deploy our Evolution, Data Optimized (EVDO) wireless data network nationwide. EVDO is a wireless radio broadband protocol that delivers higher data download rates suitable for high-bandwidth download applications such as
enterprise virtual private network (VPN) computing, music transfers and video streaming. In addition, during 2007, we began deploying technology that enables EVDO revision A (EVDO Rev A) services. EVDO Rev A is the next generation of EVDO technology
that further increases peak data transmission download speeds. EVDO Rev A also enables higher system capacity and improved quality of service support for data applications. As at December 31, 2007, our EVDO Rev A network footprint covered
approximately 75% of the Canadian population.</font></P>
<P align="left">
EMPLOYEES</P>
<P align="left" style="margin-top: 0; margin-bottom: 1px">
<font size="2">At December 31, 2007, BCE had 54,034 employees, compared with 54,372 at the end of 2006. The small decrease was due to decreased headcount at Bell Aliant offset largely by a higher number of employees at Bell, where we continued to rebalance our
workforce more towards the growth areas of our business. In total, 1,259 positions were added at Bell in 2007, mostly in our wireless unit, to support revenue growth and service quality initiatives. This was offset by 756 employee departures that
took place during the year. As a result, the net increase in employees at Bell in 2007 was 503, bringing the total number of Bell employees at the end of 2007 to 44,292.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 1px">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The collective agreement between the Communications, Energy and Paperworkers Union of Canada (CEP) and Bell Canada, covering 5,122 craft and services employees, expired on November 30, 2007. Negotiations between the CEP
and Bell Canada started on October 29, 2007. On December 11, 2007, Bell Canada asked the federal Minister of Labour to appoint a conciliator to help move forward negotiations with the CEP. A conciliator was appointed on December 13, 2007. The
conciliator met both parties in December 2007 and January 2008. On January 31, 2008, Bell Canada offered the craft and services employees covered by this collective agreement a new long-term contract that includes wage increases in each year, while
providing Bell Canada with additional flexibility. The CEP will put the offer to a vote and is expected to communicate the results to Bell Canada on March 17, 2008.</font></P>
<P align="left">
<B><font size="4">2007 Operating Highlights</font></B></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Our financial performance in 2007 was driven by a focus on operational execution that resulted in slower rates of revenue erosion in our legacy wireline voice and data businesses, continuing revenue increases from our growth services, tight cost
control, and further productivity improvements.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell improved by 1.4% this year, reflecting the improved revenue performance of our growth services, which increased by 7.8% and accounted for 59%
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>9</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">of total revenues at the end of 2007. The growth in revenues was fuelled by higher wireless and video ARPU. Lower year-over-year video and high-speed Internet net activations, largely as a result of sustained competitive intensity and a focus on
disciplined subscriber growth moderated the overall increase. However, we experienced improved wireless market traction at Bell Mobility, owing to the positive customer response to our promotions, the introduction of new handsets and expanded market
presence, which allowed our wireless unit to capture a higher market share of industry gross activations this year. In our traditional voice services market, we took advantage of local telephone deregulation to enhance our competitive position with
new product offerings, which enabled us to face the challenges of cable telephony more effectively. Residential local line losses at Bell in 2007 decreased year over year, despite cable operators&#146; aggressive pricing and expanded local telephone
footprints in our markets. This was the direct result of significantly higher customer winbacks and the positive impact of new marketing initiatives.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our focus on profitable and disciplined subscriber growth, in combination with a reduced emphasis on low-margin business customer contracts and equipment sales, continued productivity improvements and lower net benefit
plan costs, enabled both EBITDA<SUP>(1)<B> </B> </SUP>growth of 4.1% and a one percentage-point expansion in margins at Bell, despite continued erosion of our legacy wireline business. In addition, operational management and cost tracking tools were
in place during the year to ensure that expenses would not grow if revenues did not increase as planned.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higher EBITDA, coupled with reduced pension funding, lower cash taxes, sound working capital management and control over capital spending, contributed to higher free cash flow<SUP>(2) </SUP>in 2007.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the area of customer service, progress was made this year in driving a higher overall level of customer satisfaction by improving first call resolution in our call centres, reducing both the number of missed
appointments and time required for wireline installations and repairs, as well as by continuing to invest in wireless and broadband networks, particularly in urban markets, in order to expand the reach and power of Bell&#146;s growth services. We
also continued to strengthen the customer relationship in 2007 by expanding Bell&#146;s points of presence, offering a broader wireless handset line-up,</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">and introducing new service packages such as the Bell Bundle and Home Phone packages.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of our segments&#146; revenues vary slightly by season. Wireline segment revenues tend to be higher in the fourth quarter because of higher levels of voice and data equipment sales. Our operating income can also
vary by season. Wireless segment operating income tends to be lower in the fourth quarter due to higher subscriber acquisition costs associated with a higher number of new subscriber activations during the holiday season.</font></P>
<P align="left">
STRATEGIC PRIORITIES</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">The strategic priorities disclosed in this section represent management&#146;s expectations as of the date of this MD&amp;A, but could change following completion of the Privatization.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We made further operational progress in 2007, improving service delivery, increasing customer satisfaction, shifting our revenue mix more towards growth services, enhancing network performance, and resetting our cost
structure. This continued focus on execution further strengthened our operational foundations and contributed to our improved financial performance this year, setting the stage for the Privatization in 2008.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our overall business objective is to maximize subscribers, revenues, operating profit, free cash flow and return on invested capital by further enhancing our position as one of Canada&#146;s foremost providers of
comprehensive and innovative communication services to residential and business customers. We seek to take advantage of opportunities to leverage our networks, infrastructure, sales channels, brand and marketing resources across our various lines of
business to create value for both our customers and other stakeholders.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are committed to improving the customer experience. This will continue to be critical in 2008. It is how we will differentiate our business from the competition to build customer loyalty as we drive the profitable
expansion of our growth services and slow the decline of our traditional voice and data businesses. However, service alone will not make us competitive. We must also continue to deliver products, services and solutions that make a difference for
customers. As a result, we intend to continue bringing to market compelling new products and enhancing the networks on which they run.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-top: 0; margin-bottom: 1px">
<I><font size="1">(1) EBITDA (earnings before interest, taxes, depreciation and amortization of intangible assets) is a non-GAAP financial measure. See
</font> </I><font size="1">Non-GAAP Financial Measures &#150; EBITDA </font> <I>
<font size="1">in this MD&amp;A for more details, including a reconciliation
to the most comparable GAAP financial measure.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 1px">
<I><font size="1">(2) Free cash flow is a non-GAAP financial measure. See </font> </I>
<font size="1">Non-GAAP Financial Measures <I>&#150; </I>Free cash flow </font> <I>
<font size="1">in this MD&amp;A for more details, including a reconciliation to the most comparable GAAP financial measure.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 1px">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">10 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our five strategic imperatives for 2008 are grounded in delivering consistent, reliable, high-quality communications services to customers efficiently and cost effectively, proactively managing legacy revenue erosion,
and growing subscribers profitably.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Wireless growth </I>&#150; A key driver of growth and financial performance, our wireless business will be supported by an expanded array of handsets, increased market presence, new products and features, growth in
data, ongoing enhancements to broadband EVDO and overall network quality. We are focused on maximizing ARPU and data usage while targeting high-value subscribers and acquiring our competitive share of industry gross activations. The key elements of
our wireless strategy are as follows: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">focusing on voice and data services that are attractive to both residential and business customers
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">delivering on customer expectations by offering a wide range of high-functioning handsets,
maintaining the most technologically advanced, high-quality and pervasive wireless network possible, and improving customer service while reducing customer churn
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">expanding sales distribution channels to increase points of presence and retail
traffic </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">leveraging the high degree of brand awareness for Bell to provide bundled product and service offerings at attractive prices.</font></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Improve customer experience </I>&#150; We are determined to consistently meet or exceed customer expectations and enhance their overall experience with Bell. We believe that this focus on improving the total customer
experience by delivering the service basics in terms of call centre efficiency, meeting commitments for provisioning, timely repair, superior network quality, and process improvements to simplify customer transactions will help differentiate us from
our competitors and gain long-term customer loyalty to the Bell brand and its products.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Re-align cost structure and capital spending </I>&#150; A core element of financial performance, cost containment remains a centrepiece of our strategy. In addition, productivity improvements have enabled us to
increase our competitiveness in the marketplace. Our objective is to offset margin pressures, from both the expected continued decline in legacy revenues and a further shift in product mix towards growth services, with tight cost control, ongoing
operational efficiency improvements and productivity gains. Disciplined expense management and tracking are in place to help minimize costs if</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">associated revenues do not materialize. We are also focused on improving capital efficiency through carefully managing capital expenditures in order to maximize cash flows. As a result, we anticipate that the majority of our capital spending in 2008
will be focused on improving customer delivery, enhancing our wireless operations and further developing our residential broadband network.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stabilize wireline revenues </I>&#150; Overall NAS erosion is expected to continue in 2008 as a result of ongoing cable telephony competition and the migration of subscribers by wholesale customers onto their own
networks. However, as a direct result of local telephone deregulation, our competitive market position has been strengthened through our ability to adjust pricing and bundle services. We believe that this added flexibility, which enables us to
introduce new service packages in the market quicker and to better address customer retention, supports our objective of reducing the rate of local line losses. Our video and Internet services remain critical components of our multi-product
household strategy and we intend to continue leveraging these products to drive further subscriber acquisition and retention, as well as to enhance the overall profitability of our subscriber base. We also intend to proactively manage the pace of
revenue erosion through strategic product pricing increases, careful control over business customer migration to IP, and targeted marketing of existing wire-line voice and data services.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grow Broadband </I>&#150; We will continue to invest in advanced network enhancements, such as the continued deployment of fibre-to-the-node (FTTN) technology, in order to meet increased usage demands in a
multi-media rich environment and to improve DSL network performance. FTTN will enable speeds of up to 26 Mbps. In the future, as consumer demand for bandwidth-intensive applications increases, we believe that FTTN bandwidth speeds can be increased
to more than 40 Mbps through techniques such as shortening VDSL loop lengths and bonding twisted-pair copper telephone lines. Our objective is to migrate high-speed Internet customers to FTTN based on demand and willingness to pay for more speed. We
also aim to develop and launch targeted marketing initiatives to further grow IP connectivity sales among business customers and to more aggressively monetize usage of our broadband networks. At year-end, Bell had deployed 4,828 neighbourhood nodes
through its FTTN program.</font></P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>11</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<p style="text-align: left; margin-top: 0">&nbsp;</p>

<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to execute these five strategic priorities on the basis of disciplined market leadership behaviour and a balance between profitable growth and enhanced market share. With an increasingly cost-efficient
structure, we believe that we are well positioned to leverage our network capabilities as well as our product and brand assets.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This section on <I>Strategic Priorities </I>contains forward-looking statements and related assumptions. For a description of additional assumptions underlying certain of such forward-looking statements, refer to
<I>Business Outlook and Assumptions</I>. For a description of certain risk factors that could cause actual results to differ materially from our expectations expressed in or implied by such forward-looking statements and related assumptions, refer
in particular to <I>Our Competitive Environment</I>, <I>Our Regulatory Environment </I>and <I>Risks that Could Affect Our Business and Results</I>.</font></P>
<P align="left">
<B><font size="4">Business Outlook and Assumptions</font></B></P>
<P align="left">
BELL WIRELINE</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">In 2008, we expect a sustained level of competition, particularly in the residential market, as cable operators maintain the intensity of their marketing efforts and continue to expand the footprint for their low-priced cable telephony offerings in
our regions. Although we will continue to incur local line losses primarily as a result of ongoing cable telephony competition, we are targeting a reduction in the rate of NAS erosion in 2008 due mainly to a more favourable regulatory environment
for local services and the impact of our marketing initiatives. Local telephone deregulation provides us with the ability to market in new ways. The quality and value of our Internet and video services, coupled with the strength of our multi-product offering, is expected to support our ability to compete effectively against cable competitors across all products
and services. We intend to leverage this position to drive subscriber acquisition and retention of Internet and video customers while enhancing the overall profitability of our subscriber bases.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will seek to minimize the decline in revenues from legacy voice and data services through strategic pricing actions, proactive management of the pace of customer migration to IP-based networks, targeted marketing of
existing services, and leveraging the strength of our core connectivity services portfolio.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other areas of focus for 2008 include driving improvements in customer experience and introducing new products and services to the market more quickly that balance innovation with profitability. We plan to expand our
residential broadband services to help customers manage information needs in their homes by investing in FTTN to enhance performance, adding VAS, and offering programs to provide a better customer experience. In our Video unit, we intend to continue
investing in new growth areas, such as HD programming, to further our goal of becoming the leader in &#147;on-demand&#148; television. Our Enterprise unit will continue to deliver network-centric ICT solutions to large enterprise and public sector
clients that increase the value of IP services, while our SMB unit will continue to leverage its Virtual Chief Information Officer (VCIO) strategy by further expanding value-added service offerings, such as hosting, to augment and enhance its
traditional connectivity business.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">12 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left">
BELL WIRELESS</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">The wireless market in Canada is expected to grow for several more years as a result of increasing wireless penetration. The Canadian wireless industry&#146;s current market penetration is approximately 61% of the population, compared with 57% and
52% at the end of 2006 and 2005, respectively. The CRTC&#146;s implementation of Wireless Number Portability, as well as the potential for increased competition as a result of the AWS spectrum auction in 2008, will result in customer satisfaction
and retention becoming even more critical over time. In addition, wireless operators are continuing to invest in high-speed data networks to enable a wider suite of wireless data products and services in the market.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that our Wireless unit will continue to be a key contributor to Bell&#146;s revenue and EBITDA results in 2008. The financial performance of Bell Mobility will depend on its continued ability to focus on
profitable growth and the sound execution of its market strategies. We expect our wireless revenues to be driven by higher ARPU from new services, careful price management and continued disciplined expansion of our subscriber base. We plan to
achieve higher ARPU through ongoing technological improvements in our handset and device portfolio from our manufacturers and our faster data speeds that are allowing our clients to make fuller use of our services. We are also aiming to achieve data
growth, driven by higher demand for data services and increasing usage from wireless services such as text and picture messaging, web browsing, music and video downloads and community portals such as Facebook and YouTube.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to continue introducing new products and services that balance innovation with profitability and that are brought to market in a timely manner. The ongoing development of wireless data transmission
technologies has led to the development of more sophisticated wireless devices with increasingly advanced capabilities, including access to e-mail and other corporate IT platforms, news, sports, financial information</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">and services, photos, music and streaming video clips, mobile television and other functions. We believe that the introduction of such new applications will drive the growth for data transmission services. As a result, we aim to introduce additional
high-speed enabled data applications and other services to our wireless customers in order to deliver increasing value to them. In order to facilitate this objective, we will likely continue to upgrade our wireless network to be able to offer the
data transmission capabilities required by these new applications.</font></P>
<P align="left">
BELL ALIANT</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">In 2008, Bell Aliant plans to execute on two key strategic priorities to address growing competitive pressures in its marketplace. Firstly, it intends to provide a superior customer experience by further improving customer service, providing value
through leading products and services, as well as by strong community involvement. Secondly, it intends to drive operational efficiency by disciplined management of its cost structure to grow distributable cash and deliver value to unitholders. In
addition, Bell Aliant&#146;s scale, access to leading-edge technology and ongoing collaboration with Bell are expected to contribute to improving operational effectiveness and reducing costs. Bell Aliant also expects to continue exploring
opportunities for further consolidation via acquisitions of other regional and rural operations.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This section on <I>Business Outlook and Assumptions </I>contains forward-looking statements and related assumptions. For a description of certain risk factors that could cause actual results to differ materially from
our expectations expressed in or implied by such forward-looking statements and related assumptions, refer in particular to </font>
<I><font size="2">Our Competitive Environment</font></I><font size="2">, <I>Our Regulatory Environment </I>and <I>Risks that Could Affect Our Business and Results</I>.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>13</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<B><font size="4">Selected Annual and Quarterly Information</font></B></P>
<p align="left">ANNUAL FINANCIAL INFORMATION</p>
<P align="left">
<font size="2">The following tables show selected consolidated financial data of BCE, prepared in accordance with Canadian generally accepted accounting principles (GAAP) for each year from 2003 to 2007. We discuss the factors that caused our results to vary over
the past three years throughout this MD&amp;A.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2004 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2003 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Operations</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Operating revenues </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>17,866</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17,656 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17,551 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>16,961 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>16,707 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cost of revenue, exclusive of depreciation and amortization </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(4,170</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(4,020 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(4,048 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,835 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,925 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Selling, general and administrative expenses </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(6,722</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(6,854 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(6,659 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(6,283 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(5,929 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>EBITDA</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>6,974</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>6,782 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>6,844 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>6,843 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>6,853 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Depreciation </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(2,550</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,505 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,511 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,499 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,458 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(649</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(623 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(550 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(501 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(543 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(336</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(355 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(55 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,219 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(14 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Operating income</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,439</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,299 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,728 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,624 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,838 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other income (expense) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2,395</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(188 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>420 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>190 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Interest expense </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(859</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(940 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(934 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(942 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,040 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Pre-tax earnings from continuing operations</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,975</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,171 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,806 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,102 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,988 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income taxes </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(725</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(74 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(792 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(594 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,069 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-controlling interest </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(332</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(217 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(191 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(123 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(158 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Earnings from continuing operations</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,918</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,880 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,823 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,385 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,761 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Discontinued operations </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>139</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>127 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>138 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>139 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>54 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net earnings before extraordinary gain</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,057</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,007 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,961 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,524 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,815 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Extraordinary gain </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>69 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net earnings</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,057</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,007 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,961 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,593 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,815 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Dividends on preferred shares </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(131</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(64 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Premium on redemption of preferred shares </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net earnings applicable to common shares</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,926</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,937 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,891 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,523 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,744 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Included in net earnings</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net gains on investments </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Continuing operations </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2,115</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>419 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>33 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>410 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(81 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Discontinued operations </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>137</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>106 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>11 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>83 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(210</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(222 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(37 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(770 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cost incurred to form Bell Aliant </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(42 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net earnings per common share</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Continuing operations &#150; basic </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4.71</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.10 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.89 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.42 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.83 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Continuing operations &#150; diluted </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4.70</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.10 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.89 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.42 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.82 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net earnings &#150; basic </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4.88</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.04 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.65 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.90 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net earnings &#150; diluted </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4.87</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.04 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.65 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.89 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Ratios</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>EBITDA margin (%) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>39.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>38.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>39.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>40.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>41.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>EBITDA to interest ratio (times) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>8.12</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>7.21 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>7.33 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>7.26 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>6.59 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Operating margin (%) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>19.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>18.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>21.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>15.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>23.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Return on equity (%) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>30.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>15.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>14.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>15.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>

</font>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">14 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2004 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2003 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Balance Sheet</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Total assets </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>37,797</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>37,171 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>40,567 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>39,055 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>39,756 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long-term debt (including current portion) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>11,084</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12,731 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12,853 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12,234 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>13,503 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net debt </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>8,680</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12,198 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12,600 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12,103 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>13,027 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Total capitalization </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>27,015</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>27,745 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>30,219 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>29,035 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>29,988 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Preferred shares </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2,770</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,670 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,670 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,670 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,670 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Common shareholders&#146; equity </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>14,462</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>11,697 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>13,051 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12,354 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>11,895 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Ratios</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net debt to total capitalization (%) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>32.1</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>44.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>41.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>41.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>43.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net debt to EBITDA (times) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1.24</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.80 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.84 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.77 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.90 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Total debt to total assets (times) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>0.30</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.34 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.34 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long-term debt to equity (times) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>0.64</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.95 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.87 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.87 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.00 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Cash flows</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash flows from operating activities </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>5,704</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>5,366 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>5,319 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>5,252 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>5,701 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash flows used in investing activities </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(69</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,701 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,762 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,551 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,797 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Capital expenditures </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(3,151</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,133 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,357 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,272 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,052 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Business acquisitions </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(163</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(71 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(228 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,118 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(54 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Business dispositions </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,123</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>10 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(7</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(255 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Other investing activities </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>13</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>39 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>183 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>167 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash flows used in financing activities </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(3,914</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,639 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,613 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,571 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,704 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Repurchase of common shares </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(227</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,241 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Net issuance of equity instruments </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>153</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>29 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>32 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>172 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Net repayment of debt instruments </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(1,766</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(432 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(47 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,140 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,541 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Financing activities of subsidiaries with third parties </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(333</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(292 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(77 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(17 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(29 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Cash dividends paid on common shares </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(1,147</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,169 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,195 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,108 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,029 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Cash dividends paid on preferred shares </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(124</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(84 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(86 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(85 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(61 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Cash dividends/distributions paid by subsidiaries to </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>non-controlling interest </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(404</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(293 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(169 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(179 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(172 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash provided by discontinued operations </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>356</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,110 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>121 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>528 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>216 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Ratios</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Free cash flow </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>891</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>685 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>551 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>791 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,554 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Capital intensity (%) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>17.6</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>19.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>19.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>18.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Share Information</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Average number of common shares (millions) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>804.8</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>861.4 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>926.8 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>924.6 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>920.3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Common shares outstanding at end of year (millions) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>805.3</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>807.6 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>927.3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>925.9 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>924.0 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Market capitalization </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>31,930</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>25,359 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>25,844 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>26,777 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>26,704 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Dividends declared per common share (dollars) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1.46</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.20 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.20 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Book value per share (dollars) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>17.96</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>14.48 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>14.07 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>13.34 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12.87 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Total dividends declared on common shares </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(1,172</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,132 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,222 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,110 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,105 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Total dividends declared on preferred shares </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(131</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(64 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Market price per common share (dollars) </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>High </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>41.74</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>32.92 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>32.95 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>30.00 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>32.35 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Low </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>29.13</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>25.56 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>26.60 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>25.75 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>26.60 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Close </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>39.65</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>31.40 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>27.87 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>28.92 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>28.90 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Ratios</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Common dividend yield (%) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3.6</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>4.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>4.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>4.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Common dividend payout ratio (%) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>29.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>60.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>63.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>72.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>59.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Price to earnings ratio (times) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>8.13</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>13.96 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>13.66 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17.53 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>15.21 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Price to book ratio (times) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2.21</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.17 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.98 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.17 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Price to cash flow ratio (times) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>12.51</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>13.15 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>13.51 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>10.03 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Other data</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Number of employees (thousands) </FONT><B><SUP><FONT size=2>(1)</FONT></SUP></B><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>54</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>54 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>56 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>51 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>54 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>
</font><I><font size="1">(1) The number of employees for 2004 excludes virtually all employees who left under the voluntary departure program of 2004.</font></I><P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report 1</i>5</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
QUARTERLY FINANCIAL INFORMATION</P>
<P align="left">
<font size="2">The following table shows selected consolidated financial data by quarter for 2007 and 2006. This quarterly information is unaudited but has been prepared on the same basis as the annual consolidated financial statements. We discuss the factors that
caused our results to vary over the past eight quarters throughout this MD&amp;A.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="22%" colspan="7">
<p align="center"><B><FONT size=1>2007</FONT></B></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="22%" colspan="7">
<p align="center"><font size="1">2006</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;	</font>	</TD>
	<TD colspan=7>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="0%">
&nbsp;</TD>
	<TD width="0%">
&nbsp;</TD>
	<TD colspan=7>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="0%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=1>Q4</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=1>Q3</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=1>Q2</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=1>Q1</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=1>Q4 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1>Q3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1>Q2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1>Q1 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=17 width="33%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Operating revenues </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>4,549</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>4,494</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>4,438</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>4,385</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>4,532 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>4,407 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>4,374 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>4,343 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>EBITDA </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>1,668</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>1,789</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>1,777</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>1,740</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>1,639 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>1,712 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>1,733 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>1,698 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Depreciation </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(618</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(649</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(651</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(632</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>(641 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(626 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(629 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(609 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(173</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(165</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(156</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(155</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>(155 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(161 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(160 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(147 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(150</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(78</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(72</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(36</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>(91 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(126 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(50 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(88 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=17 width="33%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Operating income </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>727</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>897</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>898</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>917</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>752 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>799 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>894 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>854 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Earnings from continuing operations </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>2,388</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>442</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>562</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>526</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>714 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>322 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>441 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>403 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Discontinued operations </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>138</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>3</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(20 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>53 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>91 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=17 width="33%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net earnings </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>2,388</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>440</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>700</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>529</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>717 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>302 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>494 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>494 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net earnings applicable to common shares </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>2,354</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>406</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>667</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>499</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>699 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>285 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>476 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>477 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD width="3%">
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Included in net earnings </FONT>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Net gains on investments </FONT>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>Continuing operations </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>1,873</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>7</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>132</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>103</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>410 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>8 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>1 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>Discontinued operations </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>136</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>1</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(11 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>35 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>80 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(96</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(43</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(46</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(25</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>(66 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(71 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(27 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(58 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Costs incurred to form Bell Aliant </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(28 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>(14 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD width="3%">
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net earnings per common share </FONT>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Continuing operations &#150; basic </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>2.93</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>0.51</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>0.65</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>0.62</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>0.83 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>0.38 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>0.47 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>0.42 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Continuing operations &#150; diluted </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>2.92</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>0.51</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>0.65</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>0.62</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>0.83 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>0.38 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>0.47 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>0.42 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Net earnings &#150; basic </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>2.93</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>0.50</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>0.83</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>0.62</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>0.84 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>0.36 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>0.53 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>0.52 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Net earnings &#150; diluted </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>2.92</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>0.50</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>0.83</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>0.62</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>0.84 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>0.36 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>0.53 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>0.52 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Average number of common shares outstanding &#150; basic (millions) </FONT>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>805.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>804.9</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>803.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>806.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>811.6 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>818.8 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>896.4 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>920.5 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=17 width="33%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<p>Fourth Quarter Highlights</p>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">BCE&#146;s operating revenue was &#36;4,549 million in the fourth quarter of 2007, or 0.4% higher compared to the same period in 2006.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating revenues at Bell increased 1.7% to &#36;3,815 million in the fourth quarter of 2007 compared to the same period in 2006 as increases in revenue from wireless, video and data more than offset declines in local
and access and long distance revenues.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s higher revenue, increased productivity savings and success in our Enterprise unit all contributed significantly to our overall improvement in EBITDA.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other of &#36;150 million in the fourth quarter of 2007 increased by &#36;59 million from &#36;91 million for the same period in 2006. The &#36;59 million increase included: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">an increase of
&#36;36 million related to workforce reduction initiatives, and charges for relocating employees and closing real estate facilities that are no longer needed because of the reduction in the workforce between 2004 to 2007
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">an increase in other
charges of &#36;23 million related primarily to transaction costs associated with our review of the strategic alternatives, employee retention costs and a charge of &#36;37 million for uneconomic broadband expansion approved by the CRTC.</font></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Earnings from continuing operations of &#36;2,388 million in the fourth quarter of 2007 includes the gain on sale of &#36;1,893 million, net of taxes of &#36;407 million, in conjunction with the sale of Telesat.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">16 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<B><font size="4">Financial Results Analysis</font></B></P>
<P align="left">
<I><font size="2">This section provides detailed information and analysis about our performance in 2007 compared with 2006 and 2006 compared with 2005. It focuses on our consolidated operating results and provides financial information for each of our operating
segments.</font></I></P>
<P align="left">
CONSOLIDATED ANALYSIS</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" colspan=3>
<p align="center">
<FONT size=1>% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;	</font>	</TD>
	<TD colspan=3 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007 vs. 2006</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 vs. 2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Operating revenues</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>17,866</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17,656 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17,551 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cost of revenue, exclusive of depreciation and amortization </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(4,170</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(4,020 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,933 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(3.7</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Selling, general and administrative expenses </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(6,722</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(6,854 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(6,774 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1.9</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>EBITDA</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>6,974</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>6,782 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>6,844 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2.8</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(0.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Depreciation </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(2,550</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,505 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,511 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(1.8</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(649</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(623 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(550 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(4.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(13.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(336</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(355 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(55 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>5.4</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Operating income</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,439</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,299 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,728 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(11.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other income (expense) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2,395</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(188 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Interest expense </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(859</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(940 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(934 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>8.6</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(0.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Pre-tax earnings from continuing operations </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,975</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,171 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,806 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(22.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income taxes </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(725</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(74 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(792 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>90.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-controlling interest </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(332</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(217 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(191 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(53.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(13.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Earnings from continuing operations </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,918</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,880 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,823 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Discontinued operations </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>139</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>127 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>138 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>9.4</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(8.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net earnings </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,057</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,007 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,961 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Dividends on preferred shares </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(131</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(87.1</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net earnings applicable to common shares</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,926</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,937 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,891 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Earnings per share (EPS)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4.88</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.04 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>10.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=2>n.m.: not meaningful</FONT></I><font size="2"> </font>
	</TD>
	<TD align=left width=7%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=7%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=7%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=7%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=7%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE><font size="2"><BR>
</font>Operating Revenues<P align="left">
<I>2007 Compared to 2006</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Total operating revenues at BCE increased to &#36;17,866 million in 2007, or 1.2% over revenues of &#36;17,656 million in 2006. The year-over-year improvement was primarily the result of higher revenues at Bell and at Bell Aliant where growth in
Internet and IT services more than offset declining revenues from local wireline and long distance services. This was partly offset by lower revenues at Telesat, reflecting the inclusion of only ten months of revenue in 2007 due to its sale,
compared with a full twelve months in 2006. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell improved 1.4% in 2007 to &#36;14,743 million from &#36;14,541 million last year. The year-over-year increase was fuelled by revenue growth at our Bell Wireless segment, offset partly by lower revenues
at our Bell Wireline segment. Revenues at Bell Wireless grew 7.9% in 2007, due primarily to a significant improvement in ARPU and an increased number of subscribers.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 1.0% decrease in Bell Wireline segment revenues this year was caused by further erosion of legacy voice and data revenues, resulting from ongoing residential local line losses and continued business customer migration to IP-based services, as well as by continuing competitive pressures in our wholesale business. However, we continued to manage the pace of revenue erosion in our traditional wireline
services through residential customer retention initiatives, strategic product pricing increases, and careful control over IP migration. Continued solid growth in video, Internet, and IP broadband connectivity revenues in 2007 also moderated the
year-over-year decrease in Bell Wireline revenues. </font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues from our growth services portfolio, comprised of wireless, video, high-speed Internet, and other next-generation services such as ICT solutions, grew by 7.8% this year and accounted for 59% of Bell&#146;s
revenues at the end of 2007, compared with 55% at the end of 2006.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See <I>Segmented Analysis </I>for a discussion of operating revenues on a segmented basis.</font></P>
<P align="left">
<I>2006 Compared to 2005</I></P>
<P align="left">
<font size="2">Total operating revenues at BCE increased to &#36;17,656 million in 2006, 0.6% higher than 2005, reflecting higher revenues across all segments.
</font> </P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>17</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell improved 0.5%, year over year, to &#36;14,541 million. This was driven primarily by increased revenues at Bell Wireless, offset by lower revenues within our Bell Wireline segment. Bell Wireless revenue
growth of 11.6% was fuelled by higher ARPU and an increased number of wireless customers, while the 2.9% decrease in Bell Wireline revenues was caused by the continued erosion of legacy services revenue due to residential local line losses and
business customer migration to IP, competitive pricing pressures in our business and wholesale market segments, and the impact of various regulatory decisions. In addition, our results for 2005 included revenues from a number of non-recurring sales
which negatively affected revenue growth in 2006. These items included the sale of customer contracts in our Enterprise unit related to legacy point-of-sale systems, fibre and access capacity sales in our Wholesale unit, the sale of U.S.
conferencing solutions contracts in our SMB unit, the early termination of a cross-border facilities contract and the recognition of deferred revenues related to unused prepaid minutes. Higher revenues in our video and Internet units, as well as
solid ICT growth in our Enterprise and SMB units moderated the year-over-year decrease in Bell wireline revenues.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues from growth services, which grew by 10.2% in 2006, accounted for 55% of total revenues at the end of the year compared with 52% at the end of 2005.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell Aliant also improved in 2006, due primarily to higher revenues from increased sales of Internet, data and IT services, which more than offset revenue declines from Bell Aliant&#146;s legacy services.
</font>
</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See <I>Segmented Analysis </I>for a discussion of operating revenues on a segmented basis.</font></P>
<P align="left">
Operating Expenses</P>
<P align="left">
<I>2007 Compared to 2006</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Total operating expenses at BCE increased 0.2% in 2007 to &#36;10,892 million from &#36;10,874 million in 2006. The marginal year-over-year increase reflected higher cost of revenue, offset largely by reduced selling, general and administrative
expenses.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue was up 3.7% in 2007 to &#36;4,170 million, compared with &#36;4,020 million last year. The year-over-year increase was driven by:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">higher overall revenues at Bell and Bell Aliant
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">higher
wireless network operating expenses, due primarily to higher roaming volumes combined with increased minutes of airtime usage and increased transmission expenses to support a larger subscriber base, a greater number of cell sites, third-party data
content providers and improved network quality and coverage</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">higher product cost of sales consistent with increased wireless and high-speed Internet gross subscriber activations, increased wireless customer retention activity, increased business equipment sales in our Bell West unit and increased
product sales at Bell Aliant.</font></P></li>
</ul>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These cost pressures were moderated by the positive impact of: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">decreased payments to other carriers, reflecting both lower rates and volume of minutes
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a favourable judicial decision with respect to CRTC
video broadcast licence fees </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">lower network termination costs from reduced southbound call traffic to the United States
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">other cost containment and productivity initiatives.</font></P>
	</li>
</ul>
<P align="left">
<font size="2">Selling, general and administrative expenses include salaries, wages and benefits not directly attributable to a service or product, net benefit plans cost, bad debt charges, taxes other than income, marketing, advertising and sales commission
costs, customer billing, call centre and IT costs, professional service fees, and rent. Selling, general and administrative expenses decreased 1.9% in 2007 to &#36;6,722 million from &#36;6,854 million in 2006. The year-over-year decline resulted
primarily from: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">lower marketing and sales expenses, reflecting reduced handset subsidies at Bell Mobility and decreased advertising costs
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">lower labour costs at Bell driven by decreased use of consultants
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">decreased real estate
costs driven by workforce reduction initiatives and lower rents </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">lower net benefit plans cost, due mainly to a higher return on plan assets and the phase-out in 2006 of other post-employment benefits for future retirees.</font></P>
	</li>
</ul>
<P align="left">
<font size="2">These lower costs were partly offset by a number of cost increases during the year, including higher call centre outsourcing costs to handle greater call volumes and improve customer service, increased customer retention costs stemming from a higher
number of handset upgrades in our wireless unit and greater customer winback activity in our Wireline segment, and higher bad debt expense from an increased focus on accounts receivable management. Higher total labour costs at Bell Aliant, increased
IT service contract labour and greater outsourcing activity further offset the overall improvement in selling, general and administrative expenses in 2007.</font></P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">18 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left">
<I>2006 Compared to 2005</I></P>
<P align="left">
<font size="2">Operating expenses were &#36;10,874 million in 2006, compared with &#36;10,707 million in 2005, representing a 1.6% year-over-year increase. Higher selling, general and administrative expenses were partly offset by lower cost of revenue.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue declined 0.7% in 2006 to &#36;4,020 million from &#36;4,048 million in 2005. The year-over-year improvement can be attributed to: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">decreased payments to other carriers as a result of reduced
traffic and lower rates </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the non-recurrence of costs associated with restoring service levels in 2005 following resolution of a labour dispute with technicians in Ontario
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">costs associated with one-time sales in our Enterprise and
Wholesale units in 2005 related to customer contracts for legacy point-of-sales systems, the early termination of a cross-border facilities contract, and fibre and access capacity sales, which did not recur in 2006</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the impact of cost savings
initiatives such as One Bill and reducing missed customer appointments for wireline installations and repairs.</font></P>
	</li>
</ul>
<P align="left">
<font size="2">These factors were largely offset by:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">higher wireless network costs resulting from increased network usage relating to both voice and data services, as well as increased roaming
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">increased wireless equipment costs consistent with an increase in wireless devices sold from
higher gross activations and handset upgrades </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">increased volume of connection and service requests
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">higher hardware costs, particularly at Bell ExpressVu
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">higher cost of product sales, due to growth in product and IT fulfillment
sales at Bell Aliant.</font></P></li>
</ul>
<P align="left">
<font size="2">Selling, general and administrative expenses were &#36;6,854 million in 2006, compared with &#36;6,659 million in 2005. The 2.9% year-over-year increase was due mainly to higher wireless and video subscriber acquisition costs, higher wireless
customer retention costs, increased IT expenses, higher advertising costs, and increased net benefit plans cost. Lower labour costs, resulting mainly from employee workforce reductions and increased out-sourcing of call centre functions, as well as
lower real estate expenses partly offset higher selling, general and administrative expenses in 2006.</font></P>
<P align="left">
Operating Income</P>
<P align="left">
<I>2007 Compared to 2006</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Operating income in 2007 at BCE was &#36;3,439 million compared with &#36;3,299 million in 2006, representing an increase of 4.2% year over year. Similarly, Bell&#146;s operating income improved 4.7% this year to &#36;2,609 million from &#36;2,492 million in 2006. The year-over-year increases were due mainly to higher operating revenues from our Bell Wireless segment and from Bell Aliant, offset partly by higher operating expenses as described above, increased amortization expense,
and higher restructuring and other charges related mainly to workforce reduction initiatives and costs associated with the Privatization. Ongoing productivity improvements also contributed to the improvement in operating income this year.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See <I>Segmented Analysis </I>for a discussion of operating income on a segmented basis.</font></P>
<P align="left">
<I>2006 Compared to 2005</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Operating income for BCE was &#36;3,299 million in 2006, down 11.5% from &#36;3,728 million in 2005. Similarly, Bell&#146;s operating income decreased 13.7% in 2006 to &#36;2,492 million from &#36;2,886 million in the previous year. The
year-over-year decreases experienced in 2006 can be attributed in large part to restructuring and other charges associated with employee departures at Bell, the relocation of employees and closing of real estate facilities related to a reduced
workforce, and transaction costs related to the formation of Bell Aliant. Higher operating expenses as explained above also contributed to lower operating income in 2006. This was partly offset by higher overall operating revenues and increased cost
savings from various supply chain and process improvement initiatives.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See <I>Segmented Analysis </I>for a discussion of operating income on a segmented basis.</font></P>
<P align="left">
EBITDA</P>
<P align="left">
<I>2007 Compared to 2006</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">EBITDA at BCE increased 2.8% in 2007 to &#36;6,974 million from &#36;6,782 million in 2006, reflecting improved performance at Bell. This was offset partly by lower EBITDA at Bell Aliant in 2007 where higher labour costs, higher expenses related to
growth in IT sales, and increased net benefit plans cost due to a pension valuation allowance adjustment more than offset higher revenues, as well as by lower EBITDA at Telesat due to the recognition of only ten months of results in 2007 compared
with a full twelve months in 2006 due to its sale on October 31, 2007. The combined impact of higher operating revenues and higher EBITDA in 2007 contributed to a 0.6 percentage point improvement in BCE&#146;s EBITDA margin, which increased to 39.0%
this year from 38.4% in 2006.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s EBITDA increased 4.1% in 2007 to &#36;5,496 million, compared with &#36;5,280 million in the previous year. This corresponds to an EBITDA margin of 37.3%, representing a 1.0 percentage point improvement over
2006. The year-over-year increase in EBITDA mainly reflected the growth in contribution from our Bell Wireless
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>19</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">segment, where higher revenues and lower marketing and sales expenses drove improved financial performance. Despite continued erosion of our high-margin legacy voice and data revenues and higher bad debt expense, EBITDA for our Bell Wireline segment
increased slightly, year over year, due to lower labour costs, careful control over cost of revenue, and decreased sales and marketing expenses.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower net benefit plans cost also positively impacted BCE and Bell EBITDA in 2007, decreasing by 19.8% in 2007 to &#36;410 million from &#36;511 million in 2006. The reduction was due mainly to a plan amendment related
to the phase-out over the next 10 years of other post-employment benefits for future retirees and an improvement in the market-related value of the pension plan assets mainly as a result of favourable actual market returns in the pension funds in
2007.</font></P>
<P align="left">
<I>2006 Compared to 2005</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">EBITDA for BCE decreased 0.9% in 2006 to &#36;6,782 million from &#36;6,844 million in 2005, reflecting lower EBITDA at Bell, Bell Aliant and Telesat. Accordingly, BCE&#146;s EBITDA margin decreased to 38.4%, compared with 39.0% in 2005.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA at Bell was &#36;5,280 million, down 0.7% compared with &#36;5,319 million in 2005. This corresponded to a 0.5 percentage point reduction in EBITDA margins to 36.3% in 2006 from 36.8% in the prior year. The
year-over-year decrease was largely the result of higher net benefit plans cost. The continued loss of legacy voice and data revenues due to increased cable telephony competition and the continued migration of business customers to IP-based
services, as well as higher wireless customer acquisition and retention costs, also had a negative impact on Bell&#146;s EBITDA in 2006. These cost and margin pressures were partly offset by higher wireless revenues, reduced labour costs achieved
through workforce reductions and other productivity initiatives such as the outsourcing of call centre functions, the resolution of residual service issues related to a labour dispute with our technicians in Ontario in 2005, and lower video and
Internet subscriber acquisition costs.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA at Bell Aliant decreased, year over year, as higher IT revenues were offset by a consequent increase in associated expenses, as well as by higher labour costs.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The year-over-year decrease in EBITDA at Telesat was due primarily to special compensation costs related to executive management changes and non-recurring revenues generated in 2005 from the sale of network
services.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net benefit plans cost negatively impacted BCE and Bell EBITDA in 2006. Net benefit plans cost of &#36;511 million represented an increase of &#36;152 million, or 42%, compared with &#36;359 million in 2005. The increase was due mainly to a reduction in the discount rate from 6.2% in 2005 to an average of 5.4% in 2006, which increased the cost of our pension plan liabilities.</font></P>
<P align="left">
Depreciation and Amortization of Intangible Assets</P>
<P align="left">
<I><font size="2">The amount of our depreciation and amortization of intangible assets in any year is affected by:
</font> </I></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>how much we invested in new capital assets in previous years
	</I></font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>how many assets we retired during the year
	</I></font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><I><font size="2">changes in accounting rules and estimates.</font></I></P>
	</li>
</ul>
<P align="left">
<font size="2">Depreciation and amortization expense increased &#36;71 million, or 2.3%, in 2007 and &#36;67 million, or 2.2%, in 2006. Both were the result of an increase in our capital asset base from higher investment in the growth areas of the business, as
well as capital spending that continues to be higher than asset retirements. In 2007, the increase was partly offset by the sale of Telesat on October 31, 2007 and a slight increase in the average life of capital assets.</font></P>
<P align="left">
Restructuring and Other</P>
<P align="left">
<I><font size="2">This category includes various income and expenses that are not directly related to the operating revenues generated during the year.</font></I></P>
<P align="left">
<I>2007</I></P>
<P align="left">
<font size="2">We recorded restructuring and other charges of &#36;336 million in 2007. These included: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">charges of &#36;42 million related to workforce reduction initiatives for the involuntary departure of approximately 650 employees
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">charges of
&#36;26 million related to a voluntary early retirement plan accepted by approximately 250 employees. The program is complete.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">charges of &#36;77 million for relocating employees and closing real estate facilities that are no longer needed because of the reduction in the workforce between 2004 to 2007. Included in this charge is &#36;16 million related to our plan to
relocate employees to campus environments in Calgary, Toronto and Montreal, which will be complete by 2009.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">charges of &#36;27 million at Bell Aliant related mainly to workforce reduction costs</font></P>
	</li>
</ul>

<P align="left">&nbsp;</P>
<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">20 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<ul>
	<li>
	<P align="left"><font size="2">charges of &#36;164 million related primarily to transaction costs associated with our review of strategic alternatives, employee retention costs and a charge of &#36;37 million for uneconomic broadband expansion approved by the CRTC. The
transaction costs were for financial advisory, professional and consulting fees. We expect to incur additional costs to complete the Privatization through to closing.</font></P>
	</li>
</ul>
<P align="left">
<I>2006</I></P>
<P align="left"><font size="2">We recorded restructuring and other charges of &#36;355 million in 2006. These included:
</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">charges of &#36;82 million related to workforce reduction initiatives for the involuntary departure of approximately 1,810 employees
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">charges of
&#36;72 million for relocating employees and closing real estate facilities that were no longer needed because of the reduction in the workforce
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">charges of &#36;11 million at Bell Aliant related to work-force reduction costs
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">other
charges of &#36;190 million related primarily to transaction costs associated with the formation of Bell Aliant. These transactions costs consisted of financial advisory, professional and consulting fees.
	</font></P></li>
</ul>
<P align="left">
<I>2005</I></P>
<P align="left">
<font size="2">We recorded restructuring and other charges of &#36;55 million in 2005. These included: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">charges of &#36;51 million related to workforce reduction initiatives for the involuntary departure of approximately 950 employees
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">charges of
&#36;49 million for relocating employees and closing real estate facilities that were no longer needed because of the reduction in the workforce resulting from the 2004 employee departure program.</font></P>
	</li>
</ul>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These charges were partly offset by reversals of restructuring provisions of &#36;45 million relating to the 2004 employee departure program that were no longer necessary since actual payments were lower than
estimated.</font></P>
<P align="left">
Other Income (Expense) </P>
<P align="left">
<I><font size="2">Other income (expense) includes income (expense) that we receive (incur) from activities that are not part of our main business operations, such as:
</font> </I></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>net gains on investments, including gains or losses when we dispose of, write down
or reduce our ownership in investments </I></font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>foreign currency gains (losses)
	</I></font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>interest income on cash and cash equivalents
	</I></font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><I><font size="2">other miscellaneous income or expense.
	</font></I></P></li>
</ul>
<P align="left">
<I><font size="4">2007</font></I></P>
<P align="left">
<font size="2">Other income of &#36;2,395 million in 2007 included a &#36;2,300 million gain on sale of Telesat, our satellite services subsidiary, on October 31, 2007 and a &#36;92 million dilution gain resulting from an issuance of units by Bell Aliant, in
conjunction with its privatization of the Bell Nordiq Income Fund, in which we did not participate, partly offset by an increase in foreign exchange losses.</font></P>
<P align="left">
<I>2006 </I></P>
<P align="left">
<font size="2">Other expense of &#36;188 million in 2006 included a &#36;148 million charge for premium costs on early redemption of Bell Aliant debt, &#36;122 million of which was recorded as a result of the formation of Bell Aliant, and a &#36;36 million loss as
a result of our decision to exit a line of business. This was partly offset by a &#36;9 million gain on the acquisition of Nortel Networks Corporation (Nortel) shares by the Bell Canada pension fund.
</font> </P>
<P align="left">
<I>2005</I></P>
<P align="left">
<font size="2">Other income of &#36;12 million in 2005 included a &#36;39 million dilution gain related to our interest in TerreStar Networks Inc., a mobile satellite services company partly offset by a charge of &#36;33 million related to the tax loss
monetization program between Bell Canada and Bell Canada International Inc. (BCI).</font></P>
<P align="left">
Interest Expense</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Interest expense decreased &#36;81 million, or 8.6%, to &#36;859 million in 2007 as a result of both lower average debt balances and the refinancing of debt at lower rates.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense of &#36;940 million in 2006 increased by &#36;6 million, or 0.6%, compared to &#36;934 million in 2005. This was a result of higher average debt balances, partly offset by lower average interest expense
from the refinancing of debt at lower rates.</font></P>
<P align="left">
Income Taxes</P>
<P align="left">
<I>2007 Compared to 2006</I></P>
<P align="left">
<font size="2">Income taxes of &#36;725 million in 2007 increased by &#36;651 million compared to &#36;74 million in 2006. We recognized &#36;407 million of tax expense in 2007 related to the &#36;2,300 million gain on sale of Telesat. In 2006, we recognized a
future tax asset of &#36;434 million in respect of approximately &#36;2,341 million of previously unrecognized capital loss carryforwards as a result of the pending sale of Telesat.
</font> </P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>21</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increase was partly offset by the non-taxable portion of Bell Aliant&#146;s income in the first half of 2007, the reduction in federal income tax rates applicable to future years and the settlements with tax
authorities in 2007 of uncertain tax positions related to the sale of an investment in a prior year and other audit issues. In 2006, we realized tax savings from income tax adjustments resulting from the decrease in federal income tax rates, the
elimination of the large corporation tax stemming from the 2006 federal budget and favourable audit settlements.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result, the effective tax rate increased to 14.6% in 2007 compared to 3.4% in 2006.
</font> </P>
<P align="left">
<I>2006 Compared to 2005</I></P>
<P align="left">
<font size="2">Income taxes of &#36;74 million in 2006 decreased by &#36;718 million, or 91%, compared to &#36;792 million in 2005. This was due mainly to: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the recognition of a future tax asset totalling &#36;434 million
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">lower pre-tax earnings </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the impact of the non-taxable portion of Bell Aliant&#146;s income.
	</font></P></li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">This decrease was partly offset by &#36;99 million of tax savings in 2005 resulting from the tax loss monetization program between Bell Canada and BCI.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result, the effective tax rate decreased to 3.4% in 2006 compared to 28.2% in 2005.
</font> </P>
<P align="left">
Non-Controlling Interest</P>
<P align="left">
<I><font size="2">The non-controlling interest in the statement of operations reflects the percentage ownership of a subsidiary owned by others multiplied by the amount of the subsidiary&#146;s after-tax earnings.</font></I></P>
<P align="left">
<I>2007 Compared to 2006</I></P>
<P align="left">
<font size="2">Non-controlling interest of &#36;332 million in 2007 increased &#36;115 million or 53% compared to &#36;217 million in 2006. The increase reflects Bell Aliant&#146;s higher net earnings in 2007, the debt redemption and transaction costs incurred by
Bell Aliant in 2006 and our decreased ownership interest upon the formation of Bell Aliant in the third quarter of 2006. The increase was partly offset by the decrease in dividends paid to non-controlling interest as a result of the exchange of the
Bell Canada preferred shares for a corresponding series of First Preferred Shares of BCE Inc.
</font> </P>
<P align="left">
<I>2006 Compared to 2005</I></P>
<P align="left">
<font size="2">Non-controlling interest of &#36;217 million in 2006 increased by &#36;26 million, or 13.6%, compared to &#36;191 million in 2005. This was mainly due to our decreased ownership interest upon the formation of Bell Aliant, partly offset by the
non-controlling interest in the premium costs incurred by Bell Aliant on the early redemption of long-term debt and by transaction costs associated with Bell Aliant.</font></P>
<P align="left">
Discontinued Operations</P>
<P align="left">
<I>2007 </I></P>
<P align="left">
<font size="2">The net gain from discontinued operations of &#36;139 million in 2007 relates mainly to Bell Aliant&#146;s gain on sale of its directory business, Aliant Directory Services (ADS), of &#36;110 million in 2007.
</font> </P>
<P align="left">
<I>2006 </I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">On August 30, 2006, we reduced our interest in CTVglobemedia Inc. (CTVglobemedia) to 20% from 68.5%. In September 2006, CTVglobemedia completed its takeover bid for CHUM Limited. As a result of the transaction, our interest in CTVglobemedia was
reduced to 15%. Our remaining investment in CTVglobemedia is accounted for using the cost method and is presented as a discontinued operation.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net gain from discontinued operations of &#36;127 million in 2006 represents the gain on disposition of CGI Group Inc. (CGI) of &#36;79 million, a gain of &#36;52 million realized on the return of capital from BCI,
a &#36;7 million gain on acquisition of our remaining CGI shares by the Bell Canada pension fund, and operating income at CTVglobemedia, partly offset by a write-down of &#36;17 million on our remaining investment in CGI.</font></P>
<P align="left">
<I>2005</I></P>
<P align="left">
<font size="2">The net gain from discontinued operations of &#36;138 million in 2005 relates mainly to our share of both CGI and CTVglobemedia&#146;s operating income.</font></P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">22 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left">
Dividends on Preferred Shares</P>
<P align="left">
<font size="2">Dividends on preferred shares of &#36;131 million in 2007 increased by &#36;61 million, or 87%, compared to &#36;70 million in 2006. This increase resulted from the new series of preferred shares created further to the Bell Canada plan of
arrangement whereby all of the issued and outstanding series of preferred shares of Bell Canada, the dividends on which were previously classified as non-controlling interest at BCE, were exchanged for a corresponding series of First Preferred
Shares of BCE Inc. The Bell Canada plan of arrangement was effective on January 31, 2007.</font></P>
<P align="left">
Net Earnings and EPS</P>
<P align="left">
<I>2007 Compared to 2006</I></P>
<P align="left"><font size="2">Net earnings applicable to common shares for 2007 were &#36;3,926 million, or &#36;4.88 per common share, which represents an increase over 2006 net earnings of &#36;1,937 million, or &#36;2.25 per common share. Included in 2007 net earnings was a
charge of &#36;210 million for restructuring and other and net gains on investments of &#36;2,252 million. Net gains on investments included:
</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a net gain on disposition of &#36;1,893 million on the sale of Telesat
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the reversal of a tax
liability due to the settlement of an uncertain tax position in connection with the sale of an investment in a prior year
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a net gain from discontinued operations of &#36;110 million on Bell Aliant&#146;s sale of ADS</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a &#36;92 million dilution gain as a result of the issuance of Bell Aliant units in conjunction with the privatization of the Bell Nordiq Income Fund.
	</font></P></li>
</ul>
<P align="left">
<font size="2">In 2006, earnings were impacted by a net charge of &#36;222 million for restructuring and other, net gains on investments of &#36;525 million and costs incurred to form Bell Aliant of &#36;42 million. Net gains on investments in 2006 included the
recognition of a future tax asset of &#36;434 million in respect of approximately &#36;2,341 million of previously unrecognized capital loss carryforwards which were recognized as a result of the pending sale of Telesat. Excluding the impact of
these items, net earnings before restructuring and other, net gains on investments, and costs incurred to form Bell Aliant<B><SUP>(1) </SUP></B>increased by &#36;208 million in 2007.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increase of &#36;208 million in 2007 can be attributed to higher EBITDA, lower interest expense and lower income taxes due mainly to the favourable resolution of uncertain tax positions and the reduction in future
income tax rates. The impact of these items more than offset the increase in non-controlling interest and depreciation and amortization expense. Consequently, on an EPS basis, net earnings before restructuring and other, net gains on investments,
and costs incurred to form Bell Aliant increased by &#36;0.39 per common share, year over year, to &#36;2.34. </font></P>
<P align="left">
<I>2006 Compared to 2005</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Net earnings applicable to common shares were &#36;1,937 million, or &#36;2.25 per common share, which represents an increase of 2.4% compared with net earnings of &#36;1,891 million, or &#36;2.04 per common share, in 2005. Included in net earnings
in 2005 was a charge of &#36;37 million from restructuring and other and net gains on investments of &#36;27 million. As a result, 2006 net earnings before restructuring and other, net gains on investments, and costs incurred to form Bell Aliant of
&#36;1,676 million, were down &#36;225 million. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The &#36;225 million decrease was a result of higher depreciation and amortization expenses, higher net benefit plans cost and discontinued operations, partly offset by improved EBITDA performance and lower income
taxes. Consequently, on an EPS basis, net earnings before restructuring and other, net gains on investments, and costs incurred to form Bell Aliant decreased by &#36;0.10 per common share, year over year, to &#36;1.95.</font></P>
<P align="left">
SEGMENTED ANALYSIS</P>
<P align="left">
<font size="2">At the beginning of 2007, our management structure changed and, as a result, our results of operations now are reported in four segments: Bell Wireline, Bell Wireless, Bell Aliant and Telesat. We have restated prior periods to reflect these new
segments. Our reporting structure reflects how we manage our business and how we classify our operations for planning and measuring performance.</font></P>
<P align="left">
<I><font size="1">(1) Net earnings before restructuring and other, net gains on investments, and costs incurred to form Bell Aliant is a non-GAAP financial measure. See </font></I>
<font size="1">Non-GAAP Financial Measures &#150; Net earnings before restructuring and other, net gains on investments, and costs incurred to form Bell Aliant
</font> <I><font size="1">in this MD&amp;A for more details, including a reconciliation to the most comparable GAAP financial
measure.</font></I></P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>23</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" colspan=3>
<p align="center">
<FONT size=1>% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;	</font>	</TD>
	<TD colspan=3 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>OPERATING REVENUES </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007 vs. 2006</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 vs. 2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bell Wireline </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>10,660</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>10,763 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>11,084 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(1.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bell Wireless </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,131</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,827 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,428 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>7.9</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>11.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(48</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(49 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(50 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(2.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bell </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>14,743</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>14,541 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>14,462 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1.4</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,373</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,301 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,267 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Telesat </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>458</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>479 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>475 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(4.4</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(708</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(665 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(653 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>6.5</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total operating revenues</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>17,866</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17,656 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17,551 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%" colspan=3>
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" colspan=3>
<p align="center">
<FONT size=1>% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;	</font>	</TD>
	<TD colspan=3 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>OPERATING INCOME </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007 vs. 2006</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 vs. 2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bell Wireline </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1,397</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,494 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,074 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(6.5</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(28.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bell Wireless </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1,212</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>998 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>812 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>21.4</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>22.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bell </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2,609</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,492 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,886 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4.7</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(13.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>718</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>699 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>734 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2.7</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(4.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Telesat </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>157</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>142 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>157 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>10.6</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(9.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(45</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(34 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(49 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(32.4</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>30.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total operating income</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,439</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,299 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,728 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(11.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">Bell Wireline Segment<br>
&nbsp;</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<I>Bell Wireline Revenue</I>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%" colspan=3>
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" colspan=3>
<p align="center">
<FONT size=1>% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;	</font>	</TD>
	<TD colspan=3 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>BELL WIRELINE REVENUE </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007 vs. 2006</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 vs. 2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Local and access </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,586</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,757 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>4,000 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(4.6</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(6.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long distance </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1,219</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,327 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,547 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(8.1</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(14.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Data </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,641</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,599 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,581 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Video </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1,317</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,150 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>976 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>14.5</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Equipment and other </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>722</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>754 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>796 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(4.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(5.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Total external revenues </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>10,485</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>10,587 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>10,900 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(1.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>175</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>176 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>184 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(0.6</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(4.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total Bell Wireline revenue</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>10,660</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>10,763 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>11,084 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(1.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
2007 Compared to 2006</P>
<P align="left">
<font size="2">Bell Wireline revenues totalled &#36;10,660 million in 2007, down 1.0% from &#36;10,763 million in the previous year. The positive contribution to our top-line results from year-over-year revenue increases in video and data of &#36;167 million and
&#36;42 million, respectively, were more than offset by decreases of &#36;171 million in local and access services, &#36;108 million in long distance, and &#36;32 million in equipment sales and other revenues.</font></P>
<P align="left">
<I>Local and Access</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Local and access revenues of &#36;3,586 million in 2007, represented a decrease of 4.6% compared with &#36;3,757 million in 2006. The year-over-year revenue decline was due mainly to continued residential NAS erosion and the related loss of optional
enhanced features revenue, as well as to discounts related to marketing initiatives focused on our new Home Phone service packages and residential customer winback activities. Local and access revenues were also negatively impacted in 2007 by a CRTC decision associated with the
price caps deferral account that took effect June 1, 2006, which mandated a reduction in local rates. The positive revenue impact from rate increases in September 2006 to our business and wholesale access services portfolios and the application of
price increases in the past year on certain other basic voice products moderated the year-over-year decrease in local and access revenues.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total NAS declined by 511,000 in 2007, compared with a decline of 463,000 in 2006, to reach 8,176,000 lines as at December 31, 2007. The higher total number of local line losses, year over year, reflected the loss of
58,000 business lines, stemming from a major wholesale</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">24 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left">
<font size="2">customer&#146;s anticipated decision in the fourth quarter of 2007 to move substantially all of its subscribers onto its own network. There will be an opening balance adjustment to our business NAS at the beginning of 2008 to recognize the further
migration of this wholesale customer&#146;s remaining 273,000 lines. The migration of these wholesale lines does not have a material revenue impact. In addition, at the beginning of the third quarter of 2007, our business NAS customer base was
decreased by 58,000 to reflect an adjustment in the calculation of local interconnections. Our decline in total NAS this year was also the result of ongoing aggressive competition from major cable television operators for local telephone service,
continuing losses to non-related CLECs, and wireline to wireless substitution. As a result of these impacts, the annual rate of NAS erosion for 2007 was 6.5% compared with 5.0% for 2006. Although the rate of residential NAS erosion increased to 9.9%
this year from 9.4% in 2006, due to cable telephony footprint expansion in our regions and increased disconnection of non-paying customers, the total absolute number of residential lines lost in 2007 decreased 4.5% year over year. This improvement
reflected increased residential customer winbacks and the effectiveness of our customer retention strategies. At the end of 2007, we had 4,650,000 residential lines and 3,526,000 business lines, compared with 5,161,000 and 3,584,000 lines,
respectively, one year earlier.</font></P>
<P align="left">
<I>Long Distance</I></P>
<P align="left">
<font size="2">Long distance revenues totalled &#36;1,219 million in 2007, reflecting a year-over-year decrease of 8.1%, compared with revenues of &#36;1,327 million in 2006. The annual percentage decrease in 2007 is the lowest since 2004, although long distance
revenues continued to be negatively affected by ongoing NAS erosion, technological substitution to wireless and Internet, losses to toll competitors, pricing pressures across our business and wholesale markets, lower rates on cross-border exchange
traffic, and a reduction in total minute volumes. Price increases applied during the first quarter of 2007 on the majority of our residential long distance plans and the positive impact from an increase in the monthly network charge on August 1,
2007 to residential customers from &#36;4.50 to &#36;5.95 moderated the rate of decline in long distance revenues. Consistent with NAS erosion and industry-wide trends, total minute volumes decreased 5.7% in 2007 to 12,500 million conversation
minutes from 13,256 million in 2006, reflecting lower domestic and overseas minute volumes in both our consumer and business sectors, as well as competitive pressures in wholesale. As a result, average revenue per minute (ARPM) decreased by
&#36;0.001 this year to &#36;0.091 from &#36;0.092 in 2006. </font> </P>
<P align="left">
<I>Data</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Data revenues increased 1.2% to &#36;3,641 million in 2007, up from &#36;3,599 million in 2006. Data revenue growth was driven mainly by higher Internet revenues, resulting from an increase in the total number of access service connections,
increased sales of PC Fusion, and price increases at both Sympatico and our SMB unit. Higher IP and broadband connectivity services revenue in our Enterprise, SMB and Wholesale units also contributed to the year-over-year improvement in data
revenues. The impact of adverse regulatory rulings on data revenues was approximately &#36;10 million lower this year compared with 2006. Competitive pricing pressures, the continued migration of business customers&#146; voice and data traffic to
our IP-based systems, decreased sales of ICT solutions to our business customers, and the ongoing transfer of services by wholesale customers onto their own network facilities moderated the increase in data revenues in 2007. Although revenues from
legacy products and services decreased year over year, the rate of decline slowed due largely to price increases in legacy services, expansion of our product suites and effective management of IP customer migration in our Enterprise unit.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of high-speed Internet subscribers increased by 124,000 in 2007, compared with 154,000 new net subscriber activations in 2006. In the fourth quarter, we reduced total net activations for 2007 by 11,000 to
correct for customer churn adjustments in the first three quarters of this year. Lower net activations in 2007 can be attributed to intense competition, particularly in our consumer markets where aggressive price discounting on competitors&#146;
multi-product bundle offers was prevalent, and to our lack of customer retention offers featuring unlimited usage plans. Stronger overall market demand and the positive impact of a limited-time targeted marketing campaign featuring special
promotional rates in our Qu&eacute;bec market also contributed to the relatively higher number of net activations in 2006. These factors were partly offset by increased sales of Sympatico&#146;s WiMAX service and higher wholesale demand for access
service connections this year. As at December 31, 2007, we had 2,004,000 high-speed Internet subscribers, representing a 6.8% increase over the past year. This figure included a subscriber base adjustment of 3,000 customers, reflecting the net
impact of an 18,000 increase at the beginning of the first quarter of 2007 to adjust for prior-year deactivations related to a major upgrade of our order management system and the aggregate removal at the beginning of the first two quarters of this
year of 15,000 customers who had no network usage in 2007. These adjustments were not taken into account to determine net activations for 2007.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>25</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<p style="text-align: left; margin-top: 0">&nbsp;</p>

<P align="left">
<I>Video</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Video revenues grew by 14.5% in 2007 to &#36;1,317 million from &#36;1,150 million in 2006, due mainly to higher ARPU. Video ARPU improved significantly, increasing &#36;6 to &#36;60 per month in 2007 from &#36;54 per month last year. The
improvement resulted primarily from price increases implemented over the past year, customer upgrades to higher-priced programming packages, and higher rental fee revenue from increased STB rentals.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our video churn rate was 1.2% in 2007, compared with 1.0% in the previous year. This result was due largely to a higher number of customers coming off contracts and the application of various price increases over the
past year, which resulted in higher voluntary customer deactivations in 2007. Churn was also impacted negatively this year as we accelerated the processing of accounts in collection, resulting in higher deactivations of non-paying customers. As a
result of higher churn and weaker sales in our independent retail channels, net activations amounted to 2,000 in 2007, compared with net activations of 93,000 last year. As at December 31, 2007, our video subscriber base totalled 1,822,000.
</font> </P>
<P align="left">
<I>Equipment Sales and Other</I></P>
<P align="left">
<font size="2">Equipment sales and other revenues decreased 4.2% in 2007 to &#36;722 million, compared with &#36;754 million in 2006. The year-over-year decline was due primarily to decreased sales and maintenance contracts for legacy voice equipment to business
customers, which reflects our strategic decision not to pursue low-margin business, as well as to a one-time revenue contribution in the first quarter of 2006 from a network infrastructure installations contract to help restore telecommunications
service to the areas in the United States affected by Hurricane Katrina. This year-over-year revenue decrease was partly offset by higher demand for Sympatico&#146;s computer purchase program and higher equipment sales at our Bell West unit.</font></P>
<P align="left">
2006 Compared to 2005</P>
<P align="left">
<font size="2">Bell Wireline revenues declined 2.9% in 2006 to &#36;10,763 million from &#36;11,084 million in the prior year. Decreases of &#36;243 million, &#36;220 million and &#36;42 million in local and access, long distance, and equipment and other revenues,
respectively, were moderated by revenue increases of &#36;174 million in video and &#36;18 million in data.</font></P>
<P align="left">
<I>Local and Access</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Local and access revenues decreased by 6.1% in 2006 to &#36;3,757 million, compared with &#36;4,000 million in 2005. The year-over-year decline was due primarily to ongoing competitive losses of residential NAS and related VAS revenues, as well as
to lower revenue from wireline maintenance plans. Local and access revenues were also negatively impacted in 2006 by a number of CRTC decisions, including a mandated reduction in local access rates associated with the price caps deferral account
that took effect on June 1, 2006 and a mandated reduction in rates we charge for switching and aggregation services to long distance service providers. These regulatory rulings reduced local and access revenues by approximately &#36;46 million in
2006. The positive impact of price increases to a number of our business and wholesale access services, as well as the stabilization in the rate of erosion of legacy connectivity services, helped to partly offset the year-over-year decrease in local
and access revenues.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total NAS declined by 463,000 in 2006 compared with local line losses of 297,000 in 2005, primarily as a result of increased competition from cable operators for local telephone service, continuing losses to non-related
CLECs and wireline to wireless substitution. This was partly offset by higher wholesale demand for local access lines in Western Canada and an increase in customer winbacks following the CRTC&#146;s decision in April 2006 to reduce the waiting time
before we can contact lost customers. The annual rate of NAS erosion in 2006 increased to 5.0% from 3.1% in the prior year, reflecting a higher number of local line losses as the major cable operators in our incumbent territories maintained their
intensive marketing efforts and further expanded the footprint of their low-priced local telephony offerings across most of our Ontario and Qu&eacute;bec markets. As at December 31, 2006, we had 5,161,000 residential lines and 3,584,000 business
lines, compared with 5,696,000 and 3,512,000 lines, respectively, at the end of 2005.</font></P>
<P align="left">
<I>Long Distance</I></P>
<P align="left">
<font size="2">Long distance revenues were &#36;1,327 million in 2006, reflecting a year-over-year decrease of 14.2% compared with &#36;1,547 million in 2005. Lower long distance revenues were due mainly to the impact of continued NAS erosion, escalating wireless
substitution, aggressive price competition in our business and wholesale markets, and lower rates on cross-border exchange traffic. The year-over-year decrease was offset partly by an increased network charge to residential and SMB customers
implemented on April 15, 2006, as well as by higher</font></P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">26 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<font size="2">overseas and calling card per-minute rates. Total minute volumes increased 1.2% in 2006 to 13,256 million conversation minutes from 13,103 million in 2005, reflecting higher domestic and overseas minute volumes. Despite higher minutes, ARPM
decreased by &#36;0.013 during 2006 to &#36;0.092, reflecting the impact of rate pressures across all our markets.</font></P>
<P align="left">
<I>Data</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Data revenues increased 0.5% to &#36;3,599 million in 2006, compared with &#36;3,581 million in 2005. The slight year-over-year improvement was primarily the result of higher Internet revenues, increased sales of IP-based connectivity and ICT
solutions in our Enterprise and SMB units, and increased revenues from the SuperNet (a next-generation broadband access network in Alberta). Aggressive price competition in our enterprise and SMB markets, customer migration towards IP-based systems,
and the transfer by wholesale customers of circuit networks onto their own facilities moderated the increase in data revenues for 2006. In addition, the positive impact on revenues in 2005 from a number of non-recurring items, which included the
sale of customer contracts within our Enterprise unit related to legacy point-of-sale systems, fibre and access capacity sales in our Wholesale unit, and the early termination of a wholesale cross-border facilities contract affected overall data
revenue growth in 2006 when similar sales did not occur.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of high-speed Internet subscribers increased by 154,000 in 2006, compared with 254,000 in 2005, bringing the total subscriber count as at December 31, 2006 to 1,877,000. Our primary focus in 2006 was to
up-sell customers to higher-speed products in order to increase ARPU, drive subscriber growth through expanded use of hardware offers and reduce customer churn. Sympatico&#146;s subscriber growth in 2006 was adversely affected by the impact of
ongoing aggressive price discounting on multi-product bundle offers from the major cable operators in our markets. Moreover, the significantly higher number of net additions in 2005 was driven by the introduction of our Basic Lite service offering
in the Ontario market and by substantial footprint expansion. A major upgrade to the Sympatico order management system during the fourth quarter of 2006 also negatively impacted the sales process within our retail channels and at our contact
centres.</font></P>
<P align="left">
<I>Video</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Our Video unit reported solid financial performance in 2006, growing its revenues by 17.8% to &#36;1,150 million compared to &#36;976 million in 2005. Contributing to video revenue growth in 2006 was an increased number of subscribers and
significantly higher ARPU.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Video ARPU increased to &#36;54 per month in 2006 from &#36;50 per month in the prior year. The &#36;4 annual improvement resulted primarily from customers upgrading to higher-priced programming packages, higher
pay-per-view revenues, and price increases implemented during 2006. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our video subscriber base grew by 5.4% in 2006 to reach 1,820,000 as at December 31, 2006. We added 93,000 new net video subscribers in 2006, compared with higher-than-average net additions of 224,000 in 2005. The
year-over-year decrease can be attributed mainly to our increased focus on profitable growth, aggressive analog to digital conversions by cable operators, and the acquisition of Cable VDN in 2005, which added 12,500 new customers to our subscriber
base at that time. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our video churn rate increased slightly to 1.0% in 2006 from 0.9% in the previous year, reflecting heavily discounted bundled service packages and hardware offers from our cable competitors.</font></P>
<P align="left">
<I>Equipment Sales and Other</I></P>
<P align="left">
<font size="2">Equipment sales and other revenues decreased 5.3% to &#36;754 million in 2006 from &#36;796 million in 2005. The year-over-year decline reflected reduced sales of legacy voice equipment to Enterprise and SMB customers, the negative impact of a CRTC
ruling related to the fees we charge to competitive local service providers for co-location in Bell Canada&#146;s switching centres, and lower video STB sales at Bell ExpressVu. The one-time contribution to revenues in 2005 from the sale of U.S.
conferencing solutions contracts in our SMB unit and a contract to help restore telecommunications service to the areas in the United States affected by Hurricane Katrina also had an adverse effect on revenue growth in 2006.</font></P>
<P align="left">
<I>Bell Wireline Operating Income</I></P>
<P align="left">
2007 Compared to 2006</P>
<P align="left">
<font size="2">Operating income for our Bell Wireline segment was &#36;1,397 million this year, down 6.5% when compared with &#36;1,494 million in 2006. The following factors had a negative impact on wireline operating income in 2007: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">erosion of our
residential NAS customer base </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">loss of higher-margin legacy voice and data business due to competition and customer migration towards IP-based networks
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">greater marketing and sales expenses associated with residential customer winback
and retention activities </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">higher bad debt expense resulting from an ongoing focus on accounts receivable management</font></P>
	</li>
</ul>

<P align="left">&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>27</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">increased call centre costs to enhance service quality
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">higher amortization expense </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">higher restructuring and other costs. </font>
	</P></li>
</ul>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These operating income pressures were partly offset by: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">higher video revenues </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">lower cost of goods sold due to reduced domestic and international long distance traffic and lower international rates, as well as decreased product sales
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">lower labour costs from decreased use of consultants and a reduced workforce
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a favourable judicial decision with respect to CRTC licence fees
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">ongoing productivity improvements </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">lower net benefit plans cost.</font></P></li>
</ul>
<P align="left">
2006 Compared to 2005</P>
<P align="left">
<font size="2">Our Bell Wireline segment reported operating income of &#36;1,494 million in 2006, compared with &#36;2,074 million in the previous year. A significant portion of the annual decrease was attributable to restructuring and other costs associated with
employee departures at Bell, the relocation of employees and closing of real estate facilities related to a reduced workforce, and transaction costs related to the formation of Bell Aliant. The decrease in Bell Wireline&#146;s operating income can also be attributed to the following factors: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">higher rate of decline in our high-margin residential NAS customer base
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">loss of higher-margin legacy wireline voice and data business both to IP
substitution and competition </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">lower wholesale revenues </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">higher amortization expense </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">increased net benefit plans cost.</font></P>
	</li>
</ul>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These negative factors were partly mitigated by: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">higher video and Internet revenues </font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">lower video subscriber acquisition costs
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">lower call centre costs as a result of outsourcing and efficiency
improvements </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">shift away from less profitable hardware equipment contracts in our Enterprise unit
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">cost savings from headcount reductions and productivity initiatives, such as One Bill and reducing missed customer appointments for wireline installations and repairs.
	</font></P></li>
</ul>
<P align="left">
<font size="2">The recovery from a labour dispute with technicians in Ontario, which negatively impacted operating expenses in 2005, also contributed to improving Bell Wireline operating income in 2006.</font></P>
<P align="left">
Bell Wireless Segment</P>
<P align="left">
<I>Bell Wireless Revenue</I></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%" colspan=3>
<p align="center">
<FONT size=1>% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font size="1">&nbsp;
	</font>
	</TD>
	<TD colspan=3 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>BELL WIRELESS REVENUE </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007 vs. 2006</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 vs. 2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Network </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,754</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>3,453 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>3,054 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>8.7</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>13.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Equipment </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>332</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>333 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>336 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(0.3</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(0.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Total external revenues </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,086</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>3,786 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>3,390 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>7.9</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>11.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>45</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>41 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>38 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>9.8</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>7.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total Bell Wireless revenue</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,131</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>3,827 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>3,428 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>7.9</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>11.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
2007 Compared to 2006</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Bell Wireless operating revenues (comprised of network and equipment revenues) increased 7.9% to &#36;4,131 million in 2007, compared with &#36;3,827 million in 2006. Wireless network revenues grew 8.7%, or &#36;301 million, this year to &#36;3,754
million, reflecting the combined impact of higher ARPU and a larger subscriber base. Equipment revenues remained relatively stable at &#36;332 million, compared with &#36;333 million in 2006. The slight year-over-year decrease in equipment revenues
for 2007 can be explained mainly by higher promotional discounts in partial response to the heavy emphasis on zero-dollar handsets in the market, offset almost entirely by increased handset sales resulting from a higher number of gross activations and customer upgrades.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid ARPU increased by &#36;2 year over year to reach &#36;66 per month in 2007. The significant improvements were driven mainly by price increases for a number of services and features over the past year, including
a &#36;2 increase in our monthly system access fee for Bell Mobility&#146;s postpaid customers, continued growth in data usage, and increased roaming revenues.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid ARPU of &#36;17 per month in 2007 represented an improvement of &#36;3 over the previous year. This increase was attributable to higher minutes of usage, increased data usage and the introduction of a &#36;3.95
system access fee in October 2006 for all new prepaid activations. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">28 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of higher postpaid and prepaid ARPU, blended ARPU increased by &#36;3 in 2007 to &#36;54 per month, compared with &#36;51 per month in the previous year.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We achieved a record number of gross wireless activations in 2007, which increased 7.1% to 1,640,000 from 1,531,000 in 2006 due to higher year-over-year prepaid gross activations. Although postpaid gross activations
remained virtually unchanged compared with 2006, there was progressive quarterly improvement in postpaid subscriber acquisition during 2007, reflecting the positive customer response to our offers, the introduction of new handsets and an expanded
market presence.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our blended churn rate in 2007 was 1.7% compared with 1.5% last year, reflecting both higher postpaid and prepaid churn. Postpaid churn increased 0.2 points year over year to 1.3%, mainly as a result of sustained
competitive intensity stemming from subscriber acquisition offers that featured zero-dollar handsets and discounted rate-plan promotions. The industry-wide implementation of Wireless Number Portability and the loss of a public sector wireless
contract in the first quarter of 2007 also contributed to higher churn this year. At the beginning of 2007, we implemented a change to our prepaid deactivation policy which precipitated the removal of 146,000 non-revenue-generating customers from
our prepaid subscriber base at the beginning of 2007. As this was a retroactive adjustment, it was not reflected in our prepaid churn rate for 2007. As a result of this change in policy, we deactivated a higher number of inactive customer accounts
which contributed to the increase in prepaid churn of 2.8% in 2007 compared with 2.6% in the previous year.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mainly as a result of higher customer deactivations, our total wireless net activations decreased to 408,000 in 2007 from 513,000 in 2006. Postpaid subscribers accounted for just over half or 206,000 of the net
activations achieved this year, compared with 57% or 293,000 in 2006. As at December 31, 2007, we had 6,216,000 wireless subscribers, representing a 4.4% increase over the past year. Postpaid rate plans represented 72% of our total subscriber base
at the end of 2007, compared with 71% one year earlier.</font></P>
<P align="left">
2006 Compared to 2005</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Total operating revenues grew 11.6%, or &#36;399 million, to &#36;3,827 million in 2006, compared with &#36;3,428 million in 2005. Network revenues increased 13.1%, fuelled by higher ARPU and an increased number of customers in our subscriber base.
Equipment revenues decreased slightly to &#36;333 million, compared with &#36;336 million in the prior year, primarily as a result of reduced handset sales.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid ARPU increased by &#36;3 year over year to reach &#36;64 per month. The significant improvement was achieved primarily as a result of a shift in our subscriber acquisition mix toward higher-priced rate plans, the positive impact of a &#36;2 price increase for Bell Mobility&#146;s system access fee, and strong growth in data usage. Higher data usage reflected the continued growth of text and multimedia messaging
services, wireless Internet access, downloadable ring tones, music and games, and the positive customer response to our data bundle packages.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid ARPU remained unchanged year over year at &#36;14 per month. The positive impact from an increased number of higher-than-average ARPU Solo and Virgin customers in our subscriber base and higher data usage was
offset by a higher number of inactive prepaid customers and the favourable impact on revenues in 2005 from the recognition of deferred revenues related to unused prepaid minutes.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of higher postpaid ARPU, blended ARPU increased by &#36;2 in 2006 to &#36;51 per month, compared with &#36;49 in the previous year.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross wireless activations totalled 1,531,000 in 2006, up slightly from 1,525,000 in the prior year. The year-over-year increase was due to higher prepaid gross activations driven by the positive customer response,
particularly in the youth segment of the market, to Solo and Virgin. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our blended churn rate decreased to 1.5% in 2006 from 1.6% in 2005 as a result of lower postpaid churn. Postpaid churn improved, year over year, to 1.1% from 1.4% in 2005, reflecting the success of our retention
activities despite competitive market pressures and tighter policies on the granting of customer discounts and hardware upgrades. Our postpaid churn rate in 2005 was adversely affected by the cancellation of non-paying customer accounts stemming
from the residual impacts associated with our billing system conversion. Prepaid churn in 2006 increased to 2.6% from 1.9% in the previous year, due mainly to the deactivation of a higher number of inactive Bell Mobility customer accounts and the
impact of certain pricing actions taken in 2005. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mainly as a result of higher prepaid churn, our total wireless net activations decreased to 513,000 in 2006 from 580,000 in 2005. In 2006, 57% of our total new net activations subscribed to postpaid rate plans, compared
with 49% in the prior year. As at December 31, 2006, we had 5,954,000 wireless subscribers, representing a 9.4% increase over 2005. Postpaid rate plans represented 71% of our total subscriber base at the end of 2006, compared with 73% at the end of
2005.</font></P>
<P align="left">
<I>Bell Wireless Operating Income</I></P>
<P align="left">
2007 Compared to 2006</P>
<P align="left">
<font size="2">Our Bell Wireless segment reported operating income of &#36;1,212 million in 2007, representing an increase of 21%, or &#36;214 million, over the previous year. The year-over-year</font></P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>29</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<p style="text-align: left; margin-top: 0">&nbsp;</p>

<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">improvement was driven mainly by higher revenues and lower bad debt expense. Higher customer retention and handset upgrade costs moderated the increase in Bell Wireless operating income in 2007. Subscriber acquisition costs, which are comprised
mainly of handset subsidies, sales commissions and marketing expenses, remained unchanged year over year.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless COA decreased 3.8% to &#36;404 per gross activation in 2007 from &#36;420 per gross activation in 2006, primarily as a result of lower handset subsidies in combination with higher gross activations.</font></P>
<P align="left">
2006 Compared to 2005</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Operating income for Bell Wireless increased 23% in 2006 to &#36;998 million from &#36;812 million in the previous year, driven primarily by double-digit revenue growth and reduced call centre costs. Call centre costs were higher in 2005, particularly in the first three months of that year, as a result of customer service issues related to our wireless billing
system conversion. The year-over-year improvement in wireless operating income was partly offset by increased customer retention and handset upgrade costs, higher subscriber acquisition costs and the recognition in 2005 of deferred revenues related
to unused prepaid minutes. </font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless COA increased 3.7% to &#36;420 per gross activation in 2006 from &#36;405 per gross activation in 2005. Higher COA was due primarily to increased marketing and sales expenses partly offset by decreased handset
subsidies.</font></P>
<P align="left">
Bell Aliant Segment</P>
<P align="left">
<I>Bell Aliant Revenue</I></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%" colspan=3>
<p align="center">
<FONT size=1>% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font size="1">&nbsp;
	</font>
	</TD>
	<TD colspan=3 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>BELL ALIANT REVENUE </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007 vs. 2006</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 vs. 2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Local and access </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1,426</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>1,455 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>1,467 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(2.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(0.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long distance </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>445</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>471 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>507 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(5.5</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%</FONT><B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(7.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Data </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>522</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>488 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>431 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>7.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>13.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Wireless </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>53</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>47 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>42 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>12.8</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>11.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Equipment and other </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>530</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>479 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>471 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>10.6</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Total external revenues </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2,976</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>2,940 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>2,918 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>0.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>397</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>361 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>349 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>10.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total Bell Aliant revenue</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,373</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>3,301 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>3,267 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2.2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="50%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
2007 Compared to 2006</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Bell Aliant segment revenues increased 2.2% in 2007 to &#36;3,373 million, compared with &#36;3,301 million in 2006, as growth in data (including Internet), wireless, product sales and IT services more than offset declining revenues from local and
access services and long distance.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local and access revenues decreased 2.0% in 2007 to &#36;1,426 million from &#36;1,455 million last year. This resulted mainly from a 3.2% decline in the overall NAS customer base, reflecting competitive losses and the
reduction in primary lines as customers adopt wireless and VoIP technologies. The impact of price increases in certain areas of Bell Aliant&#146;s territory and increased penetration of value-added features and service bundles moderated the
year-over-year decrease in local and access revenues. At the end of 2007, Bell Aliant had 3,202,000 NAS in service, compared with 3,309,000 one year earlier.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long distance revenues in 2007 were &#36;445 million, down 5.5% compared with revenues of &#36;471 million in the previous year. This was due primarily to a decline of 6.1% in long distance minutes as a result of NAS
losses to competition, technology substitution to wireless calling and IP-based services, and dial-around erosion. Overall ARPM increased slightly this year as the decline in minutes was more than offset by the impact of price increases and changes to plans offered to customers.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data revenues, including Internet, increased 7.0% this year to &#36;522 million from &#36;488 million in 2006, mainly as a result of higher Internet revenues driven by a 17.2% increase in the number of high-speed
subscribers. Growth in new IP connectivity broadband services also contributed to the year-over-year improvement in data revenues. This was partly offset by the impact of promotional pricing required to respond to competitive market pressures. As at
December 31, 2007, Bell Aliant had 689,000 high-speed Internet subscribers, compared with 588,000 one year earlier.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless revenues grew 12.8% in 2007 to &#36;53 million from &#36;47 million last year. The year-to-date increase was due to a higher average number of subscribers in the customer base, offset slightly by lower ARPU
resulting from an increased number of customers adopting prepaid service. At the end of 2007, Bell Aliant had 94,925 wireless customers, representing an 8.2% increase in the past year.</font></P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">30 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment sales and other revenues were &#36;530 million in 2007, up 10.6% compared with revenues of &#36;479 million in 2006. The year-over-year increase can be attributed mainly to higher data product sales and growth
in IT service revenues from managed services and IT project activity within the healthcare, defence and aerospace industries. Higher fulfillment revenues driven by growth in sales to government and related agencies also contributed to the increase.
IT services and fulfillment revenue is earned primarily by Bell Aliant&#146;s xwave division through systems integration, software engineering, business consulting and infrastructure services such as data centre, help desk, security and technical
support services.</font></P>
<P align="left">
2006 Compared to 2005</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Bell Aliant segment revenues were &#36;3,301 million in 2006, reflecting an increase of &#36;34 million or 1.0% compared with 2005 as growth in data (including Internet), wireless and IT services more than offset declining revenues from local and
access services and long distance.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local and access revenues decreased 0.8% year over year in 2006. This was due primarily to a 2.0% decline in the NAS customer base resulting from competitive losses, business customer migration from hosted voice
services to customer-owned phone systems, the reduction of second lines as dial-up Internet customers continued to migrate to high-speed services, and the reduction in primary lines as customers adopted wireless and VoIP technologies.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long distance revenues declined 7.1% in 2006, mainly as a result of lower per-minute toll prices and a decrease in overall minutes of usage due to competitive pressures and technology substitution.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data revenue growth of 13.2% in 2006 was attributable mainly to a significant increase in Internet revenues driven by high-speed subscriber growth of 24% year over year. Service area expansion, reduced promotional
pricing in the residential market and increased adoption of enhanced services contributed to higher Internet revenues in 2006.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless revenue grew by 11.9% in 2006, fuelled by a 28% increase in the subscriber base, partly offset by lower ARPU resulting from a higher number of customers adopting prepaid service.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment sales and other revenues improved 1.7% over 2005, due mainly to growth in IT service revenues stemming from new contracts for systems integration, application services and managed outsourcing, as well as
expansion of existing contracts resulting from Bell Aliant&#146;s focus on key industry verticals in the enterprise market. Also contributing to growth for 2006 were higher personal computer (PC) sales, as Bell Aliant&#146;s PC Purchase program
commenced in Atlantic Canada in mid-2005.</font></P>
<P align="left">
<I>Bell Aliant Operating Income</I></P>
<P align="left">
2007 Compared to 2006</P>
<P align="left">
<font size="2">Operating income at Bell Aliant increased 2.7% in 2007 to &#36;718 million from &#36;699 million in the previous year. Higher revenues and productivity cost savings were partly offset by higher labour costs, higher cost of revenues associated with
growth in product and IT fulfillment sales, and increased net benefit plans cost. Higher restructuring and other costs in 2006, due to transaction expenses related to the formation of Bell Aliant, also had a favourable year-over-year impact on
operating income in 2007.</font></P>
<P align="left">
2006 Compared to 2005</P>
<P align="left">
<font size="2">Operating income at Bell Aliant decreased 4.8% to &#36;699 million in 2006 from &#36;734 million in 2005. This was due mainly to higher costs incurred for consulting and professional fees, higher capital taxes and other expenses related to the
formation of Bell Aliant. Lower depreciation and amortization expense, as well as the positive impact of various expense management and productivity initiatives, partly offset the year-over-year decline in operating income.</font></P>
<P align="left">
Telesat Segment</P>
<P align="left">
<I>Telesat Revenue</I></P>
<P align="left">
2007 Compared to 2006</P>
<P align="left">
<font size="2">Revenues for Telesat in 2007 only reflect results up to the time of its sale on October 31, 2007. Accordingly, Telesat&#146;s revenues were &#36;458 million this year, compared with &#36;479 million in 2006. Telesat was not accounted for as
discontinued operations because of its ongoing commercial arrangements with Bell ExpressVu.
</font> </P>
<P align="left">
2006 Compared to 2005</P>
<P align="left">
<font size="2">Telesat revenues increased 0.8% to &#36;479 million in 2006 from &#36;475 million in 2005, due primarily to higher broadcast revenues, increased sales of its two-way broadband service using the Ka-band of the Anik F2 satellite, and the improved
performance of its Infosat subsidiary. Non-recurring revenue from a sale in 2005 related to the installation and maintenance of an interactive distance learning network and reduced business activity in South America largely offset the increase in
revenues in 2006.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>31</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<I>Telesat Operating Income</I></P>
<P align="left">
2007 Compared to 2006</P>
<P align="left">
<font size="2">Telesat&#146;s operating income in 2007 increased only 10.6% to &#36;157 million from &#36;142 million in 2006, mainly as a result of the recognition of operating expenses and amortization only up to October 31, 2007.</font></P>
<P align="left">
2006 Compared to 2005</P>
<P align="left">
<font size="2">Telesat&#146;s operating income in 2006 was &#36;142 million, representing a 9.6% decline when compared with operating income of &#36;157 million in 2005. The year-over-year decrease reflected special compensation costs related to senior executive
changes made in September 2006 and higher amortization expense. Higher revenues and lower cost of network equipment sales partly offset the decrease in operating income in 2006.</font></P>
<P align="left">
<B><font size="4">Financial and Capital Management</font></B></P>
<P align="left">
<I><font size="2">This section tells you how we manage our cash and capital resources to carry out our strategy and deliver financial results. It provides an analysis of our financial condition, cash flows and liquidity on a consolidated basis.</font></I></P>
<P align="left">
CAPITAL STRUCTURE</P>
<P align="left">
<I><font size="2">Our capital structure shows how much of our net assets are financed by debt and equity.</font></I></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Debt due within one year </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>717</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>972 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>10,621</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>11,795 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Less: Cash and cash equivalents </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(2,658</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(569 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total net debt</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>8,680</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>12,198 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Non-controlling interest</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>1,103</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>2,180 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total shareholders&#146; equity</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>17,232</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>13,367 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total capitalization</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>27,015</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>27,745 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net debt to capitalization</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>32.1</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>44.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
&nbsp;</TD>
	<TD align=left width="12%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="12%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Outstanding share data (in millions)</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Common shares </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>805.3</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>807.6 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Stock options </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>17.7</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>24.2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p style="margin-top: 0"><I><FONT size=1><br>
(1) Includes bank advances and notes payable</FONT></I><font size="1"><BR>
</font>
</p>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Our net debt to capitalization ratio was 32.1% at the end of 2007, compared to 44.0% at the end of 2006. This reflects a decrease in net debt and an increase in total shareholders&#146; equity, partly offset by a decrease in non-controlling
interest.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net debt decreased &#36;3,518 million to &#36;8,680 million in 2007 mainly due to: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">net cash proceeds of &#36;3,123 million realized on the sale of Telesat
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">free cash flow of &#36;891 million
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">cash
provided from discontinued operations of &#36;356 million mainly relating to &#36;327 million of net proceeds from Bell Aliant&#146;s sale of ADS</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the issuance of common shares under the employee stock option plan amounting to &#36;153 million </font></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">These decreases were partly offset by:
</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the repurchase of &#36;330 million of equity securities from non-controlling interest due to Bell Aliant&#146;s normal course issuer bid (NCIB) program
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">obligations of &#36;251 million for additional capital leases</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">BCE Inc.&#146;s repurchase and cancellation of 7.4 million of its outstanding common shares for &#36;227 million under its NCIB</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">business acquisitions of &#36;163 million mainly due to the privatization of the Bell Nordiq Income Fund by Bell Aliant.
	</font></P></li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Non-controlling interest decreased by &#36;1,077 million in 2007 due mainly to the exchange of Bell&#146;s issued and outstanding series of preferred shares of &#36;1,100 million, which was previously classified as non-controlling interest at BCE,
for corresponding series of First Preferred Shares of BCE Inc. A further decrease was realized as Bell Aliant repurchased &#36;330 million of equity securities from non-controlling interest as part of its NCIB program. These items were partly offset
by an increase as a result of the non-controlling interest in the gain on sale of ADS and our decreased ownership in Bell Aliant as a result of the issuance of Bell Aliant units in conjunction with the privatization of the Bell Nordiq Income Fund,
in which we did not participate.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders&#146; equity increased &#36;3,865 million to &#36;17,232 million in 2007. This was mainly due to net earnings of &#36;2,754 million in excess of dividends declared, the exchange of Bell&#146;s issued
and outstanding series of preferred shares of &#36;1,100 million for corresponding series of First Preferred Shares of BCE Inc., the issuance of common shares under the employee stock option plan and an unrealized gain of &#36;70 million recorded in
accumulated other comprehensive income due mainly from our available-for-sale financial assets. This was partly offset by the repurchase of 7.4 million of BCE Inc.&#146;s outstanding common shares for cancellation through an NCIB for &#36;227
million.</font></P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">32 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left">
OUTSTANDING SHARE DATA</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We had 805.3 million common shares outstanding at the end of 2007, a decrease of 2.3 million over 2006 resulting from BCE Inc.&#146;s repurchase of 7.4 million of its outstanding common shares for cancellation through an NCIB offset by stock options
that were exercised in 2007.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of stock options outstanding at the end of 2007 was 17.7 million, a decrease of 6.5 million from 2006. The weighted average exercise price of the stock options outstanding at December 31, 2007 was &#36;33. Of
the total outstanding stock options at December 31, 2007, 11.5 million were exercisable at a weighted average exercise price of &#36;35. In 2007:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">5.7 million stock options were granted </font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">5.0 million of previously granted options were exercised
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">7.3 million of previously granted options expired or were forfeited.
	</font></P></li>
</ul>
<P align="left">
CASH FLOWS</P>
<P align="left">
<font size="2">The following table is a summary of our cash inflows and outflows.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<B><FONT size=2>Cash flows from operating activities</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>5,704</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>5,366 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>5,319 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Capital expenditures </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(3,151</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(3,133 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(3,357 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Other investing activities </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>13</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>39 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Cash dividends paid on common shares </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,147</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,169 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,195 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Cash dividends paid on preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(124</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(84 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(86 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(404</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(293 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(169 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<B><FONT size=2>Free cash flow</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>891</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>685 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>551 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Business acquisitions </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(163</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(71 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(228 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Business dispositions </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,123</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(7</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(255 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Going-private costs </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(49</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Increase in investments </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(27</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(304 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(233 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Decrease in investments </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>192</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>64 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>17 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Issue of common shares </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>153</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>29 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Repurchase of common shares </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(227</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,241 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Net repayment of debt instruments </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,766</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(432 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(47 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Financing activities of subsidiaries with third parties </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(333</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(292 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(77 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Other financing activities </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(66</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(157 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(64 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Cash provided by discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>356</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,110 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>121 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Net increase in cash and cash equivalents </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,077</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>136 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>65 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
Cash Flows from Operating Activities</P>
<P align="left">
<I>2007 Compared to 2006</I></P>
<P align="left">
<font size="2">Cash from operating activities was &#36;5,704 million in 2007, an increase of &#36;338 million, or 6.3%, compared to &#36;5,366 million in 2006. Cash from operating activities was impacted positively by: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">improvements in cash earnings from
higher EBITDA, exclusive of net benefit plans cost </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a decrease in income taxes paid mainly from the formation of the Bell Aliant income trust in July 2006 and higher tax refunds
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a decrease of &#36;107 million in restructuring and other
payments mainly due to payments of &#36;66 million in 2006 pursuant to a pay equity settlement
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">compensation payments of &#36;67 million made to executives and other key employees in 2006 under our restricted share unit (RSU) plan
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a
&#36;60 million decrease in interest paid as a result of both lower average debt balances and the lower interest rates.</font></P>
	</li>
</ul>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These increases were partly offset by an increase of &#36;93 million in pension payments and a decrease in working capital.</font></P>
<P align="left">
<I>2006 Compared to 2005</I></P>
<P align="left">
<font size="2">Cash from operating activities was &#36;5,366 million in 2006, an increase of &#36;47 million, or 0.9%, compared to &#36;5,319 million in 2005. Cash from operating activities was impacted positively by:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">improvements in cash earnings resulting
from higher EBITDA, exclusive of net benefit plans cost </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a decrease in pension and other benefit plan payments
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a decrease of &#36;25 million in interest payments
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">an improvement in working capital. </font>
	</P></li>
</ul>
<P align="left">
<font size="2">These improvements were partly offset by:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a decrease of &#36;245 million in proceeds from the sale of accounts receivable
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">compensation payments of &#36;67 million made to executives and other key employees
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">payments of &#36;66 million pursuant to a pay equity settlement.
	</font></P></li>
</ul>
<P align="left">
Free Cash Flow</P>
<P align="left">
<font size="2">Free cash flow was &#36;891 million in 2007, an increase of &#36;206 million or 30% compared to free cash flow of &#36;685 million in 2006. This reflects an increase in cash from operating activities of &#36;338 million and a decrease of &#36;22
million in common dividends paid. This was partly offset by an increase of &#36;111 million in dividends paid to the non-controlling interest of Bell Aliant.</font></P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>33</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Free cash flow was &#36;685 million in 2006, an improvement of &#36;134 million, or 24%, over free cash flow of &#36;551 million in 2005. The &#36;47 million increase in cash from operating activities combined with a
decrease of &#36;224 million in capital expenditures was partly offset by an increase of &#36;124 million in dividends paid to the non-controlling interest of Bell Aliant.
</font> </P>
<P align="left">
Capital Expenditures<font size="2"> </font> </P>
<P align="left">
<I>2007 Compared to 2006</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">In 2007, we continued to make investments to expand and update our networks, enhance broadband access and capabilities and meet customer demand for our services. Capital expenditures for BCE were &#36;3,151 million this year, compared with
&#36;3,133 million in 2006. Capital spending at Bell was slightly higher in 2007, increasing 0.4% to &#36;2,420 million from &#36;2,411 million in 2006. The majority of capital spending at Bell in 2007 was focused on strategic priorities within the
growth areas of our business. The difference in capital expenditures between BCE and Bell was due to spending at Bell Aliant to sustain legacy wireline infrastructure and enhance broadband access and spending on satellite builds at Telesat. The
year-over-year increase in capital expenditures was due mainly to higher spending on wireless capacity expansion, investment in high-speed EVDO wireless technology, our FTTN roll-out to deliver higher-speed broadband access, billing system
improvements, new product and services development, as well as higher spending at Bell Aliant due to an acceleration of its FTTN expansion program. These factors were largely offset by reduced spending on legacy network infrastructure, new DSL
footprint expansion, IT infrastructure and systems to support productivity initiatives and the non-recurrence of spending in 2007 related to preparations for the industry-wide implementation of Wireless Number Portability in March 2007.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a percentage of revenues, capital expenditures for BCE decreased to 17.6% in 2007 from 17.7% . Bell&#146;s capital intensity declined slightly, decreasing to 16.4% from 16.6% in 2006.</font></P>
<P align="left">
<I>2006 Compared to 2005</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Capital expenditures for BCE were &#36;3,133 million in 2006, down 6.7% compared with capital expenditures of &#36;3,357 million in 2005. At Bell, capital expenditures decreased 6.3% year over year to &#36;2,411 million in 2006.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a percentage of revenues, total capital expenditures for BCE decreased to 17.7% in 2006 from 19.1% in 2005, while capital intensity for Bell Canada declined 1.2 percentage points year over year to reach 16.6%.
Capital spending in 2006 reflected reduced spending in the legacy areas of our business as we focused increasingly on key strategic priorities within our growth services, including FTTN footprint expansion and further deployment of our EVDO wireless high-speed mobile data network. In addition, capital
expenditures were lower in 2006 compared with 2005 as a result of reduced spending on IT infrastructure and systems to support various cost reduction and productivity initiatives, the completion in 2005 of the SuperNet and lower spending at Bell
Aliant.</font></P>
<P align="left">
Cash Dividends Paid on Common Shares</P>
<P align="left">
<font size="2">In 2007, we paid a dividend of &#36;1.425 per common share, an increase compared to the dividend paid in 2006 of &#36;1.32 per common share. The total cash dividends paid decreased by &#36;22 million as the increase in the dividend rate was more
than offset by the decrease in the number of BCE Inc. common shares outstanding as a result of BCE Inc.&#146;s NCIBs and the reduction in the number of outstanding BCE Inc. common shares made in conjunction with a distribution of Bell Aliant trust
units, by way of return of capital, to holders of BCE Inc. common shares in the third quarter of 2006.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2006, we paid a dividend of $1.32 per common share, which
was equal to the dividend paid in 2005. The $26 million decrease in total cash
dividends paid in 2006 is a result of a decrease in the number of BCE Inc.
common shares issued and outstanding.
</font> </P>
<P align="left">
Cash Dividends/Distributions Paid by Subsidiaries to Non-Controlling Interest</P>
<P align="left">
<font size="2">Dividends and/or distributions paid by subsidiaries to non-controlling interest of &#36;404 million in 2007, &#36;293 million in 2006 and &#36;169 million in 2005 increased by &#36;111 million and &#36;124 million in 2007 and 2006 respectively. This
was mainly due to our decreased ownership interest in Bell Aliant starting in the second half of 2006 as a result of the formation of the trust.</font></P>
<P align="left">
Business Acquisitions</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We invested &#36;163 million in 2007, mainly due to the privatization of the Bell Nordiq Income Fund by Bell Aliant, compared to &#36;71 million in 2006 for various business acquisitions. We invested &#36;228 million for business acquisitions in
2005. This consisted mainly of:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Bell Canada&#146;s acquisition of Nexxlink Technologies Inc. for &#36;74 million
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Bell Canada&#146;s acquisition of NR Communications for &#36;60 million</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">other business acquisitions, mainly at Bell Canada, totalling &#36;94 million.
	</font></P></li>
</ul>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">34 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>

<P align="left">
Business Dispositions</P>
<P align="left">
<font size="2">On October 31, 2007, we sold Telesat, our satellite services subsidiary, which represents our Telesat segment. We realized net cash proceeds of &#36;3,123 million.</font></P>
<P align="left">
Bell Aliant</P>
<P align="left">
<font size="2">Cash used for the payment of costs for the formation of Bell Aliant was &#36;255 million in 2006. This included &#36;133 million for transaction costs, which related mainly to investment banking, professional and consulting fees, and &#36;122
million for premium costs paid on the redemption, prior to maturity, of Bell Aliant debt.</font></P>
<P align="left">
Increase in Investments</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Cash flows used for investments in 2007 of &#36;27 million decreased &#36;277 million, or 91%, from &#36;304 million in 2006. The 2006 activity included an additional investment of US&#36;84 million in Clearwire Corporation (Clearwire), which offers
advanced IP-based wireless broadband communications services, in order to maintain our 12% interest in the company, and Telesat&#146;s increase in short-term investments of &#36;15 million in 2006.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2005, cash flows used for investments of &#36;233 million included our initial investment of US&#36;100 million to acquire an approximate 12% interest in Clearwire as well as Telesat&#146;s increase in short-term
investments of &#36;63 million.</font></P>
<P align="left">
Decrease in Investments</P>
<P align="left">
<font size="2">The cash provided by the decrease in investments of &#36;192 million in 2007 relates mainly to the sale of various portfolio investments. Cash provided by investments of &#36;64 million in 2006 is mainly due to the sale of short-term investments at
Telesat.</font></P>
<P align="left">
Repurchase of Common Shares</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">In the first quarter of 2007, BCE Inc. repurchased and cancelled 7.4 million of its outstanding common shares for a total cash outlay of &#36;227 million under the NCIB program which began in February 2007. No common shares were repurchased for
cancellation under the NCIB during the remainder of 2007 as the program was suspended pending completion of the company&#146;s review of strategic alternatives and subsequent to the announcement of the Privatization. The 2007 NCIB program ended on
February 8, 2008.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2006, BCE Inc. repurchased for cancellation 45 million common shares, or approximately 5% of the company&#146;s outstanding common shares, for a total cost of &#36;1,241 million under the 2006 NCIB program.
</font> </P>
<P align="left">
Debt Instruments</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="2">We use a combination of short-term and long-term debt to finance our operations. Our short-term debt consists mostly of bank facilities and notes payable under commercial paper programs. We usually pay fixed rates of interest on our long-term
debt and floating rates on our short-term debt.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We repaid &#36;1,766 million of debt, net of issuances, in 2007. The repayments included &#36;1,175 million of debentures at Bell, &#36;1,135 million of credit facilities at Bell Aliant and other repayments that
included capital leases. This was partly offset by Bell Aliant&#146;s net issuances of &#36;900 million of medium-term notes and increased borrowings in notes payable and bank advances.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2006, we repaid &#36;432 million of debt, net of issuances, including the following:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">BCE Inc. repaid &#36;1,350 million of debt
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Bell Canada repaid &#36;463 million of debt
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Bell Aliant redeemed &#36;785 million of debentures and bonds
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Telesat repaid &#36;150 million in notes payable
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">we made other repayments that included capital leases.</font></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">This was partly offset by Bell Aliant&#146;s drawdown of &#36;1,235 million of its credit facilities and the issuance of &#36;1,250 million of debt.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2005, we repaid &#36;47 million of debt, net of issuances. The repayments included &#36;750 million in debentures at Bell Canada and other repayments that included capital leases. The issuances included &#36;900
million in debentures at Bell Canada. </font> </P>
<P align="left">
Financing Activities of Subsidiaries with Third Parties</P>
<P align="left">
<font size="2">Financing activities of subsidiaries with third parties of &#36;333 million in 2007 increased &#36;41 million, or 14.0%, from &#36;292 million in 2006. In 2007, Bell Aliant repurchased 10.6 million units under its NCIB program for a total cash
outlay of &#36;330 million, while in 2006 Bell Aliant, Bell Nordiq Group Inc. and Telesat incurred costs on the redemption of preferred shares of &#36;175 million, &#36;60 million and &#36;50 million, respectively.</font></P>
<P align="left">
Cash Relating to Discontinued Operations</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Cash provided by discontinued operations was &#36;356 million in 2007. Of the total, &#36;327 million of net proceeds came from Bell Aliant&#146;s sale of ADS.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2006, cash provided by discontinued operations was &#36;2,110 million. This consisted mainly of: </font> </P>
<ul>
	<li>
	<P align="left"><font size="2">&#36;665 million net proceeds from the sale of our investment in CTVglobemedia offset by the deconsolidation of
CTVglobemedia&#146;s cash on hand of &#36;35 million </font></P></li>
</ul>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report 3</i>5</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">CTVglobemedia&#146;s return of capital of &#36;607 million as part of the recapitalization of CTVglobemedia
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">&#36;849 million net proceeds from the sale of CGI, partly offset by the deconsolidation of CGI&#146;s cash on hand of &#36;81
million and &#36;21 million incurred for the exercise of CGI warrants </font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">BCI&#146;s return of capital of &#36;156 million net of BCE&#146;s contribution to BCI of &#36;61 million in satisfaction of its obligation arising from the 2005 tax loss monetization
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">&#36;23 million of cash generated from CTVglobemedia&#146;s operations.
	</font></P></li>
</ul>
<P align="left">
<font size="2">In 2005, cash provided by discontinued operations was &#36;121 million and was mainly related to cash generated from CTVglobemedia and CGI&#146;s operations.</font></P>
<P align="left">
CREDIT RATINGS</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="2">As of March 5, 2008, the BCE Inc. and Bell Canada ratings are currently under review or on credit watch with negative implications from Standard &amp; Poor&#146;s, a division of The McGraw-Hill Companies Inc. (S&amp;P), DBRS Limited (DBRS),
Moody&#146;s Investors Service, Inc. (Moody&#146;s) and Fitch Ratings Ltd. (Fitch).</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July 3, 2007, Fitch downgraded BCE Inc.&#146;s and Bell Canada&#146;s senior unsecured debt to BB- from BBB+ and Bell Canada&#146;s subordinated debt to B+ from BBB. The ratings were also placed on Rating Watch
Negative. On October 11, 2007, Fitch issued a credit analysis stating that &#147;The Rating Watch Negative reflects that a further downward rating action could occur and is dependent on the final amount of leverage and final financing
structure.&#148; </font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September 24, 2007, following the approval of the Arrangement by BCE Inc.&#146;s shareholders, S&amp;P issued a Commentary Report stating, in part, that: </font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;On Sept. 24, 2007, Standard &amp; Poor&#146;s Ratings Services
lowered its long-term corporate credit ratings on Montreal, Que.-based holding company BCE Inc. and wholly owned subsidiary Bell Canada to &#145;BB-&#146; from &#145;A-&#146;. The ratings on both companies remain on CreditWatch with negative
implications where they were placed April 17, 2007. The downgrade, an interim step, follows BCE&#146;s Sept. 21, 2007, announcement that its shareholders have approved the company&#146;s C&#36;52 billion leveraged buyout (LBO). Once Standard &amp;
Poor&#146;s has the opportunity to review the proposed capital structure, and the financial and operating strategies of the new owners, we could affirm or lower the ratings further. The ratings on C&#36;2.8 billion in existing senior unsecured debt
of BCE (C&#36;650 million), Bell Canada (C&#36;2.0 billion), and Bell Mobility Cellular Inc. (C&#36;150 million) are unchanged, reflecting the sponsor&#146;s stated intention that it currently anticipates requiring BCE, Bell Canada, and Bell Mobility to redeem redeemable debentures outstanding (maturing up to August 2010), upon close of the LBO. We are also withdrawing our &#145;A-1 (Low)&#146; Canadian scale and &#145;A-2&#146; global
scale CP ratings on both BCE and Bell Canada; the companies have no CP outstanding at this time. In addition, the ratings on about C&#36;4.9 billion of Bell Canada senior unsecured debentures outstanding (which we do not expect will be redeemed)
were lowered to &#145;BB+&#146; from &#145;A-&#146;, reflecting what we think is the best possible outcome based on publicly available information on the LBO. We lowered the rating on Bell Canada&#146;s subordinated debt to &#145;B&#146; from
&#145;BBB+&#146;, reflecting its most junior position in the post-LBO debt capital structure.&#148; </font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October 3, 2007, Moody&#146;s published an Analysis stating, in part, that: </font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;With book debt expected to increase by more than 300%, the
company&#146;s risk profile will be profoundly affected by the proposed transaction, and its rating could be adjusted by several notches. Per Moody&#146;s event risk policy, until both a full fact set is available and there is certainty of an event
occurring, a definitive ratings assessment cannot be concluded. Accordingly, Moody&#146;s review is ongoing and will be completed in due course. In the interim, the available information does facilitate a preliminary and highly conditional
assessment that can be used to illustrate key issues that will be considered. Given disclosure to date, and assuming there are no dramatic changes to the company&#146;s business and asset portfolio, it appears that potential outcomes for BCE&#146;s
successor company&#146;s (BCE Amalco) corporate family rating (CFR) range from B2 to Ba3. It also appears that legal entity and debt structure considerations could cause Moody&#146;s to rate individual debt instruments as low as Caa1 and as high as
Baa3.&#148; </font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 27, 2007, DBRS maintained its ratings of BCE Inc. and Bell Canada Under Review with Negative Implications. Its press release stated that &#147;DBRS expects to continue its review until further information allows it to make a
ratings pronouncement concurrent with the completion of the planned privatization of the Company.&#148; </font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, it stated &#147;DBRS expects to base its final ratings on two focal points. Firstly, DBRS expects to formulate an Issuer Rating on
BCE and Bell Canada and, secondly, given the various security and guarantee pledges to BCE and Bell Canada, DBRS expects to determine the recovery prospects for the specific debt issues at these entities. The final ratings will also consider the
rank of each debt security with varying levels expected at both BCE and Bell Canada.&#148;</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">36 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<font size="2">The table below lists BCE Inc.&#146;s and Bell Canada&#146;s key credit ratings at March 5, 2008.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="60%">
<FONT size=1>BCE INC. </FONT>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan="8" width="60%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>S&amp;P </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>DBRS </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>MOODY&#146;S </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>FITCH </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1"><sup>(1)</sup> </font>
	</TD>
</TR>
<TR>
	<TD colspan="8" width="60%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>CREDITWATCH </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>UNDER REVIEW </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>UNDER REVIEW </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>RATING </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>WITH NEGATIVE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>WITH NEGATIVE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>FOR POSSIBLE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>WATCH </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<FONT size=1>OUTLOOK </FONT><B><SUP><FONT size=1>(2)</FONT></SUP></B><font size="1">
</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>IMPLICATIONS </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>IMPLICATIONS </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>DOWNGRADE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>NEGATIVE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan="8" width="60%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<FONT size=2>Commercial paper </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>R-1 (low) </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>P-2 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<FONT size=2>Extendible commercial notes </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>R-2 (high) </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>BBB+ </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>A (low) </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>Baa2 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>BB- </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<FONT size=2>Preferred shares </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>P-2 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>Pfd-2 (low) </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan="8" width="60%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<FONT size=1>BELL CANADA </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan="8" width="60%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>S&amp;P </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>DBRS </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>MOODY&#146;S </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>FITCH </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan="8" width="60%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<FONT size=2>Commercial paper </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>R-1 (low) </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>P-2 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<FONT size=2>Extendible commercial notes </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>R-1 (low) </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>BB+ </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>A </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>Baa1 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>BB- </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<FONT size=2>Subordinated long-term debt </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>B </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>BBB (high) </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>Baa2 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>B+ </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan="8" width="60%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>
</font><I><font size="1">(1) Fitch&#146;s ratings are based solely on public information and are unsolicited by BCE Inc. and Bell Canada.</font></I><P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(2) Outlook applies to both BCE Inc. and Bell Canada</font><font size="2">.</font></I></P>
<P align="left">
LIQUIDITY</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We expect to generate enough cash in 2008 from our operating activities to pay for capital expenditures and dividends and increase free cash flow for the year.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, we expect to repay contractual obligations maturing in 2008, including repayment of maturing debt obligations, from cash on hand, cash generated from our operations, and possibly by issuing new debt and by
selling non-core assets. However, prior to the consummation of the Privatization, the Definitive Agreement restricts our ability to raise debt and dispose of assets without the consent of the Investor Group.</font></P>
<P align="left">
Cash Requirements</P>
<P align="left">
<font size="2">In 2008, excluding the impact of the consummation of the Privatization, we expect that we will need cash mainly for capital expenditures, the payment of contractual obligations and outstanding debt, pension funding, dividend payments, ongoing
operations and other cash requirements.</font></P>
<P align="left">
<I>Capital Expenditures</I></P>
<P align="left">
<font size="2">In 2008, as part of our strategic priorities, we intend to continue making investments in the growth areas of our business including in advanced network enhancements, such as the continued deployment of FTTN technology, in order to meet increased
usage demand and to improve the performance of our high-speed Internet network, and the continued deployment of our EVDO wireless data network nationwide. We also expect to continue making capital expenditures to maintain our legacy network
infrastructure.</font></P>
<P align="left">
<I>Pension Funding</I></P>
<P align="left">
<font size="2">We expect to contribute approximately &#36;195 million to all of our defined benefit pension plans in 2008, including subsidiary and supplemental plans, subject to actuarial valuations being completed. We also expect, in 2008, to pay approximately
&#36;105 million to beneficiaries under other employee benefit plans and to contribute approximately &#36;40 million to the defined contribution pension plans.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>37</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<I>Contractual Obligations</I></P>
<P align="left">
<font size="2">The following table is a summary of our contractual obligations at December 31, 2007 that are due in each of the next five years and thereafter.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=1>THERE- </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1>2008 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=1>2009 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=1>2010 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=1>2011 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=1>2012 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=1>AFTER </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=1>TOTAL </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="54%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long-term debt (excluding capital leases) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>71 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>1,616 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>929 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>1,006 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>510 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2>5,572 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>9,704 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Notes payable and bank advances </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>254 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>254 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Capital leases </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>474 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>235 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>149 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>162 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>81 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2>747 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>1,848 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Operating leases </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>216 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>210 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>164 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>142 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>115 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2>733 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>1,580 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Commitments for capital expenditures </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>169 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>80 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>116 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>85 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>89 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2>1,535 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>2,074 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Purchase obligations </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>1,474 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>579 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>435 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>390 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>180 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2>401 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>3,459 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other long-term liabilities (including current portion) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2>38 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>41 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>43 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>46 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>168 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="54%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>2,696 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>2,761 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>1,836 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>1,831 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>975 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2>8,988 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2>19,087 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>
</font>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Long-term debt, notes payable and bank advances include &#36;340 million drawn under our committed credit facilities. They do not include &#36;523 million in letters of credit issued under our committed credit facilities relating primarily to
certain pension and performance obligations. The total amount available under these committed credit facilities, which also support our commercial paper programs, including the amount of &#36;863 million currently drawn, is &#36;2.8 billion. Current
commercial paper credit lines expire in August 2009 and Bell Aliant&#146;s current commercial paper credit lines expire in July 2011.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imputed interest included in capital leases is &#36;486 million.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental expense relating to operating leases was &#36;263 million in 2007, &#36;275 million in 2006, and &#36;312 million in 2005.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase obligations consist mainly of contractual obligations under service contracts. Our commitments for capital expenditures include investments to expand and update our networks, and to meet customer demand.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities included in the table relate to Bell Canada&#146;s future payments over the remaining life of its contract with Amdocs Canadian Managed Services, Inc. for the development of Bell
Canada&#146;s billing system. The total amount of this long-term liability was &#36;168 million at December 31, 2007.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2007, we had other long-term liabilities that were not included in the table, including an accrued employee benefit liability, future income tax liabilities, deferred revenue and gains on assets and
various other long-term liabilities.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accrued employee benefit liability and future income tax liabilities are excluded as we cannot accurately determine the timing and cash requirements as: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">future contributions to the pension plans depend
largely on how well they are funded. This varies based on the results of actuarial valuations that are performed periodically and on the investment performance of the pension fund assets.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">future payments of income taxes depend on the amount of taxable earnings and on whether there are tax loss carryforwards available to reduce income tax liabilities.</font></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue and gains on assets are excluded as they do not represent future cash payments.</font></P>
<P align="left">
<I>Other Cash Requirements</I></P>
<P align="left">
<font size="2">Our cash requirements may also be affected by the liquidity risks related to our contingencies, off-balance sheet arrangements and derivative instruments. We may not be able to quantify all of these risks for the reasons described as follows.</font></P>
<P align="left">
Off-Balance Sheet Arrangements</P>
<P align="left">
<I>Guarantees</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">As a regular part of our business, we enter into agreements that provide for indemnifications and guarantees to counterparties in transactions involving business dispositions, sales of assets, sales of services, purchases and development of assets,
securitization agreements and operating leases.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We cannot reasonably estimate the maximum potential amount we could be required to pay counterparties because of the nature of almost all of these indemnifications. As a result, we cannot determine how they could
affect our future liquidity, capital resources or credit risk profile. We have not made any significant payments under these indemnifications in the past. See Note 26 to the consolidated financial statements for more information.</font></P>
<P align="left">
<I>Securitization of Accounts Receivable</I></P>
<P align="left">
<font size="2">Bell Canada and Bell Aliant have sale of receivable agreements in place that provide them with what we believe is an attractive form of financing compared to debt financing.</font></P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">38 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the agreements, Bell Canada and Bell Aliant sold interests in pools of accounts receivable to securitization trusts for a total of &#36;1,332 million.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accounts receivable that were sold must meet minimum performance targets. These are based on specific delinquency, default and receivable turnover ratio calculations, as well as minimum credit ratings. If these
accounts receivable fail to meet these performance targets, Bell Canada and Bell Aliant would no longer be able to sell their receivables and would need to find an alternate source of financing.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These securitization agreements are an important part of our capital structure and liquidity. If we did not have them, we would have had to issue &#36;1,332 million of additional debt and/or equity to replace the
financing they provided at year end. See Note 10 to the consolidated financial statements for more information.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the context of the Privatization, we intend to restructure Bell Canada&#146;s securitization program in order to retain it as an important source of alternative financing. However, there is no assurance that such a
restructuring will be successfully completed. The Investor Group has obtained bank financing commitments, as part of the overall financing arrangements relating to the Privatization, to refinance Bell Canada&#146;s existing accounts receivable
program, to the extent that such a restructuring is not successfully completed.</font></P>
<P align="left">
<I>Commitment Under the CRTC Deferral Account Mechanism</I></P>
<P align="left">
<font size="2">Please refer to <I>Commitment Under the CRTC Deferral Account Mechanism </I>within the section <I>Our Regulatory Environment </I>for further analysis.</font></P>
<P align="left">
Derivative Instruments</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We use derivative instruments to manage our exposure to interest rate risk, foreign currency risk and changes in the price of BCE Inc. common shares that may be issued under our special compensation payments (SCPs) and deferred share units (DSUs).
We do not use derivative instruments for speculative purposes. Since we do not trade actively in derivative instruments, we are not exposed to any significant liquidity risks relating to them.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying value of the outstanding derivative instruments was a net liability of &#36;70 million at December 31, 2007. Their fair values amounted to a net liability of &#36;70 million. See Note 20 to the
consolidated financial statements for more information.</font></P>
<P align="left">
Litigation</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We become involved in various claims and litigation as a part of our business. While we cannot predict the final outcome of claims and litigation that were pending at December 31, 2007, based on information currently available and management&#146;s assessment of the merits of such claims and litigation, management believes that the resolution of these claims and litigation will not have a material and negative
effect on our consolidated financial position or results of operations.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will find a more detailed description of the material claims and litigation pending at December 31, 2007 in the BCE 2007 AIF, and in Note 25 to the consolidated financial statements.</font></P>
<P align="left">
Sources of Liquidity</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Should our cash requirements exceed cash generated from our operations, and excluding the impact of the consummation of the Privatization, we expect to cover such shortfall through current cash balances, the committed and uncommitted financing
facilities we currently have in place or through new facilities, to the extent available.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These cash balances and financing facilities should give us flexibility in carrying out our plans for future growth. If necessary, we could supplement our liquidity sources by issuing additional debt or equity, or by
selling non-core assets. We might do this to help finance business acquisitions or for contingencies. However, prior to the consummation of the Privatization, the Definitive Agreement restricts our ability to issue debt and equity and dispose of
assets without the consent of the Investor Group.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below is a summary of our outstanding committed lines of credit, bank facilities and commercial paper credit lines at December 31, 2007.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=90%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<FONT size=1>COMMITTED </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=90%>
<FONT size=2>Commercial paper credit lines </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width=9%>
<FONT size=2>1,678 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=90%>
<FONT size=2>Other credit facilities </FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width=9%>
<FONT size=2>1,130 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=90%>
<B><FONT size=2>Total</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<FONT size=2>2,808 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=90%>
<B><FONT size=2>Drawn </FONT></B><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width=9%>
<FONT size=2>863 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=90%>
<B><FONT size=2>Undrawn</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<FONT size=2>1,945 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>
</font><I><font size="1">(1) BCE Inc.&#146;s and Bell Canada&#146;s current commercial paper credit lines expire in August 2009 and Bell Aliant&#146;s current commercial paper credit lines expire in July 2011.</font></I><P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(2) Includes &#36;523 million in letters of credit under our committed credit facilities.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">BCE Inc., Bell Canada and Bell Aliant also have non-committed credit facilities in the aggregate amount of &#36;2,681 million that may be drawn. As at December 31, 2007, the full amount of &#36;2,681 million remained undrawn.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE Inc., Bell Canada and Bell Aliant may issue notes under their commercial paper programs up to the amount of their supporting committed lines of credit. The total amount of these supporting committed lines of credit
available (net of letters of credit) was &#36;1.7 billion at</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>39</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<font size="2">December 31, 2007. These supporting committed lines of credit are available and may be drawn at any time. BCE Inc., Bell Canada and Bell Aliant had no commercial paper outstanding at December 31, 2007. Bell Aliant has drawn &#36;210 million under
its revolving bank credit facility due to the disruption in the commercial paper market and Bell Aliant&#146;s resulting temporary inability to issue commercial paper on reasonable terms.</font></P>
<P align="left">
Commitments Under the Definitive Agreement and Potential Impact on Liquidity Prior to the Privatization</P>
<P align="left">
<font size="2">Pursuant to the terms of the Definitive Agreement, BCE Inc. has agreed, prior to the consummation of the Privatization, to conduct its business, and cause its subsidiaries to conduct their business, in the ordinary course consistent with past
practice. In this regard, certain matters require the prior consent of the Investor Group, which could potentially affect the liquidity of BCE Inc. and its subsidiaries. Among others, customary threshold restrictions exist as to the ability of BCE
Inc. and its subsidiaries to: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">sell, lease or otherwise transfer assets
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">prepay existing debt, create or incur new debt (other than refinancing of existing debt) or provide guarantees
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">issue equity, options, warrants, or
instruments convertible into equity </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">settle or compromise claims </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">set aside or pay any dividend (other than BCE Inc.&#146;s regular dividends on its common and preferred shares) or distribution, or change the payment frequency of such
dividend or distribution.</font></P></li>
</ul>
<P align="left">
<font size="2">However, we do not expect the restrictions contained in the Definitive Agreement to prevent BCE Inc. and its subsidiaries from carrying on business in the normal course consistent with past practice, particularly in light of substantial existing
cash balances on-hand and available financing facilities.</font></P>
<P align="left">
Financing Considerations Related to the Privatization</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">In connection with the Privatization, the Investor Group has entered into equity financing commitments with the Purchaser in the aggregate amount of approximately &#36;7.75 billion as a source of funds required to consummate the Privatization. The
Purchaser has also entered into committed arrangements to borrow or to permit us to borrow and guarantee a significant amount of debt in connection with the Privatization. Aggregate maximum commitments under all of the expected credit facilities
total approximately &#36;34.35 billion (of which up to approximately &#36;2.35 billion is available to us for ongoing liquidity requirements), a significant portion of which is expected to be secured by liens on substantially all of BCE Inc.&#146;s assets (including those of certain of BCE
Inc.&#146;s wholly-owned subsidiaries), and a significant portion of which is expected to be guaranteed by certain of BCE Inc.&#146;s wholly-owned subsidiaries. The actual terms of such indebtedness may vary in aggregate amount, structure and
specific terms. A portion of Bell Canada&#146;s existing public debt will, following consummation of the Privatization, remain outstanding, and certain of such outstanding debt is expected to be secured, as per the terms of the debt instruments
governing such public debt.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the consummation of the Privatization, we expect to have sufficient liquidity under the new financing arrangements and excess cash flows from operations to support our business strategy and to fund working
capital and capital expenditures. In addition, we do not expect any material debt maturities over the next several years, as it is anticipated that outstanding redeemable debentures maturing prior to August 2010 would be redeemed or repurchased at
the time of and subject to the consummation of the Privatization. The debt instruments that would govern us following the consummation of the Privatization are expected to contain various restrictions and covenants that are customary in the case of
leveraged transactions such as the Privatization.</font></P>
<P align="left">
<B><font size="4">Our Competitive Environment</font></B></P>
<P align="left">
<font size="2">We face intense competition not only from traditional competitors, but also from non-traditional players, such as cable companies, that have entered our markets. The rapid development of new technologies, services and products has eliminated the
traditional lines between telecommunications, Internet and broadcasting services and brought new competitors to our markets. Technology substitution, and VoIP in particular, have reduced barriers to entry in the industry. Certain VoIP technology
implementations do not require service providers to own or rent physical networks, which gives other competitors increased access to this market. This has allowed competitors to launch new products and services and gain market share with far lesser
investments in financial, marketing, personnel and technological resources than have historically been required. We expect this trend to continue in the future, which could adversely affect our growth and our financial performance. In addition, as
discussed in more detail below, we could face increasing wireless competitive activity as a result of Industry Canada&#146;s decision to license additional wireless spectrum.</font></P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">40 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition affects our pricing strategies and could reduce our revenues and lower our profitability. It could also affect our ability to retain existing customers and attract new ones. We are under constant pressure to
keep our prices and service offerings competitive. Changes in our pricing strategies that result in price increases for certain services or products, or changes in pricing strategies by our competitors, could affect our ability to gain new customers
and retain existing ones. We need to be able to anticipate and respond quickly to the constant changes in our businesses and markets. The CRTC regulates the prices we can charge for basic access services in areas where it determines there is not
enough competition to protect the interests of users. Since August 2007, the CRTC has determined that competition was sufficient to grant forbearance from price regulation for approximately 90% of Bell Canada&#146;s residential local telephone
service lines and 80% of Bell Canada&#146;s business local telephone service lines in Ontario and Qu&eacute;bec. See <I>Our Regulatory Environment </I>for more information.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We already have several domestic and foreign competitors. In recent years, the Government of Canada has reviewed the foreign ownership restrictions that apply to telecommunications carriers and to broadcast distribution
undertakings. Removing or easing the limits on foreign ownership could result in more foreign companies entering the Canadian market by making acquisitions or investments. This could result in greater access to capital for our competitors or the
arrival of new competitors with global scale, which would increase competitive pressure. We cannot predict what action, if any, the Government of Canada will take as a result of these reviews and how it may affect us.</font></P>
<P align="left">
WIRELINE</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Our main competitors in local and access services are: Allstream (a division of MTS Allstream Inc.); Cogeco Cable Inc. (a subsidiary of Cogeco Inc.) (Cogeco), in Ontario and Qu&eacute;bec; Bragg Communications Inc. operating under the Eastlink trade
name (Eastlink), in the Maritime provinces; Maskatel Inc., in Qu&eacute;bec; Primus Telecommunications Canada Inc. (Primus); Rogers Cable Inc. (Rogers Cable); Shaw Communications Inc. (Shaw), in Western Canada; TELUS Communications Inc. (TELUS);
Vid&eacute;otron lt&eacute;e (Vid&eacute;otron), in Qu&eacute;bec; and Vonage Canada (a division of Vonage Holdings Corp.).</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our major competitors in long distance services are: Allstream; Cogeco, in Ontario and Qu&eacute;bec; dial-around providers, such as Yak and Looney Call, which are divisions of YAK Communications (Canada) Inc. which has
been acquired by Globalive Communications Corporation; Eastlink, in the Maritime provinces; prepaid long
distance providers, such as Group of Goldline; Primus; Rogers Cable; TELUS; Vid&eacute;otron, in Qu&eacute;bec; and Vonage Canada.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We face increasing cross-platform competition as customers replace traditional services with new technologies. For example our wireline business competes with VoIP, wireless and Internet services, including chat
services, instant messaging and e-mail. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are facing significant competitive pressure from cable companies as a result of them offering voice services over their networks. Cable telephony in particular is being driven by its inclusion in discounted bundles
and is now offered by cable operators in numerous markets including Toronto, Montr&eacute;al, Qu&eacute;bec City, Ottawa-Gatineau, Hamilton, London and Kitchener-Waterloo, as well as other smaller centres. We expect further expansion throughout
2008. The roll-out of the cable companies&#146; footprints continues to put downward pressure on our market share, especially in the residential market.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we expect a reduction in 2008 in the rate of our NAS losses, there is a risk that adverse changes in certain factors, including, in particular, competitive actions by cable providers, may result in acceleration
beyond our current expectations in our rate of NAS erosion, particularly in our residential NAS. Additional competitive pressure is also emerging from other competitors such as electrical utilities. These alternative technologies, products and
services are making significant inroads into our legacy services, which typically represent our higher margin business.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We experience significant competition in the provision of long distance service from dial-around providers, prepaid card providers, VoIP service providers, cable companies and others, as well as from traditional
competitors such as inter-exchange carriers and resellers. We have also started experiencing competition from telecommunications providers such as Skype Technologies (a division of eBay) that provide equivalent long distance service at low prices
using PCs and broadband connections.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition for contracts to supply long distance services to large business customers is very intense. Customers may choose to switch to competitors that offer lower prices to gain market share. Such competitors may be
less concerned about the quality of service or impact on their margins than we are. Competitors are also offering IP-based telephony to business customers at attractive prices.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Bell Aliant&#146;s residential markets, competition for most product lines is well established. Competition for local telephone service is most established in Nova Scotia and Prince Edward Island, where it was
introduced in the residential market in 1999. In 2007, the competitive local service market expanded with the introduction</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>41</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<p style="text-align: left; margin-top: 0">&nbsp;</p>

<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">of local service competition in Newfoundland and further expansion of the competitive footprint in Ontario and Qu&eacute;bec. In the business customer base, Bell Aliant operates in an increasingly competitive marketplace, with competition emerging
from VoIP providers, cable TV operators and system integrators.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The current competitive environment suggests that the number of our legacy wireline customers and the volume of our long distance traffic will continue to decline in the future. Continued decline will lead to reduced
economies of scale in those businesses and, in turn, lower margins. Our strategy is to mitigate these declines through cost reductions and by building the business for newer growth services, but the margins on newer services are generally less than
the margins on legacy services and we cannot provide any assurance that our efforts will be successful. If legacy services margins decline faster than the rate of growth in margins for our newer growth services, our financial performance could be
adversely affected. In addition, if a large portion of the customers who stop using our voice services also cease using our other services, our financial performance could be adversely affected. Bringing to market new growth products and services is
expensive and inherently risky as it requires capital and other investments at a time when the demand for the products or services is uncertain. It may also require us to compete in areas outside our core connectivity business against highly capable
competitors. The launch of new products or services could be delayed or cancelled due to reductions in the amount of available capital to be invested. Any such delay or cancellation could have an adverse effect on our business, cash flows and
results of operations.</font></P>
<P align="left">
WIRELESS</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Competition for subscribers to wireless services is based on price, products, services and enhancements, technical quality of the cellular and personal communications service (PCS) system, customer service, distribution, coverage and capacity. The
Canadian wireless telecommunications industry is highly competitive. We compete for cellular and PCS customers, dealers and retail distribution outlets directly with the following wireless service providers: Rogers Wireless Inc. (including its
subsidiary Fido Inc.) (Rogers Wireless) and TELUS Mobility (a business unit of TELUS), and with a multitude of resellers known as MVNOs, that aggressively introduce, price and market their products and services. We expect competition to intensify as
new technologies, products and services are developed which could adversely affect our ability to achieve our subscriber net additions and ARPU growth targets. For example, mobile handsets that connect to wireless Internet access networks are now available from a number of manufacturers and service providers. If these products significantly penetrate the marketplace, usage of our wireless network may decline which would adversely affect our wireless revenues.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition could also increase as a result of Industry Canada&#146;s decision to license, through a competitive spectrum auction, the bidding stage of which is scheduled to commence in May 2008, additional wireless
spectrum, a significant part of which has been set aside for new entrants only. Industry Canada&#146;s policies relating to the auction and to the licensing of additional wireless spectrum favour the entry of new competitors into the Canadian
wireless market and could pose a risk to our financial performance. In addition, there is a risk that we will not be successful in securing, through the auction, all or part of the additional wireless spectrum that we need to provide enhanced
wireless services and that our competitors will do so to our detriment. Refer to <I>Our Regulatory Environment &#150;
Radiocommunication Act &#150; Additional Mobile Spectrum</I>, for more details on this subject.</font></P>
<P align="left">
INTERNET ACCESS</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We compete with cable companies and Internet service providers to provide high-speed and dial-up Internet access and related services. In particular, cable companies have focused on increased bandwidth and discounted pricing on bundles to compete
against us which could directly affect our ability to maintain ARPU performance and could adversely affect our results of operations.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional electrical utilities continue to develop and market services that compete directly with Bell Canada&#146;s Internet access services. Developments in wireless broadband services may also lead to increased
competition in certain geographic areas. This could have an adverse effect on the financial performance of our Internet access services business.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the rapid growth in video and other bandwidth-intensive applications on the Internet, we may need to incur significant capital expenditures to provide additional capacity on our Internet network. We may not be able
to recover these costs from customers due to competitors&#146; short term pricing of comparable Internet services. There is also a risk that our efforts to optimize network performance, as a result of significantly increasing broadband demand,
through paced FTTN roll-out, traffic management and rate plan changes, could be unsuccessful and result in an increase in our Internet subscriber churn rate beyond our current expectations thereby adversely affecting achievement of our expected
number of Internet subscribers in 2008. This could have an adverse effect on our results of operations.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">42 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the high-speed Internet access services market, we compete with large cable companies, such as: Cogeco, in Ontario and Qu&eacute;bec; Eastlink, in the Maritime provinces; Persona Communications Corp., which was
recently acquired by Eastlink, in all provinces except New Brunswick, Nova Scotia and Prince Edward Island; Rogers Cable, in Ontario and the Maritime provinces; and Vid&eacute;otron, in Qu&eacute;bec.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the dial-up market, we compete with America Online, Inc., Primus and approximately 400 Internet service providers.</font></P>
<P align="left">
VIDEO</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Competition for subscribers is based on the number and kinds of channels offered, quality of the signal, STB features, availability of service in the region, price and customer service. Bell ExpressVu and Bell Canada compete directly with Star
Choice Television Network Inc., another DTH satellite television provider, and with cable companies across Canada. Most of these cable companies continue to upgrade their networks, operational systems and services, which will improve their
competitiveness. This could negatively affect our financial performance. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Canada holds broadcasting distribution licences for major centres in Ontario and Qu&eacute;bec to offer video services on a wireline basis. Bell Canada offers video services through DTH satellite, VDSL and hybrid
fibre co-axial cable. Bell Canada is also currently offering IPTV services on a limited basis.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell ExpressVu continues to face competition from unregulated U.S. DTH satellite television services that are sold illegally in Canada. In response, we are participating in legal actions that are challenging the sale of
U.S. DTH satellite television equipment in Canada. This competition and the outcome of the related legal actions could have an adverse effect on the business and results of operations of Bell ExpressVu. Bell ExpressVu&#146;s and Bell Canada&#146;s
competitors also include Canadian cable companies, such as: Cogeco, in Ontario and Qu&eacute;bec; Eastlink, in the Maritime provinces; Persona Communications Corp., in all provinces except New Brunswick, Nova Scotia and Prince Edward Island; Rogers
Cable, in Ontario, New Brunswick and Newfoundland; Shaw, in western Canada and northwestern Ontario; and Vid&eacute;otron, in Qu&eacute;bec. In addition to these traditional video competitors, certain traditional telephone companies have recently
launched or are contemplating the launch of IPTV services that would compete with Bell ExpressVu in certain markets.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the licensed broadcast distribution undertakings noted above, new unregulated video services and offerings available over high-speed Internet connections are beginning to compete with traditional
television services. The continued growth of these services could negatively affect the financial performance of Bell ExpressVu and Bell Canada.</font></P>
<P align="left">
WHOLESALE</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">The main competitors in our wholesale business include both traditional carriers and emerging carriers. Traditional competitors include Allstream and TELUS, both of which may wholesale some or all of the same products and services as Bell Canada.
Non-traditional competitors include electrical utility-based telecommunications providers, cable operators and U.S.-based carriers for certain services.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite intense competitive pressure, our new products and unregulated services markets continue to grow. However, growth of end-user technologies such as VoIP is continuing to increase pressure on some legacy product
lines.</font></P>
<P align="left">
<B><font size="4">Our Regulatory Environment</font></B></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">This section describes the legislation that governs our businesses, and provides highlights of recent regulatory initiatives and proceedings and government consultations that affect us.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Canada, Bell Aliant and several of Bell Canada&#146;s direct and indirect subsidiaries and significantly influenced companies, including NorthernTel, T&eacute;l&eacute;bec, Northwestel, Bell Mobility and Bell
ExpressVu, are governed under the <I>Telecommunications Act</I>, the <I>Broadcasting Act</I>, the <I>Radiocommunication Act </I>and the <I>Bell Canada Act</I>.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business is affected by decisions made by various regulatory agencies, including the CRTC. The CRTC, an independent agency of the Government of Canada, is responsible for regulating Canada&#146;s telecommunications
and broadcasting industries. Other aspects of the businesses of these companies are regulated in various ways by federal government departments, in particular Industry Canada.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>43</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
TELECOMMUNICATIONS ACT</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">The <I>Telecommunications Act </I>governs telecommunications in Canada. It defines the broad objectives of Canada&#146;s telecommunications policy and gives the Government of Canada the power to give general direction to the CRTC on any of these
objectives. It applies to several of the Bell Canada companies and partnerships, including Bell Canada, Bell Mobility, Bell Aliant, NorthernTel, Northwestel and T&eacute;l&eacute;bec.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the <I>Telecommunications Act</I>, all telecommunications common carriers must seek regulatory approval for all proposed tariffs for telecommunications services, unless the services are exempt from regulation or
are not regulated. The CRTC may exempt an entire class of carriers from regulation under the <I>Telecommunications Act </I>if the exemption meets the objectives of Canada&#146;s telecommunications policy.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>Telecommunications Act </I>includes the following ownership requirements for companies, such as Bell Canada, Bell Aliant and Bell Mobility, that operate as telecommunications common carriers: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">they must be
eligible to operate as Canadian carriers </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">they must be Canadian owned and controlled corporations. Direct ownership must be at least 80% Canadian and indirect ownership, such as indirect ownership through BCE Inc., must be at least 66<SUP> 2</SUP>/</font><font size="1">3</font><font size="2">% Canadian </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">they must not otherwise be controlled by non-Canadians
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">at least 80% of the members of their board of directors must be Canadian.</font></P>
	</li>
</ul>
<P align="left">
<font size="2">BCE Inc. monitors and periodically reports on the level of non-Canadian ownership of its common shares.</font></P>
<P align="left">
Changes to Government&#146;s Approach to Regulation</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Pursuant to the <I>Telecommunications Act</I>, telecommunications services are regulated unless the CRTC decides to forbear or abstain from regulation. The CRTC may decide not to regulate all or part of certain services or classes of
telecommunications services if it determines there is enough competition to protect the interests of users. In the first few years following the inception of the <I>Telecommunications Act</I>, the majority of Bell Canada&#146;s revenues were for
services subject to regulatory approval. With the introduction of competition in Canadian telecommunications markets, rules and regulations for the incumbent telephone companies were introduced in order to facilitate the progression of competition.
In recent years, competition intensified while these detailed and prescriptive rules and regulations continued to affect our ability to compete.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, there have recently been a number of actions and decisions by the Government of Canada and the CRTC under the <I>Telecommunications Act </I>which are more reflective of the significant changes taking place in
the industry and which acknowledge the vibrant state of competition in these markets.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March 2006, the Telecommunication Policy Review Panel, comprised of experts appointed by the Minister of Industry, released a comprehensive report which called for significant changes to Canada&#146;s
telecommunications policies and regulations. The report noted that the state of competition in Canada has progressed to the point where the CRTC should remove most of its existing economic regulations and instead rely on market forces. In December
2006, the federal Cabinet adopted one of the Telecommunication Policy Review Panel&#146;s recommendations and issued to the CRTC a policy direction (Policy Direction) which called on the CRTC to &#147;rely on market forces to the maximum extent
feasible&#148; and to design regulations that &#147;interfere with the operation of competitive market forces to the minimum extent necessary.&#148; The Policy Direction also required the CRTC to conduct a review of the regulations which require
incumbent telephone companies to provide competitors with wholesale access to certain telecommunication services &#147;with a view to increasing incentives for innovation and investment in and construction of competing telecommunications network
facilities&#148;.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April 4, 2007, consistent with the Policy Direction and with the intention of enhancing competitive rivalry, the federal Cabinet varied CRTC Telecom Decision 2006-15, which had established a framework for the
deregulation of local services offered by the incumbent telephone companies in their territories. The variance streamlined the criteria and process to obtain forbearance in local service markets and has improved the ability of incumbent telephone
companies to compete effectively by eliminating the winback and promotional restrictions for local exchange services in regulated and deregulated areas. Since August 2007, the CRTC has granted Bell Canada local residential service forbearance in 193
geographic areas and local business service forbearance in 59 geographic areas, representing approximately 90% and 80% of Bell Canada&#146;s residential and business access lines, respectively, in Ontario and Qu&eacute;bec. Since July 2007, the CRTC
has granted Bell Aliant local residential service forbearance in 122 geographic areas and local business service forbearance in 34 geographic areas in its territory.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">44 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These forbearance decisions remove local telephone access services from regulation in those areas, with the exception of a price ceiling which continues to apply to stand-alone local residential telephone access
services. On October 5, 2007, the CRTC rescinded the winback rule which prevented the incumbent telephone companies from attempting to winback retail high-speed Internet customers who changed their service to competitors who use Bell Canada&#146;s
underlying wholesale high-speed services. These decisions give Bell Canada and Bell Aliant the flexibility to offer more value to their customers and compete more effectively with local service competitors.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April 30, 2007, the CRTC issued Telecom Decision 2007-27, in which it established the rules that will govern the prices Bell Canada and other incumbent telephone companies charge for residential and business local
services that remain subject to regulation, granting them more pricing flexibility in order to meet individual customer needs. On May 25, 2007, Bell Canada was granted forbearance for its High-Speed Metro service in Montr&eacute;al, Ottawa and
Toronto and for its high-speed digital NAS in 31 wire centres, allowing for greater flexibility with respect to the terms and conditions under which these business services are offered.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July 11, 2007, the CRTC issued Telecom Decision 2007-51, in which the CRTC prioritized the order, over a three-year plan ending March 31, 2010, in which existing regulations should be reviewed for compliance with the
Policy Direction. Among the priority measures to be reviewed by March 31, 2008 is a decision that is pending concerning the rules that apply when we wish to destandardize or withdraw tariff services. With respect to priority measures already
reviewed, the CRTC accepted Bell Canada&#146;s proposal to exempt from the bundling rules and associated tariff requirements all bundles involving both tariffed and non-tariffed services so long as a given bundle&#146;s total revenue is higher than
the price of its tariffed components. The CRTC also removed the tariff requirement for services provided on a market trial basis by the incumbent telephone companies. On January 22, 2008, the CRTC issued Telecom Public Notice 2008-1, in which it
seeks to identify and prioritize the review of various social and other non-economic regulatory measures in light of the Policy Direction. The CRTC intends to issue its review plan for the measures identified by April 30, 2008. In the coming years,
the CRTC will be reviewing, among others, the following existing regulations for compliance with the Policy Direction: (i) the processes for tariff and agreement filings; (ii) the data reporting obligations; (iii) the rules for basic international
telecommunications services licensing; (iv) the building access and municipal rights-of-way regulations; and (v) the Telecommunications Rules of Procedure.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although recent regulatory developments have given Bell Canada and Bell Aliant more flexibility to compete, there is a risk that future CRTC decisions relating to regulated services, in particular the terms under which
competitors obtain access to incumbent telephone companies&#146; facilities, may have a negative effect on our financial results.</font></P>
<P align="left">
Key Telecommunications Issues</P>
<P align="left">
<font size="2">This section describes key regulatory issues which are being addressed, or have been addressed in past years, that influence or have influenced our business and may continue to affect our flexibility to compete in the marketplace.</font></P>
<P align="left">
<I>Price Cap Framework Review</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">On April 30, 2007, the CRTC issued Telecom Decision 2007-27, in which it established the new rules that will govern the prices Bell Canada and other incumbent telephone companies charge for residential and business local services that remain subject
to regulation. The new regime will continue indefinitely and provides the incumbent telephone companies with more pricing flexibility to meet individual customer needs. As we are forborne from regulation of local services across our territory, fewer
services and revenues will be subject to price cap rules.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key elements of the new price cap regime include: (i) basic residential service prices in urban areas still subject to regulation cannot increase beyond current levels; (ii) basic residential service prices in high-cost
areas can increase by the lesser of the rate of inflation or 5% per year; (iii) the upper limit on prices for local options and features and bundles is removed; (iv) increased flexibility to charge different prices to different customers for
residential services, including options and features; (v) business local service prices can rise by the rate of inflation overall, with individual element price increases capped at 10%; (vi) prices for local calls from payphones can increase from 25
to 50 cents for cash calls and from 50 cents to a dollar for non-cash calls; (vii) prices for 911 and other public safety/social services are frozen at current levels; and (viii) there is no deferral account in connection with the new regime.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July 30, 2007, the Public Interest Advocacy Centre and other consumer groups filed a petition to Cabinet asking that Telecom Decision 2007-27 be referred back</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report 4</i>5</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">to the CRTC for reconsideration of that portion of the decision dealing with payphone rates. The impact of the request in this appeal would be to force rate reductions to the rate which existed prior to the price increases implemented by Bell Canada
and Bell Aliant (in Ontario and Qu&eacute;bec) on June 2, 2007. On October 1, 2007, Bell Canada and Bell Aliant filed their response to this petition, arguing that the determinations made by the CRTC in Telecom Decision 2007-27 with respect to
payphone rates were correct and were made in accordance with due process.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June 22, 2007, a member of Parliament, on behalf of herself and a number of local signatories (collectively referred to as the Petitioner), filed a petition with the Governor in Council requesting the Governor in
Council to rescind Decision 2007-27 because it establishes different pricing rules for basic residential local service in high-cost serving areas (HCSAs) relative to non-high-cost serving areas (non-HCSAs). The Petitioner specifically objects to the
CRTC&#146;s determination that incumbent telephone companies are permitted to increase basic local residential service rates in HCSAs by the rate of inflation each year, but they are not permitted to increase such rates in non-HCSAs. On October 1,
2007, Bell Canada and Bell Aliant filed their response to this petition, arguing that the determinations made by the CRTC in Decision 2007-27 were correct, and are in fact consistent with the guidance provided by the Government of Canada in its
Policy Direction of December 14, 2006, wherein it instructs the CRTC to rely on market forces to the maximum extent possible.</font></P>
<P align="left">
<I>Commitment Under the CRTC Deferral Account Mechanism</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Bell Canada&#146;s accumulated deferral account commitment as at December 31, 2006 was estimated at &#36;479 million, which was increased to &#36;488 million as a result of further CRTC decisions during 2007. The clearing of the deferral account is
subject to CRTC approval.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February 16, 2006, the CRTC issued Telecom Decision 2006-9, in which it determined the ways in which incumbent telephone companies should clear the accumulated balances in their deferral accounts. On September 1,
2006, Bell Canada and Bell Aliant filed their proposals for clearing the accumulated balances in their deferral accounts, proposing to improve access to communications for persons with disabilities (5% of the estimated balance) and to extend
broadband access to some 220,000 potential customers in 264 communities across Ontario and Qu&eacute;bec where it would not otherwise be made available on a commercial basis.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December 28, 2007 the CRTC approved the use of &#36;37 million of deferral account funds to expand broadband service to 16 of 264 communities proposed by Bell Canada that otherwise would not receive broadband service
because it is uneconomic. Since the assets are impaired, we have accrued &#36;37 million in restructuring and other to reflect the cost of this expansion.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Canada&#146;s accumulated deferral account commitment at December 31, 2007 was estimated to be &#36;451 million, with an estimated future annualized commitment of &#36;1.4 million. On March 3, 2008, Bell Canada and
Bell Aliant filed proposed reductions to rates for stand-alone local residential telephone access services in regulated exchanges within the non-HCSA portions of their Ontario and Qu&eacute;bec serving areas which, if approved, would eliminate Bell
Canada&#146;s future annualized commitment. As of December 31, 2007, Bell Aliant does not have an accumulated deferral account balance or an estimated future annualized commitment.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January 17, 2008, the CRTC issued Telecom Decision 2008-1, in which it approved the use of deferral account funds to extend broadband service to an additional 85 communities in Ontario and Qu&eacute;bec. Together
with the 16 communities already approved, a total of 101 communities would benefit from broadband deployment using funds from the deferral account. The CRTC has directed Bell Canada to file a proposed roll-out plan and updated costs by March 17,
2008. We expect to record a charge in restructuring and other in the first quarter of 2008 for this uneconomic expansion. The CRTC also indicated that 22 additional communities are still subject to further review. In the same decision, the CRTC also
approved Bell Canada&#146;s proposed initiatives to improve access to telecommunications services for persons with disabilities, amounting to &#36;24 million. Finally, the CRTC directed Bell Canada to rebate any balance remaining in its deferral
account to residential subscribers in urban, non-HCSAs within the Ontario and Qu&eacute;bec portions of the serving areas of Bell Canada and Bell Aliant, and to file, by March 25, 2008, proposals to rebate such funds. The rebate proposals should
outline how rebates could be made most effectively, both in terms of benefit to customers and minimal disruption to Bell Canada.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issues of rebates and broadband expansion using deferral account funds, however,
were before the Federal Court of Appeal in connection with two separate appeals launched by Bell Canada and by certain
consumer groups. Bell Canada had appealed the legality of the CRTC&#146;s jurisdiction to order retroactive rebates while the consumer groups had appealed the decision to permit the use of deferral account funds to expand the availability of
broadband services. These appeals were heard in January 2008 by the Federal Court of Appeal.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">46 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In an order dated January 25, 2008, the Federal Court of Appeal issued a stay of Telecom Decision 2006-9, thus effectively suspending the disposition of funds in the deferral accounts except for the improvement of
accessibility to communications services for persons with disabilities. In that
order, the Federal Court of Appeal noted that the stay will expire on the Federal Court of Appeal&#146;s determination of the appeals, or upon determination of any leave to appeal application to the Supreme Court of Canada, if
such leave to appeal is sought within the statutory time limit. On February 11, 2008, Bell Canada filed a notice of motion with the Federal Court of Appeal for leave to appeal Telecom Decision 2008-1 and to stay that decision, except as it relates
to initiatives for the improvement of accessibility to communications services for persons with disabilities. Bell Canada and Bell Aliant also filed a letter with the CRTC, dated February 15, 2008, seeking to defer the filing of follow-up
information pertaining to broadband expansion and rebates which the CRTC directed them to file in Telecom Decision 2008-1, until such time as the stay is denied or, if the stay is granted, until the substance of the appeals is addressed by the
Federal Court of Appeal and the stay is lifted. On February 22, 2008, the CRTC approved this request.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In an order dated March 7, 2008, the Federal Court of Appeal dismissed both
Bell Canada&#146;s and the consumer groups&#146; appeals. However, Bell Canada intends to
file an application seeking leave from the Supreme Court of Canada to appeal the
Federal Court of Appeal&#146;s decision. Based on the January 25, 2008 order of the
Federal Court of Appeal, the stay of Telecom Decision 2006-9, effectively
suspending the disposition of deferral account funds except for the improvement
of accessibility to communications services for persons with disabilities, will
remain in effect until the Supreme Court of Canada issues its determination on
Bell Canada&#146;s leave to appeal application.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April 30, 2007, the CRTC issued Telecom Decision 2007-27
in which it set out the parameters of the new price cap regime that came into effect on June 1, 2007. In that decision, the CRTC eliminated the deferral account
mechanism. Consequently, there are no new incremental deferral account obligations from June 1, 2007 onwards.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the nature and number of uncertainties which remain concerning the disposition of funds remaining in Bell Canada&#146;s deferral account, we are unable to estimate the impact of Telecom Decision 2008-1 and
outstanding proceedings on our financial results at this time.</font></P>
<P align="left">
<I>Review of Regulatory Framework for Wholesale Services</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">As required by the federal Cabinet&#146;s Policy Direction, on November 9, 2006, the CRTC released Telecom Public Notice 2006-14, in which it initiated a comprehensive review of the regulatory framework which requires incumbent telephone companies
to provide wholesale access to certain telecommunication services to competitors. As part of this review, the CRTC examined the appropriate definition of essential services and the pricing principles for such services. In addition, the regulatory
treatment for non-essential services was also examined.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 3, 2008, the CRTC issued Telecom Decision 2008-17, in which it redefined essential services, assigned individual wholesale services to six separate categories, set out the pricing rules for each and established
transition periods leading to forbearance for some. While the balance of Bell Canada&#146;s wholesale services remain subject to regulation, competitor digital network and ethernet services which provide fibre access and transport, as well as certain other services such as wholesale operator services, will
ultimately be forborne from regulation in three to five years, depending on the specific nature of the service. We are currently evaluating the decision but are unable to estimate its impact on our business at this time.</font></P>
<P align="left">
<I>Commissioner for Complaints for Telecommunications Services (CCTS)</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">In conjunction with the announcement, on April 4, 2007, of the new framework for deregulation of local service in communities across Canada where competition exists, the Government of Canada asked telecommunications service providers to work
together to create an independent, industry-funded agency to handle complaints from consumers and small businesses which have been unable to resolve their complaints through direct communication with their service provider.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July 23, 2007, the CCTS was launched. On the same date, Bell Aliant, Bell Canada and other telecommunications service providers filed with the CRTC a joint proposal for the structure and mandate of the CCTS. The CCTS
does not replace telecommunications service providers&#146; normal complaint resolution processes, but is intended to assist when those processes do not resolve concerns. CCTS membership is open to all of Canada&#146;s telecommunications service
providers.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August 22, 2007, the CRTC issued Telecom Public Notice 2007-16 in order to approve the organization and mandate of the CCTS. A public consultation was held in November 2007 and on December 20, 2007 the CRTC issued
Telecom Decision 2007-130. The decision included certain amendments to the proposed mandate and structure of the CCTS.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>47</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February 4, 2008, the members of the CCTS filed with the CRTC draft revised constating documents intended to reflect the directions in Decision 2007-130. On the same day, Bell Aliant, Bell Canada, Northwestel and
T&eacute;l&eacute;bec filed an application with the CRTC seeking a review and variance of Telecom Decision 2007-130 with respect to the CRTC&#146;s direction that the CCTS should not be constrained by contractual limitations of liability when making
binding decisions. Another group of CCTS members filed a second review and vary application addressing a broader range of issues. Several consumer advocacy groups have requested that the CRTC hold a formal proceeding on the adequacy of the draft
revised constating documents.</font></P>
<P align="left">
BROADCASTING ACT</P>
<P align="left">
<font size="2">The <I>Broadcasting Act </I>assigns the regulation and supervision of the broadcasting system to the CRTC. Key policy objectives of the <I>Broadcasting Act </I>are to: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">protect and strengthen the cultural, political, social and economic fabric
of Canada</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">encourage the development of Canadian expression.</font></P>
	</li>
</ul>
<P align="left">
<font size="2">Most broadcasting activities require a broadcasting licence or broadcasting distribution licence from the CRTC. The CRTC may exempt broadcasting undertakings from complying with certain licensing and regulatory requirements if the CRTC is satisfied
that complying with those requirements will not materially affect the implementation of Canadian broadcasting policy. A corporation must meet the following ownership requirements to obtain a broadcasting or a broadcasting distribution licence:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">it must be Canadian owned and controlled. At least 80% of all outstanding and issued voting shares and at least 80% of the votes must be beneficially owned directly by Canadians
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">it must not otherwise be controlled by non-Canadians
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">at least 80% of the board of directors, as well as the chief executive officer, must be Canadian
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">at least 66<SUP> 2</SUP>/</font><font size="1">3</font><font size="2">% of all outstanding and issued voting shares, and at least 66<SUP> 2</SUP>/</font><font size="1">3</font><font size="2">% of
the votes of the parent corporation, must be beneficially owned and controlled, directly or indirectly, by Canadian interests.</font></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">If the parent corporation of a broadcasting licensee has fewer than 80% Canadian directors on its board of directors, a non-Canadian chief executive officer or less than 80% Canadian ownership, the parent corporation must demonstrate to the CRTC
that it or its directors do not have control or influence over any of the broadcasting licensee&#146;s programming decisions.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporations must have the CRTC&#146;s approval before they can transfer effective control of a broadcasting licensee. The CRTC may impose certain requirements, including the payment of certain benefits, as a condition
of the transfer.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Canada holds broadcasting distribution licences, for major centres in Ontario and Qu&eacute;bec, to offer video on a wireline basis. In addition, Bell ExpressVu, Bell Aliant, Northwestel and Cablevision du Nord du
Qu&eacute;bec Inc., a T&eacute;l&eacute;bec subsidiary, have broadcasting distribution licences that allow them to offer services. Bell ExpressVu is permitted to offer services nationally. Bell Aliant is permitted to offer services in Newfoundland and Labrador, Nova Scotia and New Brunswick. T&eacute;l&eacute;bec is permitted to offer services in specific areas of Ontario and Qu&eacute;bec.
Northwestel is permitted to offer services in specific areas of the Northwest Territories. </font></P>
<P align="left">
Bell ExpressVu</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">In July 2007, the CRTC initiated a public process intended to review the regulatory frameworks for broadcasting distribution undertakings and discretionary programming services. This comprehensive re-examination of the Broadcasting Distribution
Regulations will impact Bell ExpressVu&#146;s DTH satellite television service and Bell Canada&#146;s terrestrial IPTV cable service. The proposed elimination of regulation could benefit Bell Canada&#146;s broadcasting initiatives by freeing us to
compete more effectively and to exercise much greater control over our operations. The CRTC has determined that the possibility of requiring cable and satellite operators to pay over-the-air broadcasters for the right to carry their signals,
including distant or out-of-market signals, is under consideration in this proceeding. Comments were filed on January 25, 2008 and a public hearing is scheduled to commence on April 7, 2008. The CRTC&#146;s determinations in this matter are
anticipated in the third quarter of 2008. A decision from the CRTC requiring cable and satellite operators to pay over-the-air broadcasters could have a negative effect on our business and financial results.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December 2006, the Federal Court of Canada ruled that Part II Licence Fees, levied by the CRTC under the <I>Broadcasting Act </I>to recover Industry Canada costs associated with broadcasting spectrum management and
paid by broadcasters and broadcast distributors, are an illegal tax, but declined to order the reimbursement of the fees paid to date by the plaintiff broadcasters. The decision of the Federal Court of Canada is being appealed by the Government of
Canada, which is contesting the declaration that Part II Licence Fees are an illegal tax, and by the Canadian Association of Broadcasters, which is </font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">48 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<font size="2">challenging the finding that their members are not entitled to
recovery of fees paid to date. In June 2007, Bell ExpressVu, together with
Rogers Cable and Cogeco, were granted leave to intervene in these appeals.
Arguments were heard in December 2007, with judgment being reserved. On November
29, 2007, Bell ExpressVu initiated a civil action against the Government of Canada, claiming reimbursement of Part II Licence Fees paid over the last six years (the maximum period recoverable under applicable limitation periods). This suit is unlikely to proceed pending a
decision of the Federal Court of Appeal on the appeals heard in December. The fees in question represent 1.365% of Bell ExpressVu&#146;s annual revenue for each of the last six years.</font></P>
<P align="left">
RADIOCOMMUNICATION ACT</P>
<P align="left">
<font size="2">Industry Canada regulates the use of radio spectrum by Bell Canada, Bell Mobility and other wireless service providers under the <I>Radiocommunication Act</I>. Under the <I>Radiocommunication Act</I>, Industry Canada ensures that: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">radio
communication in Canada is developed and operated efficiently </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">radio stations are established in an orderly manner, as well as any changes thereto.</font></P>
	</li>
</ul>
<P align="left">
<font size="2">The Minister of Industry has the discretion to: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">issue and amend radio licences </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">set technical standards for radio equipment
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">establish licensing conditions </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">decide how radio spectrum is allocated and used.</font></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Under the <I>Radiocommunication Regulations</I>, companies that are eligible for radio licences, such as Bell Canada and Bell Mobility, must meet the same ownership requirements that apply to corporations under the <I>Telecommunications Act</I>.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>Radiocommunication Act </I>contains provisions which make it a criminal offence to manufacture, offer for sale or sell any device used to decode an encrypted subscription signal in connection with unauthorized
reception of satellite signals. Bell ExpressVu, Bell Canada, the Canadian Association of Broadcasters, and members of Canada&#146;s broadcasting production community continue to encourage the Government of Canada to strengthen the
<I>Radiocommunication Act </I>in order to combat the black market in signal theft.</font></P>
<P align="left">
Spectrum Licences</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Companies must have a spectrum licence to operate cellular, PCS and other radio-telecommunications systems in Canada. The Minister of Industry awards spectrum licences, through a variety of methods, at his or her discretion under the
<I>Radiocommunication Act</I>. While we anticipate that the licences under which we provide cellular and PCS services will be renewed at term, there is no assurance that this will happen. In Industry Canada&#146;s November 28, 2007 decision regarding the licensing and auction
policy for the auctioning of AWS spectrum, Industry Canada indicated that an upcoming consultation regarding the renewal process may affect the renewal of both existing and AWS spectrum licences. Industry Canada can revoke a company&#146;s licence
at any time if the company does not comply with the licence&#146;s conditions. Moreover, in its AWS decision, Industry Canada indicated that even with full compliance with the conditions of a licence, Industry Canada could withdraw a licence based
on circumstances in existence at the time of renewal. While we believe that we comply with the conditions of our licences, there is no assurance that Industry Canada will agree. Should there be a disagreement, this could have a negative effect on
our business.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of an Industry Canada decision, the cellular and PCS licences under which we provide service, which would have expired on March 31, 2006, will now expire in 2011. The PCS licences that were awarded in the
2001 PCS auction will expire on November 29, 2011. As a result, our cellular and PCS licences are now classified as &#147;spectrum licences&#148;, that is licences issued on a geographic basis rather than on a radio-site-by-radio-site basis, with a
standard 10-year licence term.</font></P>
<P align="left">
Wireless and Radio Towers</P>
<P align="left">
<font size="2">In February 2005, Industry Canada released a report concerning its procedures for approving and placing wireless and radio towers in Canada, including the role of municipal authorities in the approval process. Among other things, the report
recommends that the authority to regulate the siting of antennae and supporting structures remain exclusively with the Government of Canada. In June 2007, Industry Canada released its revised antenna siting and approval policy. The new policy
maintains exclusive federal jurisdiction over the authority to regulate the siting of antennae and related supporting structures in Canada. The new policy, which came into </font></P>

<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report 49</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>
<P style="margin-top: 0; text-align:left">
<font size="2">effect in January 2008, requires additional public notification
in order to erect new tower sites which may require additional community
consultation. The revised policy also includes dispute resolution guidelines and
timelines which may facilitate new tower placement in some instances.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In its November 28, 2007 AWS decision, Industry Canada adopted a new policy which mandates the sharing of wireless towers and cell sites at commercial rates, where technically feasible, and prohibits exclusive rooftop
arrangements with landlords. Industry Canada also initiated a public consultation to consider specific implementation issues and changes to the conditions of existing and AWS spectrum licences, necessitated by its new tower sharing policy. On
February 29, 2008, Industry Canada issued its conditions of licence for mandated roaming and antenna tower and site sharing and to prohibit exclusive site arrangements. As noted by Industry Canada, the revised conditions of licence are intended to
facilitate competitive entry into the Canadian wireless market and, taken collectively, are intended to result in increased competition. Due to the nature and number of uncertainties that remain concerning mandated tower sharing, we are unable to
estimate the potential impact of the revised conditions of licence on our business at this time.</font></P>
<P align="left">
Additional Mobile Spectrum</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">As mentioned above, on November 28, 2007, Industry Canada released its decision concerning the policy and rules governing the licensing of additional mobile spectrum for AWS in the 1.7 and 2.1 GHz bands. The licensing process also makes an
additional 10 MHz of PCS spectrum available in the 1.9 GHz band and 5 MHz in the 1.6 GHz band. In total 105 MHz of spectrum, 90 MHz of which is AWS spectrum, is available to be licensed through a competitive spectrum auction, the bidding stage of
which is scheduled to commence on May 27, 2008. Industry Canada&#146;s AWS decision sets aside 40 MHz of the available 90 MHz of AWS spectrum for which only new entrants may bid. The remaining 50 MHz of AWS is open to bidding by any party including
incumbent carriers and new entrants. Industry Canada has defined a new entrant as any party, including its affiliates, whose wireless market share constitutes less than 10% of national wireless revenue.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The decision may result in the entry of new national and regional wireless carriers. Industry Canada has not adopted an auction spectrum cap, for either new entrant or incumbent AWS spectrum blocks, which raises the
possibility of one bidder acquiring a substantial portion, or potentially all, of the available new entrant or incumbent spectrum. Industry Canada&#146;s decision also mandates digital roaming on all current Canadian mobile band allocations (i.e., cellular, PCS and AWS), both within a regional entrant&#146;s licensed territory as well as outside its territory, for up to 10 years for carriers licensed as a result of the AWS auction. As previously discussed, on February
29, 2008, Industry Canada released revised conditions of licence governing mandated roaming. Among other things, Industry Canada clarified that resale of wireless services is not required and that any new entrant resulting from the AWS auction must
build its own AWS wireless network before it will be eligible for mandated roaming. Industry Canada also clarified that new entrants are not entitled to roaming within their built-out licensed area. The above auction and licensing policies favour
the entry of new competitors into the wireless market and could pose a risk to our financial performance.</font></P>
<P align="left">
BELL CANADA ACT</P>
<P align="left">
<font size="2">Under the <I>Bell Canada Act</I>, the CRTC must approve any sale or other disposal of Bell Canada voting shares that are held by BCE Inc., unless the sale or disposal would result in BCE Inc. retaining at least 80% of all of the issued and
outstanding voting shares of Bell Canada. Except in the ordinary course of its business, the CRTC must also approve the sale or other disposal of facilities integral to Bell Canada&#146;s telecommunications activities.</font></P>
<P align="left">
<B><font size="4">Risks that Could Affect Our Business and Results</font></B></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">This section describes the principal risks that could have a material and adverse effect on our financial condition, results of operations, cash flows or business, as well as cause actual results to differ materially from our expectations expressed
in or implied by our forward-looking statements, in addition to the risks previously described under the sections <I>Our Competitive Environment </I>and <I>Our Regulatory Environment </I>or those described elsewhere in this MD&amp;A.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">50 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P style="margin-top: 0; ">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A risk is the possibility that an event might happen in the future that could have a negative effect on our financial condition, results of operations, cash flows or business. Part of managing our business is to
understand what these potential risks could be and to mitigate them where we can (for more details refer to the section <I>Risk Management Practices </I>immediately following this section).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual effect of any event on our financial condition, results of operations, cash flows or business could be materially different from what we currently anticipate. The risks described below are not the only ones
that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our financial condition, results of operations, cash flows or business.</font></P>
<P style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of BCE Inc.&#146;s strategy of concentrating on Bell Canada&#146;s communications business and the completion of the disposition of most of BCE Inc.&#146;s non-core assets, BCE Inc.&#146;s financial
performance now depends on how well Bell Canada performs financially. Accordingly, the risk factors described below mainly relate to the operations and businesses of Bell Canada and its subsidiaries and joint ventures.</font></P>
<P>
<I><font size="2">A decline in economic growth and in retail and commercial activity could decrease demand for our products and services, potentially reducing profitability and threatening the ability of our customers to pay their expenses.
</font> </I></P>
<P style="margin-top: 0; margin-bottom: 0">
<font size="2">Our business is affected by general economic conditions, consumer confidence and spending, and the demand for, and prices of, our products and services. If there is a decline in economic growth and in retail and commercial activity, there could be a
lower demand for our products and services. During these periods, customers may delay buying our products and services, reduce purchases or discontinue using them.
</font> </P>
<P style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weak economic conditions could lower our profitability and reduce cash flows from operations. They also could negatively affect the financial condition and creditworthiness of our customers, which could increase
uncertainty about our ability to collect receivables and potentially increase our bad debt expenses, which could adversely affect our results of operations.</font></P>
<P align="left">
<I><font size="2">Failure to achieve our business objectives could have an adverse impact on our financial performance and growth prospects.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We continue to implement our strategy of delivering advanced communications services and a superior customer experience to our customers across Canada. Our strategic direction requires us to continue to transform the way in which we serve customers
in the context of our previously described competitive and regulatory environment. This means we will need to continue to respond by adapting to these changes, making necessary shifts in employee skills and investing capital to implement our strategies and operating
priorities. If our management, processes or employees are not able to adapt to these changes or if required capital is not available on favourable terms, we may fail to achieve our business objectives which could have an adverse effect on our
business, financial performance and growth prospects.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our strategies also require us to continue to transform our cost structure. Accordingly, we are continuing to implement several productivity improvements to reduce costs while containing our capital expenditures. Our
objectives for cost reduction continue to be aggressive, and there is no assurance that we will be successful in reducing costs. Improved customer service and an enhanced perception of Bell Canada&#146;s service offerings by existing and potential
customers are critical to increasing customer retention and ARPU and attracting new customers. It may, however, be difficult to achieve these objectives while significantly reducing costs. In addition, there is a risk that customer service
improvements that we may achieve will not necessarily translate into an enhanced public perception of Bell Canada&#146;s service offerings or the achievement of customer retention objectives. If we are unable to achieve any or all of these
objectives, our business and results of operations could be adversely affected.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, the current competitive environment suggests that the number of our legacy wireline customers and the volume of our long distance traffic will continue to decline in the future. Continued decline will lead
to reduced economies of scale in those businesses and, in turn, lower margins. If legacy services margins decline faster than the rate of growth in margins of our newer growth services, our financial performance could be adversely affected. In
addition, if a large portion of the customers who stop using our voice services also cease using our other services, our financial performance could be adversely affected.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we expect a reduction in 2008 in the rate of our NAS losses, there is a risk that adverse changes in certain factors, including, in particular, competitive actions by cable providers, may result in acceleration
beyond our current expectations in our rate of NAS erosion, particularly in our residential NAS. This could have an adverse effect on our results of operations.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
</P>

<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>51</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<I><font size="2">We face significant competition that may reduce our market share and revenues and lower our profitability.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We face intense competition not only from traditional competitors, but also from non-traditional players, such as cable companies, that have entered our markets. The rapid development of new technologies, services and products has eliminated the
traditional lines between telecommunications, Internet and broadcasting services and brought new competitors to our markets. Technology substitution and VoIP, in particular, have reduced barriers to entry in our industry. This has allowed
competitors to launch new products and services and gain market share with far lesser investments in financial, marketing, personnel and technological resources than have historically been required. We expect this trend to continue in the future,
which could adversely affect our growth and our financial performance.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are facing significant competitive pressure from cable companies as a result of them offering voice services over their networks. Cable telephony in particular is being driven by its inclusion in discounted bundles
and is now offered by cable operations in numerous Canadian markets. We expect further expansion throughout 2008. The roll-out of the cable companies&#146; footprints continues to put downward pressure on our market share, especially in the
residential market. This could continue to have an adverse effect on our business and results of operations.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition affects our pricing strategies and could reduce our revenues and lower our profitability. It could also affect our ability to retain existing customers and attract new ones. We need to be able to anticipate
and respond quickly to the constant changes in our businesses and markets. If we fail to do so, our business and market position could be adversely affected. Refer to
</font><I><font size="2">Our Competitive Environment </font> </I><font size="2">for more details on our competitors and our competitive environment in general.</font></P>
<P align="left">
<I><font size="2">We could face increasing wireless competitive activity resulting from new technologies and from Industry Canada&#146;s decision to license additional wireless spectrum.
</font> </I></P>
<P align="left">
<font size="2">We expect competition in the Canadian wireless market to intensify as new technologies, products and services are developed. In addition, competition could also increase as a result of Industry Canada&#146;s decision to license, through a
competitive spectrum auction, the bidding stage of which is scheduled to commence in May 2008, additional wireless spectrum, a significant part of which has been set aside for new entrants only. Industry Canada&#146;s policies relating to the auction and to the licensing of additional wireless spectrum favour the entry of new competitors into the Canadian wireless market and could pose a risk to our financial performance. In addition, there
is a risk that we will not be successful in securing, through the auction, all or part of the additional wireless spectrum that we need to provide enhanced wireless services and that our competitors will do so at our detriment. This could have an
adverse effect on our business. Refer to <I>Our Competitive Environment &#150; Wireless </I>for more details on our wireless competitors and our wireless competitive environment.</font></P>
<P align="left">
<I><font size="2">We need to anticipate technological change and invest in or develop new technologies, products and services. If we are unable to launch new technologies, products and services on a timely basis or if regulation expands to delay newer
technologies, our business and results of operations may be adversely affected.
</font> </I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We operate in markets that are affected by constant technological change, evolving industry standards, changing client needs, frequent introductions of new products and services and short product life cycles. Investment in new technologies, products
and services and the ability to launch, on a timely basis, such technologies, products and services are critical to increasing the number of our subscribers and achieving our financial performance objectives.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may face additional risks as we develop new products, services and technologies, and update our networks to stay competitive. Newer technologies, for example, may quickly become obsolete or may need more capital than
expected. Development could be delayed for reasons beyond our control. Substantial investments usually need to be made before new technologies prove to be commercially viable. There is also a risk that current regulation could be expanded to apply
to newer technologies which could delay our launch of new services. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no assurance that we will be successful in developing, implementing and marketing new technologies, products, services or enhancements in a reasonable time, or that they will gain market acceptance. New
products or services that use new or evolving technologies could reduce demand for our existing offerings or cause prices for those services to decline. Our failure to successfully develop, implement and market new technologies, products, services
or enhancements in a reasonable time could have an adverse effect on our business and results of operations.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">52 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<I><font size="2">Our operations depend on how well we protect, maintain and replace our networks, equipment, IT systems and softwares.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Our operations depend on how well we protect our networks, equipment, IT systems and softwares, and the information stored in our data centres, against damage from fire, natural disaster, power loss, hacking, computer viruses, disabling devices,
acts of war or terrorism, vandalism and other events. Our operations also depend on the timely replacement, maintenance and upgrade of our networks, equipment, IT systems and softwares. Any of these and other events could result in network failures,
billing errors and delays in customer service. Our operations also depend on our ability to protect the information stored in our data centres against theft. The theft of such information could adversely affect our customer relationships and expose
us to claims in damages by customers.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our networks are connected with the networks of other telecommunications carriers, and we rely on them to deliver some of our services. Any of the events mentioned in the previous paragraph, as well as strikes or other
work disruptions, bankruptcies, technical difficulties or other events affecting the networks of these other carriers, could also harm our business and our customer relationships.</font></P>
<P align="left">
<I><font size="2">Renegotiating collective agreements with employees could result in higher labour costs and work disruptions.
</font> </I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Approximately 45% of our employees are represented by unions and are covered by collective bargaining agreements. Renegotiating collective bargaining agreements could result in higher labour costs and work disruptions, including work stoppages or
work slowdowns. There can be no assurance that should a strike or work disruption occur, it would not adversely affect service to our customers. In addition, work disruptions at our service providers, including work slowdowns and work stoppages due
to strikes, could harm our business, including our customer relationships and results of operations.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The collective agreement between the CEP and Bell Canada covering 5,122 craft and services employees expired on November 30, 2007. Negotiations between the CEP and Bell Canada started on October 29, 2007. On December
11, 2007, Bell Canada asked the federal Minister of Labour to appoint a conciliator to help move forward negotiations with the CEP. A conciliator was appointed on December 13, 2007. The conciliator met both parties in December 2007 and January 2008.
On January 31, 2008, Bell Canada offered the craft and services employees covered by this collective agreement a new long-term contract that includes wage increases in each year, while providing Bell Canada additional flexibility. The CEP will put the
offer to a vote and is expected to communicate the results to Bell Canada on March 17, 2008.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the following significant collective agreements will expire in 2008:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the collective agreement between the CEP and Bell Canada covering approximately 200 operators will expire on November 24, 2008
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the collective agreement between the CEP and Bell Canada covering approximately 700 communications sales employees will expire on December 31, 2008.</font></P>
	</li>
</ul>
<P align="left">
<I><font size="2">The significant increase in broadband demand could have an adverse effect on our business and financial results.</font></I></P>
<P align="left">
<font size="2">With the rapid growth in video, and other bandwidth-intensive applications on the Internet, we may need to incur significant capital expenditures to provide additional capacity on our Internet network. We may not be able to recover these costs from
customers due to competitors&#146; short-term pricing of comparable Internet services. There is also a risk that our efforts to optimize network performance, as a result of significantly increasing broadband demand, through paced FTTN roll-out,
traffic management and rate plan changes could be unsuccessful and result in an increase in our Internet subscriber churn rate beyond our current expectations. This could have an adverse effect on our results of operations.</font></P>
<P align="left">
<I><font size="2">Changes in foreign ownership restrictions could increase competition in the future.</font></I></P>
<P align="left">
<font size="2">We already have several domestic and foreign competitors. In recent years, the Government of Canada has reviewed the foreign ownership restrictions that apply to telecommunications carriers and to broadcast distribution undertakings. Removing or
easing the limits on foreign ownership could result in more foreign companies entering the Canadian market by making acquisitions or investments. This could result in greater access to capital for our competitors or the arrival of new competitors
with global scale, which would increase competitive pressure. We cannot predict what action, if any, the Government of Canada will take as a result of these reviews and how it may affect us.</font></P>
<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>53</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<I><font size="2">Events affecting the operations of our service providers that operate outside Canada could have an adverse effect on our service levels.
</font> </I></P>
<P align="left">
<font size="2">We have outsourced certain services to providers that operate outside Canada. Although we have redundancy and network monitoring systems in place, a major natural disaster that affects the region in which our service providers operate, or other
events adversely affecting the business or operations of such service providers, or our inability to access their services, could adversely affect our service levels and our business.
</font> </P>
<P align="left">
<I><font size="2">If we are unable to raise the capital we need, we may need to limit our capital expenditures or our investments in new businesses, or try to raise capital by disposing of assets.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We need significant amounts of cash to implement our business plan. This includes cash for capital expenditures, for payment of contractual obligations and servicing and repayment of outstanding debt, which would significantly increase following
the consummation of the Privatization, for pension funding and, until consummation of the Privatization, for payment of dividends to BCE Inc.&#146;s common and preferred shareholders. Our cash requirements may be adversely affected by the risks
associated with our contingencies, off-balance sheet arrangements, derivative instruments and assumptions built into our business plan. Our ability to meet our financial obligations and provide for planned growth depends on our having access to
adequate sources of capital and on our ability to generate cash flows from operations which is subject to general economic, market, competitive, regulatory and other risk factors described in this MD&amp;A, many of which are not within our
control.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, we finance our capital needs from cash generated by our operations or investments, by borrowing from commercial banks, through debt and equity offerings in the capital markets, or by selling or otherwise
disposing of assets (including accounts receivable). The amount of working capital available to operate our business and our ability to achieve our working capital objectives could be adversely impacted by our level of success in collecting
outstanding accounts receivable balances through the use of our employees, systems and technology.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing through equity offerings would dilute the holdings of equity investors. An increased level of debt financing could result in lower credit ratings, increase our borrowing costs and reduce the amount of funding available to us. Business acquisitions could also adversely affect our credit ratings and have similar adverse consequences.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to raise financing depends on our ability to access the public debt capital market and bank credit market. The cost and amount of funding depend largely on market conditions, and the outlook for our business
and credit ratings at the time capital is raised. In addition, participants in the public debt capital and bank credit markets have internal policies limiting their ability to invest in, or extend credit to, any single borrower or group of borrowers
or to a particular industry. Furthermore, prior to the consummation of the Privatization, the Definitive Agreement restricts our ability to raise debt and dispose of assets without the consent of the Investor Group.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to access the public debt capital and bank credit markets at this time may be negatively affected by BCE Inc.&#146;s announcement of its proposed Privatization and by adverse conditions currently prevailing
in such markets. Additional credit rating downgrades could further adversely affect our ability to access the public debt capital and the bank credit markets both prior to and following the consummation of the Privatization. In addition to having a
possibly reduced ability to access such markets, funding from these sources would likely be made available on less favourable terms and conditions (including more restrictive covenants) and would likely significantly increase our cost of borrowing
compared to terms that have been available to us historically.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we cannot raise the capital we need to implement our business plan upon acceptable terms, we may have to limit our ongoing capital expenditures, limit our investment in new businesses or try to raise additional
capital by selling or otherwise disposing of assets. Any of these could have an adverse effect on our cash flows from operations and on our growth prospects.</font></P>
<P align="left">
<I><font size="2">The consummation of the Privatization is still subject to a number of terms and conditions including the receipt of various approvals and contractual termination rights.</font></I></P>
<P align="left">
<font size="2">The consummation of the Privatization is still subject to a number of terms and conditions, including, without limitation: (i) approval of the CRTC and Industry Canada; (ii)
resolution of any appeal filed by the debenture holders which affects the
approval of the Arrangement; and (iii) certain termination rights available to
the parties under </font></P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">54 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">the Definitive Agreement. There can be no assurance that these approvals will be obtained, the other conditions to the Privatization will be satisfied in accordance with their terms, and/or the parties to the
Definitive Agreement will not exercise their termination rights. In such cases, the Privatization could be modified, restructured or terminated, as applicable. Failure to consummate the Privatization could have a material adverse impact on the
market price of BCE Inc.&#146;s shares. Depending on the circumstances in which the Privatization is not completed, BCE Inc. could have to pay to the Investor Group significant break-up fees and costs, in addition to its own costs incurred in
connection with the Privatization.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 7, 2008, the Qu&#233;bec
Superior Court approved the Arrangement and dismissed all claims made by or on
behalf of certain holders of Bell Canada&#146;s debentures who had instituted legal proceedings seeking in particular to prevent the Privatization from becoming effective.
Any appeal of the Court&#146;s decisions must be filed by the debenture holders with
the Qu&#233;bec Court of Appeal by March 17, 2008. See </font>
<I><font size="2">Legal Proceedings &#150; Lawsuits Related to BCE Inc. &#150; Privatization Transaction Lawsuit
</font> </I><font size="2">contained in the BCE 2007 AIF for more information concerning such legal proceedings.</font></P>
<P align="left">
<I><font size="2">We may not be able to discontinue certain services as necessary to improve capital and operating efficiencies.</font></I></P>
<P align="left">
<font size="2">We are in the process of moving traffic on our core circuit-based infrastructure to IP technology. As part of this move, we are in the process of discontinuing certain services that are based on circuit-based infrastructure. This is a necessary
component of improving capital and operating efficiencies. In some cases, this could be delayed or prevented by customers or regulatory actions. If we cannot discontinue these services as planned, we will not be able to achieve the efficiencies as
expected. </font> </P>
<P align="left">
<I><font size="2">Regulatory initiatives or proceedings, pending or future litigation or changes in laws or regulations could have an adverse effect on our business and results of operations.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Our business is affected by decisions made by various regulatory agencies, including the CRTC. Decisions of the CRTC may have an adverse effect on our business and results of operations. In addition, we become involved in various claims and
litigation as part of our business. Pending or future litigation, including an increase in class action claims, could also have an adverse effect on our business and results of operations.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in laws or regulations or in how they are interpreted, and the adoption of new laws or regulations, could negatively affect us. These include changes in tax laws or the adoption of new tax laws that result in
higher tax rates or new taxes. They also include recent amendments to Canadian securities laws which introduced statutory civil liability for misrepresentations in continuous disclosure.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell ExpressVu is subject to programming and carriage requirements under CRTC regulations. Changes to the regulations that govern broadcasting could negatively affect Bell ExpressVu&#146;s competitive position or the
cost of providing its services. Bell ExpressVu&#146;s DTH satellite television distribution undertaking licence was renewed in March 2004 and expires on August 31, 2010. While we expect this licence will be renewed at term, there is no assurance
that this will happen. Refer to <I>Our Regulatory Environment &#150; Broadcasting Act &#150; Bell ExpressVu </I>for a discussion of the public process initiated by the CRTC to review the regulatory frameworks for broadcasting distribution
undertakings and discretionary programming services, including the review by the CRTC of the possibility of requiring cable and satellite operators to pay over-the-air broadcasters for the right to carry their signals.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of the principal regulatory initiatives and proceedings affecting us, please see the section
</font><I><font size="2">Our Regulatory Environment</font></I><font size="2">.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of the principal legal proceedings involving us, please see the section <I>Legal Proceedings </I>contained in the BCE 2007 AIF.</font></P>
<P align="left">
<I><font size="2">Increased regulations or legislation banning the use of cellular phones while driving may result in an overall decline in cellular phone use that could have a negative effect on our wireless business.
</font> </I></P>
<P align="left">
<font size="2">Some studies suggest that irresponsible use of cellular phones while driving may result in motor vehicle collisions. It is possible that this could lead to new regulations or legislation banning the use of handheld cellular phones and other wireless
devices while driving, as it has in Newfoundland and Labrador and in several U.S. states, or other restrictions on in-vehicle use of wireless devices. The Qu&eacute;bec provincial government introduced legislation in December of 2007 banning the use
of handheld cell</font></P>

<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>55</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<font size="2">phones while driving. The Qu&eacute;bec provincial government further indicated that it is going to study the use of hands-free devices and may introduce additional legislation if the study shows that the use of hands-free devices by drivers
contributes to vehicle accidents. As well, legislation was introduced in Nova Scotia in the fall of 2007 prohibiting the use of handheld cell phones while driving. These measures may result in an overall decline in cellular phone use and could have
an adverse impact on our wireless business.</font></P>
<P align="left">
<I><font size="2">Satellites used by Bell ExpressVu are subject to significant operational risks and satellites that are not yet built are subject to construction and launch delays that could have an adverse effect on Bell ExpressVu&#146;s business and financial
results. </font> </I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Bell ExpressVu currently uses four satellites &#150; Nimiq 1, Nimiq 2, Nimiq 3 and Nimiq 4iR &#150; for its video services. Telesat, a former subsidiary of BCE Inc., operates or directs the operation of these satellites. Bell ExpressVu has also
entered into agreements with Telesat for further satellite capacity. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Satellites utilize highly complex technology and operate in the harsh environment of space and therefore are subject to significant operational risks while in orbit. The risks include in-orbit equipment failures,
malfunctions and other kinds of problems commonly referred to as anomalies that could reduce the commercial usefulness of a satellite used by Bell ExpressVu. Acts of war or terrorism, magnetic, electrostatic or solar storms, and space debris or
micrometeoroids could also damage the satellites used by Bell ExpressVu. Any loss, failure, manufacturing defects, damage or destruction of these satellites, of Bell ExpressVu&#146;s terrestrial broadcasting infrastructure, or of Telesat&#146;s
tracking, telemetry and control facilities to operate the satellites, could have an adverse effect on Bell ExpressVu&#146;s business and results of operations and could result in many customers terminating their subscription to Bell ExpressVu&#146;s
DTH satellite television service.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, there are certain risks related to the construction and launch of new satellites. Launch delays can result from delays in the construction of satellites and launch vehicles, the periodic unavailability of
reliable launch opportunities, possible delays in obtaining regulatory approvals and launch failures. If satellite construction schedules are not met, a launch opportunity may not be available at the time the satellite is ready to be launched.
Launch vehicles may fail resulting in significant delays in the deployment of satellites because of the need to construct replacement satellites, which typically takes up to 30 months or longer, and to obtain another launch vehicle. Such significant delays could adversely affect Bell ExpressVu&#146;s ability to launch new services and reduce
the competitiveness of its television services.</font></P>
<P align="left">
<I><font size="2">Competition from unregulated U.S. DTH satellite television services that are sold illegally in Canada and the theft of our satellite television services could have an adverse effect on Bell ExpressVu&#146;s business and results of
operations.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We continue to face competition from unregulated U.S. DTH satellite television services that are sold illegally in Canada. In response, we are participating in legal actions that are challenging the sale of U.S. DTH satellite television equipment in
Canada. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Bell ExpressVu faces a loss of revenue resulting from the theft of its services. Bell ExpressVu introduced a smart card swap for its authorized digital receivers that is designed to block unauthorized
reception of Bell ExpressVu&#146;s signals. However, as with any technology-based security system, it is not possible to prevent with absolute certainty a compromise of that security system. As is the case for all other pay television providers,
Bell ExpressVu has experienced, and continues to experience, ongoing efforts to steal its services by way of compromise of Bell ExpressVu&#146;s signal security systems. The competition from unregulated U.S. DTH satellite television services that
are sold illegally in Canada, and the outcome of the related legal actions, and the theft of Bell ExpressVu&#146;s services, could have an adverse effect on Bell ExpressVu&#146;s business and results of operations.
</font> </P>
<P align="left">
<I><font size="2">We may be required to increase contributions to our defined benefit pension plans in the future, depending on future returns on pension plan assets, long-term interest rates and changes in pension regulations, which may have a negative effect on
our liquidity and results of operations.</font></I></P>
<P align="left">
<font size="2">The funding status of our pension plans resulting from future valuations of our pension plan assets and liabilities depends on a number of factors, including actual returns on pension plan assets, long-term interest rates and changes in pension
regulations. These factors could require us to increase contributions to our defined benefit pension plans in the future and, therefore, could have a negative effect on our liquidity and results of operations.
</font> </P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">56 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left">
<I><font size="2">BCE Inc. is dependent on the ability of its subsidiaries to pay dividends or otherwise make distributions to it.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">BCE Inc. has no material sources of income or assets of its own, other than the interests that it has in its subsidiaries, joint ventures and significantly influenced companies, including its ownership of all of the outstanding common shares of Bell
Canada. BCE Inc.&#146;s cash flow and, consequently, its ability to service its indebtedness and, until consummation of the Privatization, pay dividends to its common and preferred shareholders, is therefore dependent upon the ability of its
subsidiaries, joint ventures and significantly influenced companies to pay dividends or otherwise make distributions to it.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE Inc.&#146;s subsidiaries, joint ventures and significantly influenced companies are separate and distinct legal entities and have no obligation, contingent or otherwise, to pay any dividends or make any other
distributions to BCE Inc. In addition, any right of BCE Inc. to receive assets of its subsidiaries, joint ventures and significantly influenced companies upon their liquidation or reorganization will be structurally subordinated to the prior claims
of creditors of such subsidiaries, joint ventures and significantly influenced companies.
</font> </P>
<P align="left">
<I><font size="2">We may not receive distributions from Bell Aliant due to the uncertainty of Bell Aliant&#146;s performance or changes to the tax treatment of trusts.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Although Bell Aliant intends to make cash distributions to its unitholders, including us, there can be no guarantee regarding the amounts of these cash distributions, which may fluctuate with Bell Aliant&#146;s performance. Bell Aliant also has the
discretion to establish cash reserves for the proper conduct of its business which would reduce the amount of cash available for distributions in the year. Accordingly, we cannot provide any assurance regarding the actual levels of distributions by
Bell Aliant. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Government of Canada&#146;s changes to the tax treatment of income trusts announced on October 31, 2006 received royal assent and were enacted into law on June 22, 2007 (the SIFT Rules). Effective in 2011, income
trusts that were publicly traded before November 2006, like Bell Aliant, will be subject to taxation at corporate tax rates and certain distributions to unitholders will be taxed like dividends received from a corporation. All else being equal, the
taxation of income trusts at corporate tax rates is likely to result in less cash being available to pay distributions by Bell Aliant. The Government of Canada specified that while there was no intention to prevent existing income trusts from normal
growth during the transitional period, any undue expansion of an existing income trust before 2011 would make the new rules effective immediately.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To qualify for the delay in applying the SIFT Rules, Bell Aliant must comply with the government&#146;s normal growth guidelines regarding equity capital that were issued on December 15, 2006, as amended from time to
time. The normal growth guidelines are intended to ensure that any growth by a trust is reasonable and within the government&#146;s policy objectives. To qualify for the delay in applying the SIFT Rules, the equity of Bell Aliant is only permitted
to grow by a prescribed annual amount up to and including the 2010 calendar year. The normal growth guidelines also indicate that the merger of two or more income trusts, each of which was publicly traded on October 31, 2006, or a reorganization of
such an income trust, would not be considered growth to the extent that there was no net addition to equity as a result of the merger or reorganization.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because there is still uncertainty as to the interpretation of these guidelines and what constitutes growth in certain situations, there can be no assurance that Bell Aliant will be able to retain the benefit of the
deferral of the SIFT Rules. A reduction in distributions from Bell Aliant could have an adverse effect on our cash flows and results of operations.</font></P>
<P align="left">
<font size="2"><i>H</i></font><I><font size="2">ealth concerns about radio frequency emissions from wireless devices, as well as epidemics and other health risks, could have an adverse effect on our business.</font></I></P>
<P align="left">
<font size="2">It has been suggested that some radio frequency emissions from cellular phones may be linked to certain medical conditions. Interest groups have also requested investigations into claims that digital transmissions from handsets used with digital
wireless technologies pose health concerns and cause interference with hearing aids and other medical devices. This could lead to additional government regulation, which could have a negative effect on our business. In addition, actual or perceived
health risks of wireless communications devices could result in fewer new network subscribers, lower network usage per subscriber, higher churn rates, product liability lawsuits or less outside financing being available to the wireless
communications industry. Epidemics, pandemics and other health risks could also occur which could adversely affect our ability to maintain our networks operational and provide services to our customers. Any of these events could have an adverse
effect on our business and results of operations.</font></P>

<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>57</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
RISK MANAGEMENT PRACTICES</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">BCE Inc.&#146;s audit committee (Audit Committee) is responsible for the oversight of our risk management processes. Such processes are designed to manage, rather than eliminate, certain risks affecting us and achievement of our business objectives.
The Audit Committee also takes into account significant social, environmental and ethical matters that relate to our business and reviews annually our corporate social responsibility program.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have enterprise-wide risk assessment processes which incorporate the internal control and enterprise risk management frameworks of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Risk
assessment and evaluation is an important part of the annual business planning cycle. In developing their annual plans, BCE&#146;s business units identify and assess significant risks to the achievement of their business objectives and where
necessary develop mitigation plans. The risk information generated is reviewed with senior management and BCE Inc.&#146;s board of directors in evaluating the business plans for each of the business units and the company as a whole. The Internal
Audit group plans its annual activities employing a risk-based review of internal control processes in the company. Throughout the year the Internal Audit group carries out continuing assessments of the quality of controls. On a quarterly basis, the
Internal Audit group reports to the Audit Committee on the status of adherence to our internal control policies and on areas identified for specific improvement. The Internal Audit group also promotes effective risk management in our lines of
business.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee considers the effectiveness of the operation of our internal control procedures, reviewing reports from the Internal Audit group and BCE Inc.&#146;s external auditors. The Audit Committee reports its
conclusions to BCE Inc.&#146;s board of directors.</font></P>
<P align="left">
<B><font size="4">Our Accounting Policies</font></B></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="2">This section discusses key estimates and assumptions that management has made and how they affect the amounts reported in the financial statements and notes. It also describes key changes in accounting standards and our accounting policies, and
how they affect our financial statements.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><I><font size="2">We have prepared our consolidated financial statements according to Canadian GAAP. Other significant accounting policies, not involving the same level of measurement uncertainty as those discussed in this section,
are nevertheless important to an understanding of our financial statements. Estimates related to revenues, allowance for doubtful accounts, useful lives of capital assets, asset impairments, inventory reserves, employee compensation plans,
evaluation of minimum lease terms for operating leases, and business combinations require difficult judgments on complex matters that are often subject to multiple sources of authoritative guidance. There were no significant changes to the estimates
we made in the past three years. See Note 1 to the consolidated financial statements for more information about the accounting principles we used to prepare our financial statements.</font></I></P>
<P align="left">
CRITICAL ACCOUNTING ESTIMATES</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">As required under Canadian GAAP, we make estimates when we account for and report assets, liabilities, revenues and expenses, and disclose contingent assets and liabilities in our financial statements. We are also required to regularly evaluate the
estimates that we make. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We base our estimates on a number of factors, including historical experience, current events and actions that we may undertake in the future, and other assumptions that we believe are reasonable based on information
available at the time they are made. Given the inherent uncertainty involved in making estimates, actual results reported in future periods could differ from these estimates.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider the estimates described in this section to be an important part of understanding our financial statements because they require management to make assumptions about matters that are highly uncertain at the
time the estimate was made and changes to these estimates could have a material impact on our financial statements.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior management has discussed the development and selection of the critical accounting estimates described in this section with the Audit Committee of our board of directors. The Audit Committee has reviewed these
critical accounting estimates.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">58 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any sensitivity analysis included in this section should be used with caution as the changes are hypothetical and the impact of changes in each key assumption may not be linear.</font></P>
<P align="left">
Employee Benefit Plans</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="2">We maintain defined benefit plans that provide pension and other post-employment benefits for most of our employees. The amounts reported in the financial statements relating to these benefits are determined using actuarial calculations that are
based on several assumptions.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We perform a valuation at least every three years to determine the actuarial present value of the accrued pension and other retirement benefits. The valuation uses management&#146;s assumptions for the discount rate,
expected long-term rate of return on plan assets, rate of compensation increase, trends in healthcare costs and expected average remaining years of service of employees.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While we believe that these assumptions are reasonable, differences in actual results or changes in assumptions could materially affect employee benefit obligations and future net benefit plans costs.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We account for differences between actual and assumed results by recognizing differences in benefit obligations and plan performance over the estimated average working lives of the employees who benefit from the plans.
</font>
</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The two most significant assumptions used to calculate the net employee benefit plans cost are the discount rate and the expected long-term rate of return on plan assets. Each of our operating segments is affected by
these assumptions.</font></P>
<P align="left">
<I>Discount Rate</I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="2">The discount rate is the interest rate used to determine the present value of the future cash flows that we expect will be needed to settle employee benefit obligations. It is based on the yield on long-term high-quality corporate fixed income
investments, with maturities matching the estimated cash flows from the plan.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine the appropriate discount rate at the end of every year. Our discount rate was 5.6% at December 31, 2007, an increase from 5.3% at December 31, 2006. The following table shows the impact of a 0.5% increase
and a 0.5% decrease in the discount rate on the net benefit plans cost for 2008 and the accrued benefit asset at December 31, 2008.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>IMPACT ON </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>ACCRUED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>IMPACT ON </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>BENEFIT </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>NET BENEFIT </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>ASSET AT </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>PLANS COST </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>DECEMBER 31, </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>FOR 2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<I><FONT size=1>INCREASE/</FONT></I><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<I><FONT size=1>INCREASE/</FONT></I><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<I><FONT size=1>(DECREASE)</FONT></I><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<I><FONT size=1>(DECREASE)</FONT></I><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Discount rate increased to 6.1%</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Wireline </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(26 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>26 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Wireless </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(17 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>17 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(45 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>45 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
&nbsp;</TD>
	<TD align=left width="12%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="12%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Discount rate decreased to 5.1%</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Wireline </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>87 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(87 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Wireless </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>17 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(17 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>107 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(107 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font size="2">Although there is no immediate impact on our balance sheet, a lower discount rate results in a higher accrued benefit obligation and a lower pension surplus. This means that we may have to increase cash contributions to the pension fund.</font></P>
<P align="left">
<I>Expected Long-Term Rate of Return</I></P>
<P align="left">
<font size="2">The expected long-term rate of return is a weighted average rate of our forward-looking view of long-term returns on each of the major plan asset categories in our funds.</font></P>

<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report 59</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine the appropriate expected long-term rate of return at the end of every year. We assumed an expected long-term rate of return on plan assets of 7.5% in 2007, which is the same as it was in 2006. The following
table shows the impact of a 0.5% increase and a 0.5% decrease in the expected rate of return on plan assets on the net benefit plans cost for 2008 and the accrued benefit asset as at December 31, 2008.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>IMPACT ON </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>ACCRUED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>IMPACT ON </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>BENEFIT </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>NET BENEFIT </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>ASSET AT </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>PLANS COST </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>DECEMBER 31, </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>FOR 2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<I><FONT size=1>INCREASE/</FONT></I><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<I><FONT size=1>INCREASE/</FONT></I><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<I><FONT size=1>(DECREASE)</FONT></I><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<I><FONT size=1>(DECREASE)</FONT></I><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" colspan=2>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Expected rate of return increased to 8.0%</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Wireline </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(59 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>59 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Wireless </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(13 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>13 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(73 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>73 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" colspan=2>
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="12%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" colspan=2>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Expected rate of return decreased to 7.0%</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Wireline </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>59 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(59 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Wireless </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>13 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(13 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>73 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(73 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font size="2">Although there is no immediate impact on our balance sheet, poor fund performance results in a lower fair value of plan assets and a lower pension surplus. This means that we may have to increase cash contributions to the pension fund.</font></P>
<P align="left">
Useful Lives of Property, Plant and Equipment</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="2">We review estimates of the useful lives of property, plant and equipment on a periodic basis and adjust them on a prospective basis,if necessary.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant proportion of our total assets consist of property, plant and equipment. Changes in technology or in our intended use of these assets, as well as changes in business prospects or economic and industry
factors may cause the estimated useful lives of these assets to change.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We perform internal studies to assess the appropriateness of depreciable lives of property, plant and equipment. These studies use models, which take into account actual and expected future usage, physical wear and
tear, replacement history, and assumptions about technology evolution, to calculate the remaining life of our assets. When these factors indicate that assets&#146; useful lives are different from the original assessment, we depreciate the remaining
carrying values prospectively over the adjusted estimated useful lives.</font></P>
<P align="left">
Goodwill Impairment</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="2">We assess goodwill impairment of individual reporting units in the fourth quarter of every year and when events or changes in circumstances indicate that goodwill might be impaired.
</font> </I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">We assess goodwill impairment in two steps:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">we identify any potential impairment by comparing the fair value of a reporting unit to its carrying value. Fair value is based on estimates of discounted future cash flows or other valuation methods. When the fair value of a reporting unit
is less than its carrying value, fair values are determined for all of its identifiable assets and liabilities. The excess of the fair value of the reporting unit over the total of the amounts assigned to its assets and liabilities is the fair value
of goodwill.</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">an impairment charge is deducted from earnings for any excess of the carrying value of goodwill over its fair value.</font></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We make a number of significant estimates when calculating fair value using discounted future cash flows or other valuation methods. These estimates include the assumed growth rates for future cash flows, the numbers of
years used in the cash flow model, the discount rate and others.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that all of our estimates are reasonable. They are consistent with our internal planning and reflect our best estimates, but they have inherent uncertainties that management may not be able to control.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any changes in each of the estimates used could have a material impact on the calculation of the fair value and resulting impairment charge. As a result, we are unable to reasonably quantify the changes in our overall
financial performance if we had used different assumptions. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the asset values we have reported.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no impairment charges recorded in 2007, 2006 or 2005.</font></P>
<P align="left">
Contingencies</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="2">We become involved in various litigation and regulatory matters as a part of our business. Each of our operating segments may be affected. Pending litigation, regulatory initiatives or regulatory proceedings represent potential financial loss to
our business.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We accrue a potential loss if we believe the loss is probable and it can be reasonably estimated. We base our decision on information that is available at the time. We estimate the amount of the loss by consulting with
the outside legal counsel that is handling our defence. This involves analyzing potential outcomes and assuming various litigation and settlement strategies.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">60 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the final resolution of a legal or regulatory matter results in a judgment against us or requires us to pay a large settlement, it could have a material effect on our results of operations, cash flows and financial
position in the period in which the judgment or settlement occurs. Any accrual would be charged to operating income and included in <I>Accounts payable and accrued liabilities </I>or </font>
<I><font size="2">Other long-term liabilities</font></I><font size="2">. Any cash settlement would be deducted from cash from operating activities.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of our operating segments had any significant provisions relating to pending litigation, regulatory initiatives or regulatory proceedings at December 31, 2007. We have not made any significant changes to our
estimates in the past two years.</font></P>
<P align="left">
Income Taxes</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Management believes that it has sufficient amounts accrued for outstanding income tax matters based on all of the information that is currently available. In addition, the calculation of income tax expense requires significant judgment in
interpreting tax rules and regulations, which are changing constantly. Each of our operating segments may be affected.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our tax filings are also subject to audits, the outcome of which could materially change the amount of current and future income tax assets and liabilities. Any change would be recorded as a charge or a credit to income
tax expense. Any cash payment or receipt would be included in cash from operating activities.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no significant changes to the estimates we made in the past two years.</font></P>
<P align="left">
RECENT CHANGES TO ACCOUNTING STANDARDS</P>
<P align="left">
Accounting Changes</P>
<P align="left">
<font size="2">The CICA issued section 1506 of the CICA Handbook, <I>Accounting Changes</I>, which establishes criteria for changing accounting policies and describes how to apply changes in accounting policies, accounting estimates, and changes resulting from the
correction of errors. These changes, including the related disclosure requirements, came into effect as of January 1, 2007 and did not impact our financial statements.</font></P>
<P align="left">
Comprehensive Income</P>
<P align="left">
<font size="2">The CICA issued section 1530 of the CICA Handbook, <I>Comprehensive Income</I>, which describes how to report and disclose comprehensive income and its components. Comprehensive income is the change in our net assets that results from transactions,
events and circumstances from sources other than shareholders. It includes items that would not normally be included in net earnings, such as:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">changes in the currency translation adjustment relating to self-sustaining foreign operations
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">unrealized gains or losses on available-for-sale investments
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">gains and losses on cash flow hedges. </font>
	</P></li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">The CICA also made related changes to section 3250 of the CICA Handbook, <I>Surplus </I>(reissued as section 3251, <I>Equity</I>) and section 1650 of the CICA Handbook, <I>Foreign Currency Translation </I>(reissued as section 1651, <I>Foreign
Currency Translation</I>).</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January 1, 2007, we report accumulated other comprehensive income and its components in the consolidated financial statements. Details of the transition adjustments are presented in Note 23, <I>Accumulated
Other Comprehensive Income (Loss)</I>. </font> </P>
<P align="left">
Financial Instruments and Hedges</P>
<P align="left">
<font size="2">The CICA issued section 3855 of the CICA Handbook,</font><I><font size="2"> Financial Instruments &#150; Recognition and Measurement</font></I><font size="2">, which describes the standards for recognizing and measuring financial assets, financial liabilities and derivatives. This section requires that: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">all financial assets be measured
at fair value, with some exceptions for loans and receivables and investments that are classified as held-to-maturity
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">all financial liabilities be measured at fair value if they are derivatives or classified as held for trading purposes.
Other financial liabilities are measured at their amortized cost.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">all derivative financial instruments be measured at fair value, even when they are part of a hedging relationship.
	</font></P></li>
</ul>

<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report 61</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">The  CICA has also reissued section 3860 of the CICA Handbook as section 3861, <I>Financial Instruments &#150; Disclosure and Presentation</I>, which establishes standards for presentation of financial instruments and non-financial derivatives, and
identifies the information that should be disclosed about them. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CICA issued section 3865 of the CICA Handbook,  <I>Hedges</I>, which describes how and when hedge accounting can be used.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedging is an activity used to change an exposure to one or more risks by creating an offset between:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">changes in the fair value of a hedged item and a hedging item, or
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">changes in the cash flows
attributable to a hedged item and a hedging item, or </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">changes resulting from a risk exposure related to a hedged item and a hedging item.
	</font></P></li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Under hedge accounting, all gains, losses, revenues and expenses from the derivative and the item it hedges are recorded in the statement of operations in the same period.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Details of the transition adjustments are presented in the statement of deficit and in Note 23, <I>Accumulated Other Comprehensive Income (Loss)</I>.</font></P>
<p align="left">FUTURE CHANGES TO ACCOUNTING STANDARDS</p>
<P align="left">
General Standards of Financial Presentation </P>
<P align="left">
<font size="2">The CICA amended section 1400 of the CICA Handbook, </font><I>
<font size="2">General Standards of Financial Statement Presentation</font></I><font size="2">, to include a requirement that management make an assessment of an entity&#146;s ability to continue as a going concern when preparing financial statements. These changes came into effect
on January 1, 2008. </font> </P>
<P align="left">
Capital Disclosures</P>
<P align="left">
<font size="2">The CICA issued section 1535 of the CICA Handbook, <I>Capital Disclosures</I>, which establishes standards for disclosing qualitative and quantitative information about an entity&#146;s capital and how it is managed to enable users to evaluate the
objectives, policies and processes for managing capital. These changes came into effect on January 1, 2008.</font></P>
<P align="left">
Inventory</P>
<P align="left">
<font size="2">The CICA issued section 3031 of the CICA Handbook, <I>Inventories</I>, which establishes guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to net realizable value. It also provides guidance
on the cost formulas that are used to assign costs to inventories. These changes came into effect on January 1, 2008 and the effect of adopting this section was not significant.</font></P>
<P align="left">
Goodwill and Intangible Assets</P>
<P align="left">
<font size="2">The CICA issued section 3064, <I>Goodwill and Intangible Assets</I>, which establishes standards for the recognition, measurement, presentation and disclosure of intangible assets. Standards relating to goodwill are unchanged from those included in
section 3062. This section comes into effect on January 1, 2009, replacing section 3062, </font>
<I><font size="2">Goodwill and Other Intangible Assets </font> </I>
<font size="2">and section 3450, <I>Research and Development Costs</I>. We are currently evaluating the effect of adopting this section on our consolidated financial statements.</font></P>
<P align="left">
Financial Instruments</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">The CICA issued section 3862, <I>Financial Instruments &#150;Disclosures </I>and 3863, <I>Financial Instruments &#150; Presentation</I>, of the CICA Handbook.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3862 establishes disclosure requirements that enable users to evaluate: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the significance of financial instruments for the entity&#146;s financial position and performance; and
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the nature and extent
of risks arising from financial instruments to which the entity is exposed during the period and at the balance sheet date, and how the entity manages those risks.</font></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Section 3863 establishes standards for presentation of financial instruments and non-financial derivatives. It deals with the classification of financial instruments, from the perspective of the issuer, between liabilities and equity, the classification of related interest, dividends, losses and gains, and the circumstances in which financial assets and financial liabilities are offset.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These two sections came into effect on January 1, 2008 replacing section 3861, <I>Financial Instruments &#150; Disclosures and Presentation</I>.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">62 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>
<P align="left">
<b><font size="4">Controls and Procedures</font></b></P>
<P align="left">
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us is recorded, processed, summarized and reported within the time periods specified under Canadian and U.S. securities
laws and include controls and procedures that are designed to ensure that the information is accumulated and communicated to management, including BCE Inc.&#146;s President and Chief Executive Officer (CEO) and Chief Financial Officer (CFO), to
allow timely decisions regarding required disclosure.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2007, an evaluation of the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the <I>U.S. Securities Exchange Act of 1934 </I>and under <I>Multilateral
Instrument 52-109</I>, was carried out by our management under the supervision, and with the participation, of the President and CEO and the CFO. Based on that evaluation, the President and CEO and the CFO concluded that the design and operation of
our disclosure controls and procedures were effective as at December 31, 2007.</font></P>
<P align="left">
INTERNAL CONTROL OVER FINANCIAL REPORTING</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f ) under the <I>U.S. Securities Exchange Act of 1934 </I>and under <I>Multilateral Instrument 52-109</I>.
Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Management
evaluated the design and operation of our internal control over financial reporting as of December 31, 2007, based on the framework and criteria established in <I>Internal Control &#150; Integrated Framework </I>issued by the COSO, and has concluded
that our internal control over financial reporting is effective. There are no material weaknesses that have been identified by management.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No changes were made in our internal control over financial reporting during the year ended December 31, 2007 that have materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.</font></P>
<P align="left">
<B><font size="4">Non-GAAP Financial Measures</font></B></P>
<P align="left">
<I><font size="2">This section describes the non-GAAP financial measures we use in the MD&amp;A to explain our financial results. It also provides reconciliations of the non-GAAP financial measures to the most comparable Canadian GAAP financial measures.</font></I></P>
<P align="left">
EBITDA</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="2">The term EBITDA (earnings before interest, taxes, depreciation and amortization of intangible assets) does not have any standardized meaning according to GAAP. It is therefore unlikely to be comparable to similar measures presented by other
companies.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><I><font size="2">We define EBITDA as operating revenues less cost of revenue and selling, general and administrative expenses, meaning it represents operating income before depreciation, amortization of intangible assets and
restructuring and other.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use EBITDA, among other measures, to assess the operating performance of our ongoing businesses without the effects of depreciation, amortization of intangible assets and restructuring and other. We exclude these
items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. We exclude depreciation and amortization of intangible assets because it largely depends on the
accounting methods and assumptions a company uses, as well as non-operating factors such as the historical cost of capital assets. Excluding restructuring and other does not imply they are non-recurring.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA allows us to compare our operating performance on a consistent basis. We believe that certain investors and analysts use EBITDA to measure a company&#146;s ability to service debt and to meet other payment
obligations, or as a common measurement to value companies in the telecommunications industry.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>63</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Management&#146;s Discussion and Analysis</P>

<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measure is operating income. The following tables are reconciliations of operating income to EBITDA on a consolidated basis for BCE and Bell Canada.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>BCE </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="66%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Operating income</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,439</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3,299 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3,728 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,199</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3,128 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3,061 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>336</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>355 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>55 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="66%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>EBITDA</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>6,974</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>6,782 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>6,844 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="66%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="66%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Operating income</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,609</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,492 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,886 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,574</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,488 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,375 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>313</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>300 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>58 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="66%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>EBITDA</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>5,496</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>5,280 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>5,319 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="66%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
OPERATING INCOME BEFORE RESTRUCTURING AND OTHER</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">The term operating income before restructuring and other does not have any standardized meaning according to Canadian GAAP. It is therefore unlikely to be comparable to similar measures presented by other companies.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use operating income before restructuring and other, among other measures, to assess the operating performance of our ongoing businesses without the effects of restructuring and other. We exclude these items because
they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding restructuring and other does not imply they are non-recurring.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measure is operating income. The following tables are reconciliations of operating income to operating income before restructuring and other on a consolidated basis for BCE
and Bell Canada. </font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="1">BCE </font>
	</TD>
	<TD align=right width="10%">
<B><font size="1">2007</font></B><font size="1"> </font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font size="1">2006 </font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font size="1">2005 </font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<B><FONT size=2>Operating income</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,439</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3,299 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3,728 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>336</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>355 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>55 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<B><FONT size=2>Operating income before restructuring and other</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,775</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3,654 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3,783 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<B><FONT size=2>Operating income</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,609</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,492 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,886 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>313</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>300 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>58 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<B><FONT size=2>Operating income before restructuring and other</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,922</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,792 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,944 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
NET EARNINGS BEFORE RESTRUCTURING AND OTHER, NET GAINS ON
INVESTMENTS, AND COSTS INCURRED TO FORM BELL ALIANT</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">The term net earnings before restructuring and other, net gains on investments, and costs incurred to form Bell Aliant does not have any standardized meaning according to Canadian GAAP. It is therefore unlikely to be comparable to similar measures
presented by other companies.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use net earnings before restructuring and other, net gains on investments, and costs incurred to form Bell Aliant, among other measures, to assess the operating performance of our ongoing businesses without the
effects of after-tax restructuring and other, net gains on investments, and costs incurred to form Bell Aliant. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of
trends in business performance. Excluding these items does not imply they are non-recurring.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measure is net earnings applicable to common shares.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table is a reconciliation of net earnings applicable to common shares to net earnings before restructuring and other, net gains on investments, and costs incurred to form Bell Aliant on a consolidated
basis and per BCE Inc. common share.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">64 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Management&#146;s Discussion and Analysis</P>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=center width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="16%" colspan="3">
<B><FONT size=1>2007</FONT></B></TD>
	<TD align=center width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="16%" colspan="3">
<font size="1">2006
	</font>
	</TD>
	<TD align=center width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="16%" colspan="3">
<font size="1">2005
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD align="center">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;	</font>	</TD>
	<TD colspan=3 align="center">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align="center">
&nbsp;</TD>
	<TD colspan=3 align="center">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align="center">
&nbsp;</TD>
	<TD colspan=3 align="center">
<HR noshade size=1 color="#000000">
	</TD>
	<TD>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=1>TOTAL </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=1>PER SHARE </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=1>TOTAL </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=1>PER SHARE </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=1>TOTAL </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=1>PER SHARE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=12>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net earnings applicable to common shares</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width=7%>
<B><FONT size=2>3,926</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<B><FONT size=2>4.88</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>1,937 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>2.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>1,891 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>2.04 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restructuring and other </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width=7%>
<B><FONT size=2>210</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<B><FONT size=2>0.26</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>222 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>0.26 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>37 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>0.04 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net gains on investments </FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width=7%>
<B><FONT size=2>(2,252</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=7%>
<B><FONT size=2>(2.80</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>(525 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>(0.61 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>(27 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>(0.03 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other costs incurred to form Bell Aliant </FONT><SUP><FONT size=2>(3)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width=7%>
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>42 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>0.05 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=12>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net earnings before restructuring and other, net gains on investments, and costs incurred to form Bell Aliant</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=7%>
<B><FONT size=2>1,884</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<B><FONT size=2>2.34</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>1,676 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>1.95 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>1,901 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=2>2.05 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=12>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>
</font><I><font size="1">(1) Includes transaction costs associated with the formation of Bell Aliant. These costs relate mainly to financial advisory, professional and consulting fees. In 2006, we incurred &#36;138 million (&#36;77 million after tax and non-controlling
interest).</font></I><P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(2) Amounts for 2006 include the recognition of a future tax asset of &#36;434 million, representing the tax-effected amount of approximately &#36;2,341 million of previously unrecognized capital loss carryforwards.
</font> </I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(3) Premium cost incurred by Bell Aliant on early redemption of long-term debt as a result of the formation of Bell Aliant. In 2006, we incurred &#36;122 million (&#36;42 million after tax and non-controlling interest).</font></I></P>
<P align="left">
FREE CASH FLOW</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="2">We define free cash flow as cash from operating activities after capital expenditures, total dividends and other investing activities.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term free cash flow does not have any standardized meaning according to Canadian GAAP. It is therefore unlikely to be comparable to similar measures presented by other companies.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider free cash flow to be an important indicator of the financial strength and performance of our business because it shows how much cash is available to repay debt and reinvest in our company. We present free
cash flow consistently from period to period, which allows us to compare our financial performance on a consistent basis.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that certain investors and analysts use free cash flow to value a business and its underlying assets.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measure is cash from operating activities. The following table is a reconciliation of cash from operating activities to free cash flow on a consolidated basis.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=70%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=70%>
<p align="left">
<B><FONT size=2>Cash flows from operating activities</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<B><FONT size=2>5,704</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2>5,366 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2>5,319 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=70%>
<FONT size=2>Capital expenditures </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<B><FONT size=2>(3,151</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2>(3,133 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2>(3,357 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=70%>
<FONT size=2>Total dividends paid </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<B><FONT size=2>(1,675</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2>(1,546 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2>(1,450 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=70%>
<FONT size=2>Other investing activities </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<B><FONT size=2>13</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2>39 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=70%>
<B><FONT size=2>Free cash flow</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<B><FONT size=2>891</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2>685 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2>551 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>

</font>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>65</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
&nbsp;</P>

<P align="left">
<b><font size="5">Reports on Internal Control</font></b></P>
<p align="left">MANAGEMENT&#146;S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING</p>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">Management of BCE Inc. (BCE) is responsible for establishing and maintaining adequate internal control over financial reporting under the supervision of the President and Chief Executive Officer and the Chief Financial Officer. Internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis. Also, projections of any evaluation of the effectiveness of internal control over
financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management evaluated the design and operation of BCE&#146;s internal control over financial reporting as of December 31, 2007, based on the framework and criteria established in <I>Internal Control &#150; Integrated
Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission and has concluded that such internal control over financial reporting is effective. There are no material weaknesses that have been identified by
management.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s internal control over financial reporting as of December 31, 2007 has been audited by Deloitte &amp; Touche LLP, Independent Registered Chartered Accountants, who also audited BCE&#146;s consolidated
financial statements for the year ended December 31, 2007. Deloitte &amp; Touche issued an unqualified opinion on the effectiveness of BCE&#146;s internal control over financial reporting.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<font size="2">
<img border="0" src="bce_engpmx66x1.jpg" width="149" height="47">
<BR>
Michael J. Sabia</font><I><font size="2"><br>
President and Chief Executive Officer</font></I><p><font size="2">
<img border="0" src="bce_engpmx66x2.jpg" width="176" height="39">
<BR>
Siim A.Vanaselja</font><I><font size="2"><br>
Chief Financial Officer</font></I></p>
<font size="2">
<img border="0" src="bce_engpmx66x3.jpg" width="180" height="42">
<BR>
Karyn A. Brooks</font><I><font size="2"><br>
Senior Vice-President and Controller</font></I><P align="left">
<font size="2">March 5, 2008</font></P>
<P align="left" style="margin-bottom: 0">
<font face="Times New Roman" size="2">66 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0" align="right">
<font face="Times New Roman" size="2"><i>&nbsp;</i></font>Reports on Internal Control</P>

<P align="left">
REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">To the Board of Directors and Shareholders of BCE Inc. </font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have audited the internal control over financial reporting of BCE Inc. and subsidiaries (the &#147;Company&#148;) as at December 31, 2007, based on the criteria established in <I>Internal
Control &#150; Integrated Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company&#146;s management is responsible for maintaining effective internal control over financial reporting and for its
assessment of the effectiveness of internal control over financial reporting included in the accompanying Management&#146;s Report on
Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company&#146;s
internal control over financial reporting based on our audit.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists,
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis
for our opinion.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A company&#146;s internal control over financial reporting is a process designed by, or under the supervision of, the company&#146;s principal executive and principal financial officers, or persons performing similar
functions, and effected by the company&#146;s board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company&#146;s assets that could have a material effect on the financial statements.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not
be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
</font> </P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as at December 31, 2007, based on the criteria established in <I>Internal Control &#150; Integrated
Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also audited, in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements as at and
for the year ended December 31, 2007 of the Company and our report dated March 5, 2008 expressed an unqualified opinion on those financial statements.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<font size="2">
<img border="0" src="bce_engpmx67x1.jpg" width="229" height="44">
<BR>
Deloitte &amp; Touche LLP</font><I><font size="2"><br>
Independent Registered Chartered Accountants</font></I><P align="left">
<font size="2">Montr&eacute;al, Canada <br>
March 5, 2008</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>67</font></P>

<hr color="#000000" size="1">

<P align="left">
<font size="5">Consolidated Financial Statements</font></P>
<P align="left">
MANAGEMENT&#146;S RESPONSIBILITY FOR FINANCIAL REPORTING</P>
<P align="left">
<font size="2">These financial statements form the basis for all of the financial information that appears in this annual report.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements and all of the information in this annual report are the responsibility of the management of BCE Inc. and have been reviewed and approved by the board of directors. The board of directors is
responsible for ensuring that management fulfills its financial reporting responsibilities. Deloitte &amp; Touche LLP, Independent Registered Chartered Accountants, have audited the financial statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management has prepared the financial statements according to generally accepted accounting principles. Under these principles, management has made certain estimates and assumptions that are reflected in the financial
statements and notes. Management believes that these financial statements fairly present BCE&#146;s consolidated financial position, results of operations and cash flows.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management has a system of internal controls designed to provide reasonable assurance that the financial statements are accurate and complete in all material respects. This is supported by an internal audit group that
reports to the Audit Committee, and includes communication with employees about policies for ethical business conduct. Management believes that the internal controls provide reasonable assurance that our financial records are reliable and form a proper basis for preparing the financial statements, and that our assets are properly accounted for and safeguarded.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors has appointed an Audit Committee, which is made up of unrelated and independent directors. The Audit Committee&#146;s responsibilities include reviewing the financial statements and other
information in this annual report, and recommending them to the board of directors for approval. You will find a description of the Audit Committee&#146;s other responsibilities on page 114 of this annual report. The internal auditors and the
shareholders&#146; auditors have free and independent access to the Audit Committee.</font></P>
<P align="left">
<img border="0" src="bce_engpmx66x1.jpg" width="149" height="47"></P>
<P align="left">
<font size="2">Michael J. Sabia</font><I><font size="2"><br>
President and Chief Executive Officer</font></I></P>
<P align="left">
<img border="0" src="bce_engpmx66x2.jpg" width="176" height="39"></P>
<P align="left">
<font size="2">Siim A.Vanaselja</font><I><font size="2"><br>
Chief Financial Officer</font></I></P>
<P align="left">
<img border="0" src="bce_engpmx66x3.jpg" width="180" height="42"></P>
<P align="left">
<font size="2">Karyn A. Brooks</font><I><font size="2"><br>
Senior Vice-President and Controller</font></I></P>
<P align="left">
<font size="2">March 5, 2008</font></P>
<hr noshade size="1" color="#000000" width="98%">
<P align="left">
&nbsp;</P>
<p align="left">REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS</p>
<P align="left">
<font size="2">To the Board of Directors and Shareholders of BCE Inc. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have audited the accompanying consolidated balance sheets of BCE Inc. and subsidiaries (the &#147;Company&#148;) as at December 31, 2007 and 2006, and the related consolidated statements of
operations, comprehensive income, deficit and cash flows for each of the three years in the period ended December 31, 2007. These financial statements are the responsibility of the Company&#146;s management. Our responsibility is to express an
opinion on these financial statements based on our audits.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the consolidated financial statements for the years ended December 31, 2007 and 2006, we conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the
Public Company Accounting Oversight Board (United States). With respect to the consolidated financial statements for the year ended December 31, 2005, we conducted our audit in accordance with Canadian generally accepted auditing standards. These
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of BCE Inc. and subsidiaries as at December 31, 2007 and 2006, and the results of their operations
and their cash flows for each of the three years in the period ended December 31, 2007 in accordance with Canadian generally accepted accounting principles.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company&#146;s internal control over financial reporting as of December 31, 2007, based on the
criteria established in <I>Internal Control &#150; Integrated Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 5, 2008 expressed an unqualified opinion on the Company&#146;s
internal control over financial reporting.</font></P>
<P align="left">
<img border="0" src="bce_engpmx67x1.jpg" width="229" height="44"></P>
<P align="left">
<font size="2">Deloitte &amp; Touche LLP</font><I><font size="2"><br>
Independent Registered Chartered Accountants</font></I></P>
<P align="left">
<font size="2">Montr&eacute;al, Canada <br>
March 5, 2008</font></P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">68 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Consolidated Financial Statements</P>

<P align="left">
<font size="5">Consolidated Statements of Operations</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>FOR THE YEAR ENDED DECEMBER 31 </FONT><I><FONT size=1>(in &#36; millions, except share amounts)</FONT></I><font size="1">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Operating revenues</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>17,866</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>17,656 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>17,551 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cost of revenue, exclusive of depreciation and amortization </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(4,170</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(4,020 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(4,048 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Selling, general and administrative expenses </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(6,722</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(6,854 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(6,659 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Depreciation </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>12 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(2,550</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2,505 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2,511 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Amortization of intangible assets </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(649</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(623 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(550 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>4 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(336</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(355 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(55 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Total operating expenses </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(14,427</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(14,357 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(13,823 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Operating income</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,439</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3,299 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3,728 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other income (expense) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>5 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,395</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(188 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>12 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Interest expense </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>6 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(859</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(940 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(934 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Pre-tax earnings from continuing operations</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4,975</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,171 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,806 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>7 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(725</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(74 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(792 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-controlling interest </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(332</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(217 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(191 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Earnings from continuing operations</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,918</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,880 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,823 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>8 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>139</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>127 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>138 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net earnings</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4,057</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,007 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,961 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Dividends on preferred shares </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(131</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net earnings applicable to common shares</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,926</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,937 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,891 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net earnings per common share &#150; basic</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>9 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4.71</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2.10 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1.89 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Discontinued operations </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>0.17</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>0.15 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>0.15 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4.88</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2.04 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net earnings per common share &#150; diluted</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>9 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4.70</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2.10 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1.89 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Discontinued operations </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>0.17</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>0.15 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>0.15 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4.87</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2.04 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Dividends per common share</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1.46</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Average number of common shares outstanding &#150; basic (millions) </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>804.8</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>861.4 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>926.8 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan="8">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font size="5">Consolidated Statements of Comprehensive Income</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>FOR THE YEAR ENDED DECEMBER 31 </FONT><I><FONT size=1>(in &#36; millions)</FONT></I><font size="1">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net earnings</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4,057</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,007 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,961 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other comprehensive (loss) income &#150; net of income taxes and non-controlling interest </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Net change in unrealized gains on available-for-sale financial assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1, 23 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>49</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Net change in gains on derivatives designated as cash flow hedges </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1, 23 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>16</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Net change in unrealized gains on currency translation adjustment (CTA) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1, 23 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>71 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>(17 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Other comprehensive income (loss)</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>63</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>71 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>(17 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Comprehensive income</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4,120</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,078 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,944 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan="8">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font size="5">Consolidated Statements of Deficit</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>FOR THE YEAR ENDED DECEMBER 31 </FONT><I><FONT size=1>(in &#36; millions)</FONT></I><font size="1">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Balance at beginning of year</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(4,343</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(4,763 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(5,432 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Adjustment to deficit upon adoption of new financial instruments accounting standards on January 1, 2007 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4,057</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,007 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,961 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Dividends declared on preferred shares </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(131</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Dividends declared on common shares </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,172</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,132 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,222 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Excess of purchase price over stated capital of common shares cancelled and related contributed surplus </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>21 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(95</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(384 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Balance at end of year</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,679</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(4,343 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(4,763 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan="8" width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>69</font></P>

<hr color="#000000" size="1">
<p style="text-align: left; margin-top: 0">Consolidated Financial Statements</p>

<P align="left">
<font size="5">Consolidated Balance Sheets</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>AT DECEMBER 31 </FONT><I><FONT size=1>(in &#36; millions)</FONT></I><font size="1">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Assets</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR size=1 color="#000000" style="border: 1px dotted #000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Current assets</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash and cash equivalents </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,658</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>569 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Accounts receivable </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>10 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,940</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,864 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Future income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>7 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>71</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>662 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Inventory </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>11 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>266</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>329 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Prepaid expenses </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>277</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>235 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Current assets of discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>8 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total current assets</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>5,212</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3,684 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Capital assets</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Property, plant and equipment </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>18,600</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>19,533 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Finite-life intangible assets </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,491</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,546 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Indefinite-life intangible assets </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,913</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,902 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total capital assets</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>12 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>24,004</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>24,981 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Other long-term assets</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>13 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,674</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3,030 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Goodwill</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>14 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>5,907</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>5,475 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Non-current assets of discontinued operations</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>8 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total assets</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>37,797</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>37,171 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Liabilities</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000" style="border: 1px dotted #000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Current liabilities</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Accounts payable and accrued liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>15 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,293</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3,234 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Interest payable </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>145</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>165 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Dividends payable </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>337</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>315 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Debt due within one year </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>16 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>717</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>972 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Current liabilities of discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>8 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total current liabilities</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4,492</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>4,688 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Long-term debt</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>17 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>10,621</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>11,795 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Other long-term liabilities</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>18 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4,349</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>5,139 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Non-current liabilities of discontinued operations</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>8 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total liabilities</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>19,462</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>21,624 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Non-controlling interest</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>14, 19, 21 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,103</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,180 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Commitments and contingencies</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>25 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Shareholders&#146; Equity</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR size=1 color="#000000" style="border: 1px dotted #000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Preferred shares</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>21 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,770</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,670 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Common shareholders&#146; equity</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Common shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>14, 21 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>13,536</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>13,487 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Contributed surplus </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>14, 21 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,537</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,555 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Accumulated other comprehensive income (loss) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1, 23 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>68</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Deficit </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,679</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(4,343 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total common shareholders&#146; equity</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>14,462</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>11,697 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total shareholders&#146; equity</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>17,232</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>13,367 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total liabilities and shareholders&#146; equity</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>37,797</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>37,171 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan="6" width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>
On behalf of the board of directors:</font><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="50%">
		<img border="0" src="bce_engpmx70x1.jpg" width="159" height="53"></td>
		<td width="50%">
		<img border="0" src="bce_engpmx70x2.jpg" width="170" height="83"></td>
	</tr>
	<tr>
		<td width="50%">
<I><font size="2">Director</font></I></td>
		<td width="50%">
<I><font size="2">Director</font></I></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<font size="2">
&nbsp;</font><P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">70 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Consolidated Financial Statements</P>

<P align="left">
<font size="5">Consolidated Statements of Cash Flows</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>FOR THE YEAR ENDED DECEMBER 31 </FONT><I><FONT size=1>(in &#36; millions)</FONT></I><font size="1">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Cash flows from operating activities</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4,057</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,007 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,961 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Less: Earnings from discontinued operations, net of tax </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>139</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>127 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>138 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Earnings from continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,918</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,880 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,823 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Adjustments to reconcile earnings from continuing operations to cash flows from operating activities </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3, 12 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,199</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3,128 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3,061 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>Net benefit plans cost </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>24 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>410</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>511 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>359 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3, 4 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>336</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>355 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>55 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>(Gains) losses on investments </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>5 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(2,405</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>26 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(38 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>Future income taxes </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>403</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(13 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>719 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>Non-controlling interest </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>332</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>217 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>191 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>Contributions to employee pension plans </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>24 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(265</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(172 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(206 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>Other employee future benefit plan payments </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>24 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(96</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(93 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>Payments of restructuring and other </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(118</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(225 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(171 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>Operating assets and liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>27 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(10</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(245 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(381 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Cash flows from operating activities</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>5,704</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>5,366 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>5,319 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Cash flows used in investing activities</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Capital expenditures </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(3,151</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(3,133 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(3,357 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Business acquisitions </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>14 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(163</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(71 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(228 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Business dispositions </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>14 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,123</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bell Aliant Regional Communications Income Fund (Bell Aliant) </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(7</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(255 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Going-private costs </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(49</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Increase in investments </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(27</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(304 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(233 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Decrease in investments </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>192</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>64 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>17 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other investing activities </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>13</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>39 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Cash flows used in investing activities</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(69</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(3,701 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(3,762 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Cash flows used in financing activities</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Increase (decrease) in notes payable and bank advances </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>211</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(57 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(69 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Issue of long-term debt </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,071</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>4,392 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,095 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Repayment of long-term debt </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(3,048</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(4,767 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,073 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Issue of common shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>21 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>153</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>29 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Repurchase of common shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>21 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(227</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,241 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Issue of equity securities by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>13 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Redemption of equity securities by subsidiaries from non-controlling interest </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(333</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(305 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(78 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash dividends paid on common shares </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,147</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,169 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,195 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash dividends paid on preferred shares </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(124</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(84 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(86 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(404</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(293 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(169 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other financing activities </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(66</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(157 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(64 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Cash flows used in financing activities</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(3,914</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(3,639 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,613 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash from (used in) continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,721</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,974 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(56 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash flows from discontinued operations activities </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>10 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>366 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash flows from (used in) discontinued investing activities </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>353</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,473 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(120 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash flows from (used in) discontinued financing activities </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>627 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(125 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net increase in cash and cash equivalents </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,077</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>136 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>65 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash and cash equivalents at beginning of year </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>581</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>445 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>380 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Cash and cash equivalents at end of year</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,658</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>581 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>445 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Consists of: </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>Cash and cash equivalents of continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,658</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>569 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>344 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2>Cash and cash equivalents of discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>8 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>12 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>101 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,658</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>581 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>445 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income taxes paid (net of refunds) </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>35</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>188 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>195 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Interest paid </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>881</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>941 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>932 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>

</font>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<font size="2">Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i><font size="2">
71&nbsp; </font> </P>

<HR noshade color="#000000" size="1">






<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></P>








<P align="left">
<font size="5">Notes to Consolidated Financial Statements</font></P>
<P align="left">
<I><font size="2">This section of our annual report contains the audited
consolidated financial statements of BCE Inc. and detailed notes with
explanations and additional information.<br>
</font>
</I><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><I><font size="2">The financial statements
contain our results and financial history for the past three years. The notes
are an important part of understanding our financial results. They explain how
we arrived at the numbers in the financial statements, describe significant
events or changes that affect the numbers, and explain certain items in the
financial statements. The notes also include details about our results that do
not appear in the financial statements.<br>
</font></I><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>In these notes to the consolidated financial statements,
</I>we<I>, </I>us<I>, </I>our <I>and </I>BCE <I>mean BCE Inc., its subsidiaries and joint
ventures. References to Bell Aliant include matters relating to, and actions
taken by, both Aliant Inc. and its affiliated entities prior to July 7, 2006,
and Bell Aliant Regional Communications Income Fund and its affiliated entities
on and after such date.<br></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><I><font size="2">All amounts are in millions of Canadian
dollars, except where noted.</font></I></P>
<P align="left">
&nbsp;</P>
<P align="left">
<B><font size="4">Note 1: Significant Accounting Policies</font></B></P>
<P align="left">
BASIS OF PRESENTATION</P>
<P align="left">
<font size="2">We have prepared the consolidated financial statements according
to Canadian generally accepted accounting principles (GAAP).</font></P>
<P align="left">
BASIS OF CONSOLIDATION</P>
<P align="left">
<font size="2">We consolidate the financial statements of all of the companies
we control. We proportionately consolidate our share of the financial statements
of our joint venture interests. All transactions and balances between these
companies have been eliminated on consolidation.</font></P>
<P align="left">
COMPARATIVE FIGURES</P>
<P align="left">
<font size="2">We have reclassified some of the amounts for the comparative
periods in the consolidated financial statements to make them consistent with
the presentation for the current period.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have restated financial information for previous periods to reflect the
sales of our investment in Aliant Directory Services (ADS), most of our
investment in CTVglobemedia Inc. (CTVglobemedia) (formerly known as Bell
Globemedia Inc.) and CGI Group Inc. (CGI). All of these investments now are
shown as discontinued operations.</font></P>
<P align="left">
USING ESTIMATES</P>
<P align="left">
<font size="2">When preparing financial statements according to GAAP, management
makes estimates and assumptions relating to: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">reported amounts of revenues and
expenses </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">reported amounts of assets and liabilities
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">disclosure of contingent
assets and liabilities.</font></P></li>
</ul>
<P align="left">
<font size="2">We base our estimates on a number of factors, including
historical experience, current events and actions that the company may undertake
in the future, and other assumptions that we believe are reasonable under the
circumstances. By their nature, these estimates are subject to measurement
uncertainty and actual results could differ. In particular, we use estimates
when accounting for certain items such as revenues, allowance for doubtful
accounts, useful lives of capital assets, asset impairments, legal and tax
contingencies, employee compensation plans, employee benefit plans, retained
interest in securitized receivables, income taxes and goodwill impairment. We
also use estimates when recording the fair values of assets acquired and
liabilities assumed in a business combination.</font></P>
<P align="left">
RECOGNIZING REVENUE</P>
<P align="left">
<font size="2">We recognize revenues when they are earned, specifically when all the following
conditions are met:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">services are provided or products are delivered to customers</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">there is clear evidence that an arrangement exists
	</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">amounts are fixed or can be determined
	</font> </P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">our ability to collect is reasonably assured.
	</font> </P></li>
</ul>
<P align="left">
&nbsp;</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">72&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i></P>

<HR noshade color="#000000" size="1">






<P align="right" style="margin-top: 0; margin-bottom: 0">
Notes to Consolidated Financial Statements</P>
<P align="left">
<font size="2">In particular, we recognize:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">fees for local, long distance and wireless
	services when we provide the services
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">other fees, such as network access fees,
	licence fees, hosting fees, maintenance fees and standby fees, over the term
	of the contract
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">advertising fees when advertisements are
	aired, or printed and distributed </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">subscriber revenues when customers receive
	the service</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">revenues from the sale of equipment when the
	equipment is delivered and accepted by customers
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">revenues on long-term contracts as services
	are provided, equipment is delivered and accepted, and contract milestones
	are met</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">rebates and allowances to customers as a
	reduction of revenue.
	</font></P></li>
</ul>
<P align="left">
<font size="4">Multiple-Element Arrangements</font></P>
<P align="left">
<font size="2">We enter into arrangements that may include the sale of a number
of products and services, notably in our wireless and video product lines and in
our business portfolio. In all such cases, we separately account for each
product or service according to the methods described above when the following
three conditions are met:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the product or service has value to our
	customer on a stand-alone basis
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">there is objective and reliable evidence of
	the fair value of any undelivered product or service </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">if the sale includes a general right of
	return relating to a delivered product or service, delivery or performance
	of any undelivered product or service is probable and substantially in our
	control.
	</font></P></li>
</ul>
<P align="left">
<font size="2">If there is objective and reliable evidence of fair value for all
products and services in a sale, the total price to the customer is allocated to
each product and service based on its relative fair value. Otherwise, we first
allocate a portion of the total price to any undelivered products and services
based on their fair value and the remainder to the products and services that
have been delivered.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the conditions to account separately for each product or service are not
met, we recognize revenue pro rata over the term of the sale agreement.</font></P>
<P align="left">
<font size="4">Presentation of Revenues</font></P>
<P align="left">
<font size="2">We may enter into arrangements with subcontractors who provide
services to our customers. When we act as the principal in these arrangements,
we recognize revenue based on the amounts billed to our customers. Otherwise, we
recognize the net amount that we retain as revenue. Revenues also exclude sales
taxes and other taxes we collect from our customers.</font></P>
<P align="left">
<font size="4">Sales Returns</font></P>
<P align="left">
<font size="2">We accrue an estimated amount for sales returns, based on our
past experience, when revenue is recognized.</font></P>
<P align="left">
<font size="4">Deferred Revenues</font></P>
<P align="left">
<font size="2">We record payments we receive in advance, including upfront
non-refundable payments, as deferred revenues until we provide the service or
deliver the product to customers. Deferred revenues also include amounts billed
under multiple-element sales contracts where the conditions to account
separately for each product or service sold have not been met. Deferred revenues
are presented in <I>Accounts payable and accrued liabilities </I>or in <I>Other
long-term liabilities </I>on the balance sheet.</font></P>
<P align="left">
CASH AND CASH EQUIVALENTS</P>
<P align="left">
<I><font size="2">Cash and cash equivalents </font> </I><font size="2">is
comprised mainly of highly liquid investments with original maturities of three
months or less from the date of purchase.</font></P>
<p class="MsoNormal">SECURITIZATION OF ACCOUNTS RECEIVABLE</p>
<P align="left">
<font size="2">We consider a transfer of accounts receivable to be a sale when
we give up control of the accounts receivable in exchange for proceeds other
than our retained beneficial interest in the accounts receivable.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine the fair value of the accounts receivable transferred based on
the present value of future expected cash flows, which we project using
management&#8217;s best estimates of discount rates, the weighted average life of
accounts receivable, credit loss ratios and other key assumptions. We recognize
a loss on the securitization, which we record in <I>Other income (expense)</I>.
The loss is calculated by reference to the carrying amount of the transferred
accounts receivable and is allocated between accounts receivable sold and our
retained interest, according to their relative fair values on the day the
transfer is made.</font></P>
<P align="right" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report </font></i>
<font size="2">73</font></P>

<HR noshade color="#000000" size=1>





<p align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="left">&nbsp;</p>





<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize a servicing liability on the day accounts
receivable are transferred when we continue to service the accounts receivable
after the transfer. We amortize this liability to earnings over the expected
life of the transferred accounts receivable.</font></P>
<P align="left">
INVENTORY</P>
<P align="left">
<font size="2">We measure inventory at the lower of cost or market value based on replacement
cost. Inventory includes all costs to purchase, convert and bring the
inventories to their present location and condition. We determine cost using
specific identification for major equipment and the weighted-average cost
formula for all other inventory items. We maintain inventory valuation reserves
for inventory that is slow moving or obsolete, calculated using an inventory
aging analysis.</font></P>
<P align="left">
CAPITAL ASSETS</P>
<P align="left">
<font size="2">We carry capital assets at cost less accumulated amortization.
Most of our telecommunications assets are amortized using the group depreciation
method. When we retire assets in the ordinary course of business, we charge
their original cost to accumulated amortization. In general, we amortize capital
assets on a straight-line basis over their estimated useful lives. We review the
estimates of the useful lives of the assets on a periodic basis and adjust them
on a prospective basis, if needed.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table1">
<TR valign="bottom">
	<TD align=left width="79%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>ESTIMATED USEFUL LIFE </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=2 width="79%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="79%">
<FONT size=2>Telecommunications assets</FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3 to 50 years</FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="79%">
<FONT size=2>Machinery and equipment</FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2 to 20 years</FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="79%" height="20">
<FONT size=2>Buildings</FONT>
	</TD>
	<TD align=right width="10%" height="20">
<FONT size=2>10 to 40 years</FONT>
	</TD>
	<TD align=right width="1%" height="20">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="79%">
<FONT size=2>Satellites</FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2 to 12 years</FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="79%">
<FONT size=2>Finite-life intangible assets</FONT>
	</TD>
	<TD align=left width="10%">
&nbsp;
	</TD>
	<TD align=left width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="79%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Software</FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2 to 7 years</FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="79%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Customer relationships</FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3 to 25 years</FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=2 width="79%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="2">We capitalize construction costs, labour and overhead, and
interest when the project cost is significant, related to assets we build or
develop.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We capitalize certain costs of developing or buying software for internal
use. We expense software maintenance and training costs when they are incurred.
The expense is included in <I>Selling, general and administrative expenses </I>
in the statement of operations. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We initially measure and record asset retirement obligations at fair value
using a present value methodology, adjusted subsequently for any changes to the
timing or amount of the original estimate of cash flows. We capitalize asset
retirement costs as part of the related assets and amortize these into earnings
over time. We also increase the recorded asset retirement obligation and record
a corresponding amount through earnings to reflect the passage of time.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We assess capital assets for impairment when events or changes in
circumstances indicate that we may not be able to recover their carrying value.
We calculate impairment by deducting the assets&#8217; fair value, based on discounted
cash flows expected from their use and disposition, from their carrying value.
If the fair value is less than the carrying value, the difference is deducted
from earnings.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We account for leases that transfer substantially all of the benefits and
risks of ownership of property to us as capital leases. We record an asset when
we enter into a capital lease together with a related long-term obligation.
Rental payments under operating leases are expensed as incurred.</font></P>
<P align="left">
Indefinite-Life Intangible Assets</P>
<P align="left">
<font size="2">Our indefinite-life intangible assets consist mainly of the Bell
brand and spectrum licences. We assess these assets for impairment every year
and when events or changes in circumstances indicate that an asset might be
impaired. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We assess impairment by comparing the assets&#8217; fair value, based on
estimates of discounted future cash flows or other valuation methods, to their
carrying value. If the fair value is less than the carrying value, the
difference is deducted from earnings.</font></P>
<P align="left">
AVAILABLE-FOR-SALE FINANCIAL ASSETS</P>
<P align="left">
<font size="2">As described in this note under the section <I>Recent changes to
accounting policies and standards</I>, we generally designate our portfolio
investments in securities as available-for-sale. They are classified in our
balance sheet as <I>Other long-term assets</I>. These securities are initially
recorded at their fair value on the date of acquisition, plus related
transaction costs. Investments in publicly-traded securities are adjusted to
fair value at each balance sheet date. The corresponding unrealized gains and
losses are recorded in our statement of comprehensive income and are
reclassified to <I>Other income (expense) </I>in the statement of operations
when realized or when management assesses a decline in fair value to be other
than temporary. Investments in our privately-held securities are recorded at
cost as their fair value cannot be measured reliably. Other earnings from
investments are also recorded in <I>Other income (expense) </I>in the statement
of operations.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">74&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i></P>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="right" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="left">&nbsp;</p>





<P align="left">
COSTS OF ISSUING DEBT AND EQUITY</P>
<P align="left">
<font size="2">As described in this note under the section <I>Recent changes to accounting
policies and standards</I>, the cost of issuing debt is included as part of
long-term debt and is accounted for at amortized cost using the effective
interest method, unless the debt is recorded at fair value as part of a hedging
relationship. The cost of issuing equity is reflected in the statement of
deficit.</font></P>
<P align="left">
GOODWILL</P>
<P align="left">
<font size="2">We assess goodwill impairment of individual reporting units in the fourth
quarter of every year and when events or changes in circumstances indicate that
goodwill might be impaired. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We assess goodwill impairment in two steps: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">we identify any potential impairment by comparing the fair value of a
reporting unit to its carrying value. Fair value is based on estimates of
discounted future cash flows or other valuation methods. When the fair value of
a reporting unit is less than its carrying value, fair values are determined for
all of its identifiable assets and liabilities. The excess of the fair value of
the reporting unit over the total of the amounts assigned to its assets and
liabilities is the fair value of goodwill. </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">an impairment charge is deducted from earnings for any excess of the carrying
value of goodwill over its fair value.</font></P></li>
</ul>
<P align="left">
TRANSLATION OF FOREIGN CURRENCIES</P>
<P align="left">
Self-Sustaining Foreign Operations</P>
<P align="left">
<font size="2">For self-sustaining foreign operations, we use:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the exchange rates at the date of the balance sheet for assets and liabilities
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the average exchange rates during the year for revenues and expenses.
	</font></P></li>
</ul>
<P align="left">
<font size="2">Translation gains and losses are reflected as a currency translation adjustment
in <I>Accumulated other comprehensive income (loss) </I>in shareholders&#8217; equity.
When we reduce our net investment in a self-sustaining foreign operation, we
reclassify a portion of the currency translation adjustment from accumulated
other comprehensive income into earnings.</font></P>
<P align="left">
Integrated Foreign Operations and Domestic Transactions in Foreign Currencies</P>
<P align="left">
<font size="2">For integrated foreign operations and domestic transactions in foreign
currencies, we use:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the exchange rates at the date of the balance sheet for
monetary assets and liabilities, such as cash, accounts receivable and payable,
and long-term debt </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the historical exchange rates for non-monetary assets and
liabilities, such as capital assets </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the average exchange rates during the year
for revenues and expenses. </font></P></li>
</ul>
<P align="left">
<font size="2">Translation exchange gains and losses are included in <I>Other income (expense) </I>
in the statement of operations.</font></P>
<P align="left">
DERIVATIVE FINANCIAL INSTRUMENTS</P>
<P align="left">
<font size="2">We do not use derivative financial instruments for speculative or trading
purposes. We use derivative financial instruments to manage: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">
	interest rate risk</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">foreign exchange rate risk
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">changes in the price of BCE Inc. common
shares relating to special compensation payments (SCPs) and deferred share units
(DSUs).</font></P></li>
</ul>
<P align="left">
<font size="2">We document all relationships between derivatives and the items they hedge and
our risk management objective and strategy for using hedges. This process
includes linking every derivative to: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a specific asset or liability, or
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a
specific firm commitment, or </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">an anticipated transaction.
	</font></P></li>
</ul>
<P align="left">
<font size="2">We assess the effectiveness of a derivative in managing an identified risk when
hedge accounting is initially applied, and on an ongoing basis thereafter. If a
hedge becomes ineffective, we stop using hedge accounting. Any premiums paid for
derivatives used in hedging relationships are deferred and expensed to earnings
over the term of the contract. Any forward premiums or discounts on forward
foreign exchange contracts that are used to hedge long-term debt denominated in
foreign currencies are amortized to interest expense over the term of the
forward contract. </font> </P>
<P align="right" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report </font></i>
<font size="2">75</font></P>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="left">&nbsp;</p>





<P align="left">
Fair Value Hedges</P>
<P align="left">
<font size="2">Our fair value hedges primarily consist of interest rate swaps used to manage
the effect of changes in interest rates relating to fixed-rate long-term debt.
These swaps usually involve exchanging interest payments without exchanging the
notional amount on which the payments are based. We record the exchange of
payments as an adjustment to interest expense on the hedged debt. We include the
related net receivable or payable from counter-parties in <I>Accounts receivable </I>
or <I>Interest payable</I>. Changes in the fair value of these derivatives and
the related long-term debt are recognized in <I>Other income (expense) </I>in
the statement of operations and offset, except for any ineffective portion of
the hedging relationship.</font></P>
<P align="left">
Cash Flow Hedges</P>
<P align="left">
<font size="2">Our cash flow hedges are used to mitigate the foreign currency risk on certain
long-term debt instruments and purchase commitments. We use cross-currency swaps
to hedge firm commitments to pay interest and/or principal amounts in the
foreign currency. We use foreign exchange forward contracts to manage the
exposure to anticipated transactions denominated in foreign currencies. Changes
in the fair value of these derivatives are recognized in our statement of
comprehensive income, except for any ineffective portion which is recognized
immediately in income. Realized gains and losses in accumulated other
comprehensive income are reclassified to the statement of operations in the
same periods as the corresponding hedged items are recognized in income. These
hedges are included in <I>Other long-term assets </I>or <I>Other long-term
liabilities</I>.</font></P>
<P align="left">
Economic Hedges</P>
<P align="left">
<font size="2">Derivatives that are economic hedges but do not qualify for hedge accounting are
recognized at fair value. We record changes in the fair value of these
derivatives in <I>Other income (expense) </I>in the statement of operations.
</font> </P>
<P align="left">
<I>Equity Forward Contracts</I></P>
<P align="left">
<font size="2">We use forward contracts to manage changes in the price of BCE Inc. common
shares relating to SCPs and DSUs. We recognize gains and losses on these
contracts on the same basis that we recognize the compensation expense relating
to the hedged items. Unrealized gains and losses are included in <I>Other
long-term assets </I>or <I>Other long-term liabilities</I>.</font></P>
<P align="left">
EMPLOYEE BENEFIT PLANS</P>
<P align="left">
Defined Benefit Pension and Other Post-Employment Benefit Plans </P>
<P align="left">
<font size="2">We maintain defined benefit (DB) plans that provide pension benefits for most of
our employees. Benefits are based on the employee&#8217;s length of service and
average rate of pay during the best consecutive five years of service. Most
employees are not required to contribute to the plans. The plans provide
increasing pension benefits to help protect a portion of the income of retired
employees against inflation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are responsible for adequately funding our DB pension plans. We make
contributions to them based on various actuarial cost methods permitted by
pension regulatory bodies. Contributions reflect actuarial assumptions about
future investment returns, salary projections and future service.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also provide other post-employment benefits to some of our employees,
including: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;healthcare and life insurance benefits during retirement. The
provision of such benefits is being phased out over a ten-year period. We do not
fund most of these other post-employment benefit plans. </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">other benefits, including various disability plans, workers&#8217; compensation and
medical benefits to former or inactive employees, their beneficiaries and
dependants, from the time their employment ends until their retirement starts,
under certain circumstances. </font></P></li>
</ul>
<P align="left">
<font size="2">We accrue our obligations and related costs under employee benefit plans, net of
the fair value of plan assets. Pension and other retirement benefit costs are
determined using: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the projected benefit method, prorated on years of service,
which takes into account future pay levels </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a discount rate based on market
interest rates of high-quality corporate bonds with maturities that match the
timing of benefits expected to be paid under the plans </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">management&#8217;s best
estimate of the plans&#8217; expected investment performance, pay increases,
retirement ages of employees and expected healthcare costs. </font></P></li>
</ul>
<P align="left">
<font size="2">We value pension plan assets at fair value using current market values. We use a
market-related value to calculate the expected return on plan assets. This value
is based on a four-year weighted average of the fair value of the pension plan
assets.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">76&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i></P>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="right" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="right">&nbsp;</p>





<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We amortize past service costs from plan amendments on a straight-line
basis over the average remaining service period of employees who were active on
the day of the amendment. This represents the period during which we expect to
realize economic benefits from the amendments.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitional assets and obligations that arose upon implementation of new
accounting standards for employee future benefits are amortized on a
straight-line basis over the average remaining service period of employees
expected to receive benefits under the plans.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use the corridor approach to recognize actuarial gains and losses in
earnings. We deduct 10% of the benefit obligation or the market-related value of
plan assets, whichever is greater, from the unamortized net actuarial gains or
losses on a market-related value basis. Any excess is amortized over the average
remaining service period of active employees. At the end of 2007, this period
ranged from 9 to 13 years, with a weighted average period of 11 years.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31 is the measurement date for our employee benefit plans. Our
actuaries perform a valuation at least every three years to determine the
actuarial present value of the accrued pension and other retirement benefits. An
actuarial valuation was last performed on most of our pension plans on December
31, 2006.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the restructuring of a benefit plan results in both a curtailment and
a settlement of obligations, we account for the curtailment before we account
for the settlement.</font></P>
<P align="left">
Defined Contribution Plans</P>
<P align="left">
<font size="2">We also maintain defined contribution (DC) plans that provide certain employees
with pension benefits. Under these plans, we are responsible for contributing a
predetermined amount to an employee&#8217;s retirement savings, based on a percentage
of that employee&#8217;s salary.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize a pension cost for DC plans when the employee provides service
to the company, essentially coinciding with our cash contributions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starting in 2005, new employees of BCE Inc. and Bell Canada can participate
only in the DC pension arrangements.</font></P>
<P align="left">
INCOME TAXES</P>
<P align="left">
<font size="2">Current income tax expense is the estimated income taxes payable for the current
year after any refunds or the use of losses incurred in previous years.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use the liability method to account for future income taxes. Future
income taxes reflect: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the temporary differences between the carrying amounts
of assets and liabilities for accounting purposes and the amounts used for tax
purposes </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the benefit of unutilized tax losses that will more likely than not
be realized and carried forward to future years to reduce income taxes. </font>
	</P></li>
</ul>
<P align="left"><font size="2">We calculate future income taxes using the rates enacted by tax law and those
substantively enacted. The effect of a change in tax rates on future income tax
assets and liabilities is included in earnings in the period when the change is
substantively enacted.</font></P>
<P align="left">
Investment Tax Credits</P>
<P align="left">
<font size="2">We recognize investment tax credits when it is more likely than not that they
will be realized, and they are presented as part of <I>Accounts receivable </I>
and <I>Other long-term assets </I>on the balance sheet. We use the cost
reduction method to account for them, under which the credits are applied
against the expense or asset to which the investment tax credit relates.</font></P>
<P align="left">
SUBSCRIBER ACQUISITION COSTS</P>
<P align="left">
<font size="2">We expense all subscriber acquisition costs when the related services are
activated.</font></P>
<P align="left">
STOCK-BASED COMPENSATION PLANS</P>
<P align="left">
<font size="2">BCE Inc.&#8217;s stock-based compensation plans include stock option plans, restricted
share unit plans (RSUs), DSUs and the employee savings plan (ESP). Before 2000,
the long-term incentive plans often included SCPs.</font></P>
<P align="right" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report </font></i>
<font size="2">77</font></P>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="left">&nbsp;</p>





<P align="left">
Stock Options </P>
<P align="left">
<font size="2">We use the fair value-based method to account for employee stock options granted
on or after January 1, 2002 and the Black-Scholes option pricing model to
measure compensation expense relating to options. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We credit contributed surplus for the stock option expense recorded over
the vesting period. Upon the exercise of stock options, we credit share capital
for the amount paid by the employees as well as the amounts previously credited
to contributed surplus.</font></P>
<P align="left">
RSUs </P>
<P align="left">
<font size="2">For each RSU granted, we record compensation expense equal to the market value
of a BCE Inc. common share at the date of grant, prorated over the vesting
period. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation expense is adjusted for subsequent changes in the market value
of BCE Inc. common shares and management&#8217;s estimate of the number of RSUs that
are expected to vest. The cumulative effect of any change in value is recognized
in the period of the change. Vested RSUs are settled, at the holder&#8217;s option,
either in BCE Inc. common shares purchased on the open market or in cash. </font> </P>
<P align="left">
DSUs</P>
<P align="left">
<font size="2">For each DSU granted, we record compensation expense equal to the market value
of a BCE Inc. common share at the grant date. Compensation expense is adjusted
for subsequent changes in the market value of BCE Inc. common shares. DSUs are
settled in BCE Inc. common shares purchased on the open market following the
cessation of a participant&#8217;s employment or when a director leaves the board.</font></P>
<P align="left">
ESP and SCPs</P>
<P align="left">
<font size="2">We recognize our contributions under the ESP as compensation expense. We also
recognize compensation expense or recovery relating to SCPs. The corresponding
liabilities are recorded as part of <I>Accounts payable and accrued liabilities</I>.</font></P>
<P align="left">
REGULATION OF THE TELECOMMUNICATIONS INDUSTRY</P>
<P align="left">
<font size="2">Our business is affected by Canadian Radio-television and Telecommunications
Commission (CRTC) decisions over the prices we charge for specific services
which remain subject to economic regulation and other operating requirements.
Some of our subsidiaries, such as Bell Canada and Bell Aliant, are regulated by
the CRTC pursuant to the <I>Telecommunications Act</I>.</font></P>
<P align="left">
RECENT CHANGES TO ACCOUNTING POLICIES AND STANDARDS</P>
<P align="left">
Accounting Changes</P>
<P align="left">
<font size="2">The CICA issued section 1506 of the CICA Handbook, <I>Accounting Changes</I>,
which establishes criteria for changing accounting policies and describes how to
apply changes in accounting policies, accounting estimates, and changes
resulting from the correction of errors. These changes, including the related
disclosure requirements, came into effect as of January 1, 2007 and did not
impact our financial statements.</font></P>
<P align="left">
Comprehensive Income</P>
<P align="left">
<font size="2">The CICA issued section 1530 of the CICA Handbook, <I>Comprehensive Income</I>,
which describes how to report and disclose comprehensive income and its
components. Comprehensive income is the change in our net assets that results
from transactions, events and circumstances from sources other than
shareholders. It includes items that would not normally be included in net
earnings, such as:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">changes in the currency translation adjustment relating to
self-sustaining foreign operations </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">unrealized gains or losses on
available-for-sale investments</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">gains and losses on cash flow hedges.
	</font></P></li>
</ul>
<P align="left">
<font size="2">The CICA also made related changes to section 3250 of the CICA Handbook, <I>
Surplus </I>(reissued as section 3251, <I>Equity</I>) and section 1650 of the
CICA Handbook, <I>Foreign Currency Translation </I>(reissued as section 1651, <I>
Foreign Currency Translation</I>).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January 1, 2007, we report accumulated other comprehensive income
and its components in the consolidated financial statements. Details of the
transition adjustments are presented in Note 23, <I>Accumulated Other
Comprehensive Income (Loss)</I>. </font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">78&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i></P>

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<p align="right" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="right">&nbsp;</p>





<P align="left">
Financial Instruments and Hedges</P>
<P align="left">
<font size="2">The CICA issued section 3855 of the CICA Handbook, </font><I>
<font size="2">Financial Instruments &#8211; Recognition and Measurement</font></I><font size="2">, which describes the
standards for recognizing and measuring financial assets, financial liabilities
and derivatives. This section requires that: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">all financial assets be measured
at fair value, with some exceptions for loans and receivables and investments
that are classified as held-to-maturity </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">all financial liabilities be measured
at fair value if they are derivatives or classified as held for trading
purposes. Other financial liabilities are measured at their amortized cost.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">all derivative financial instruments be measured at fair value, even when they
are part of a hedging relationship. </font></P></li>
</ul>
<P align="left">
<font size="2">The CICA has also reissued section 3860 of the CICA Handbook as section 3861, <I>
Financial Instruments &#8211; Disclosure and Presentation</I>, which establishes
standards for presentation of financial instruments and non-financial
derivatives, and identifies the information that should be disclosed about them.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CICA issued section 3865 of the CICA Handbook, <I>Hedges</I>, which
describes how and when hedge accounting can be used.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedging is an activity used to change an exposure to one or more risks by
creating an offset between: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">changes in the fair value of a hedged item and a
hedging item, or </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">changes in the cash flows attributable to a hedged item and a
hedging item, or </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">changes resulting from a risk exposure related to a hedged
item and a hedging item. </font></P></li>
</ul>
<P align="left">
<font size="2">Under hedge accounting, all gains, losses, revenues and expenses from the
derivative and the item it hedges are recorded in the statement of operations in
the same period. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Details of the transition adjustments are presented in the statement of
deficit and in Note 23, <I>Accumulated Other Comprehensive Income (Loss)</I>.</font></P>
<P align="left">
FUTURE CHANGES TO ACCOUNTING STANDARDS</P>
<P align="left">
General Standards of Financial Presentation</P>
<P align="left">
<font size="2">The CICA amended section 1400 of the CICA Handbook, </font><I>
<font size="2">General Standards of Financial Statement Presentation</font></I><font size="2">, to include a
requirement that management make an assessment of an entity&#8217;s ability to
continue as a going concern when preparing financial statements. These changes
came into effect on January 1, 2008. </font></P>
<P align="left">
Capital Disclosures</P>
<P align="left">
<font size="2">The CICA issued section 1535 of the CICA Handbook, <I>Capital Disclosures</I>,
which establishes standards for disclosing qualitative and quantitative
information about an entity&#8217;s capital and how it is managed to enable users to
evaluate the objectives, policies and processes for managing capital. These
changes came into effect on January 1, 2008.</font></P>
<P align="left">
Inventory</P>
<P align="left">
<font size="2">The CICA issued section 3031 of the CICA Handbook, <I>Inventories</I>, which
establishes guidance on the determination of cost and its subsequent recognition
as an expense, including any write-down to net realizable value. It also
provides guidance on the cost formulas that are used to assign costs to
inventories. These changes came into effect on January 1, 2008 and the effect of
adopting this section was not significant.</font></P>
<P align="left">
Goodwill and Intangible Assets</P>
<P align="left">
<font size="2">The CICA issued section 3064, <I>Goodwill and Intangible Assets</I>, which
establishes standards for the recognition, measurement, presentation and
disclosure of intangible assets. Standards relating to goodwill are unchanged
from those included in section 3062. This section comes into effect on January
1, 2009 replacing section 3062, <I>Goodwill and Other Intangible Assets </I>and
section 3450, <I>Research and Development Costs</I>. We are currently evaluating
the effect of adopting this section on our consolidated financial statements.</font></P>
<P align="left">
Financial Instruments</P>
<P align="left">
<font size="2">The CICA issued section 3862, <I>Financial Instruments &#8211; Disclosures </I>and
section 3863, <I>Financial Instruments &#8211; Presentation </I>of the CICA Handbook.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3862 establishes disclosure requirements that enable users to
evaluate: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the significance of financial instruments for the entity&#8217;s financial
position and performance; and </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the nature and extent of risks arising from
financial instruments to which the entity is exposed during the period and at
the balance sheet date, and how the entity manages those risks.</font></P></li>
</ul>

<p align="right" style="margin-top: 0; margin-bottom:0">
<font size="2">&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report </font></i>
<font size="2">79</font></p>

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<p align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="right" style="margin-top: 0">&nbsp;</p>





<P align="left">
<font size="2">Section 3863 establishes standards for presentation of financial instruments and
non-financial derivatives. It deals with the classification of financial
instruments, from the perspective of the issuer, between liabilities and equity,
the classification of related interest, dividends,
losses and gains, and the circumstances in which financial assets and financial
liabilities are offset.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These two sections came into effect on January 1, 2008 replacing section
3861, <I>Financial Instruments &#8211; Disclosures and Presentation</I>.</font></P>
<P align="left">
<B><font size="4">Note 2: Going-Private Transaction</font></B></P>
<P align="left">
<font size="2">On June 30, 2007, BCE Inc. entered into a definitive agreement to be acquired by
a corporation (the Purchaser) owned by an investor group led by Teachers&#8217;
Private Capital, the private investment arm of the Ontario Teachers&#8217; Pension
Plan, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC. The
all-cash transaction is valued at $51.7 billion, including $16.9 billion of
debt, preferred equity and non-controlling interest. The transaction is to be
completed through a plan of arrangement (the Arrangement).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September 21, 2007, BCE Inc. announced that its shareholders approved
the Arrangement, which involves the acquisition by the Purchaser of all
outstanding
common shares of BCE Inc. at a price of $42.75 per share and all outstanding
preferred shares of BCE Inc. at prices ranging from $25.25 to $25.87, depending
on the series. Financing for the transaction has been committed to the Purchaser
by a syndicate of banks. The closing of the transaction remains subject to a
number of terms and conditions including approvals from the CRTC for the
transfer of our broadcasting licences and Industry Canada approval with respect to
the transfer of our spectrum licences.</font></P>
<P align="left">
<B><font size="4">Note 3: Segmented Information</font></B></P>
<P align="left">
<font size="2">The accounting policies used by the segments are the same as those we describe
in Note 1, <I>Significant Accounting Policies</I>. Segments negotiate sales with
each other as if they were unrelated parties.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We measure the profitability of each segment based on its operating income.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations, including most of our revenues, capital assets and
goodwill, are located in Canada.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the first quarter of 2007, our management structure changed and, as a
result, our results of operations now are reported in four segments: <I>Bell
Wireline</I>, <I>Bell Wireless</I>, <I>Bell Aliant </I>and
<I>Telesat</I>. We have restated prior periods for the new segments. Our
reporting structure reflects how we manage our business and how we classify our
operations for planning and measuring performance. Accordingly, we operate and
manage our reportable segments as strategic business units organized by products
and services. Substantially all of our interest expense, other income (expense),
income tax and non-controlling interest are managed on a total company basis and
are, accordingly, not reflected in segment results. The inter-segment
eliminations eliminate any intercompany transactions included in each segment&#8217;s
results.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bell Wireline segment provides local telephone, long distance, data
(including Internet access), video and other services to Bell Canada&#8217;s
residential, small and medium-sized business and large enterprise customers,
primarily in the urban areas of Ontario and Qu&#233;bec. Video services are provided
nationwide. Also included in this segment is our wholesale business, which
provides local telephone, long distance, data and other services to resellers
and other carriers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bell Wireless segment provides wireless telephone and paging services
and products to Bell Canada&#8217;s residential, small and medium-sized business and
large enterprise customers across Canada.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bell Aliant segment provides local telephone, long distance, Internet,
data, wireless and other information and communications technology solutions to
residential and business customers in the Atlantic provinces, and in rural
Ontario and Qu&#233;bec.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesat Canada (Telesat) provides satellite communications and systems
management and also provides consulting services in establishing, operating and
upgrading satellite systems worldwide. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October 31, 2007, we sold Telesat, which represents all of our Telesat
segment. We have maintained continuing commercial arrangements between Telesat
and Bell ExpressVu Limited Partnership (Bell ExpressVu) that provide Bell
ExpressVu continued access to current and expanded satellite capacity. As a
result of these arrangements, we have not accounted for Telesat as a
discontinued operation.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">80&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i></P>

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<p align="right" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="right">&nbsp;</p>





<P align="left">
<font size="2">The following tables are a summary of financial information by segment for the
last three years.</font></P>





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	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>INTER </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">-</font></TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>INTER- </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>SEGMENT </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>SEGMENT </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>ELIMINA </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">-</font></TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>ELIMINA </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">-</font></TD>
	<TD align=right width="8%">
<FONT size=1>CONSOLI </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">-</font></TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>WIRELINE </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>WIRELESS </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>TIONS </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>ALIANT </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>TELESAT </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>TIONS </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>DATED </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table3">
<TR>
	<TD colspan=16 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>For the year ended December 31, 2007</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Operating revenues </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>External customers </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>10,485</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,086</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>14,571</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2,976</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>319</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>17,866</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Inter-segment </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>175</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>45</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(48</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>172</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>397</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>139</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(708</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total operating revenues</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>10,660</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,131</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(48</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>14,743</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,373</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>458</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(708</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>17,866</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px"><br>
<FONT size=2>Operating expenses </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(6,812</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(2,483</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>48</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(9,247</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(2,070</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(195</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>620</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(10,892</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Depreciation and amortization of&nbsp; intangible assets </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(2,142</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(432</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(2,574</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(562</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(106</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>43</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(3,199</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(309</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(4</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(313</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(23</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(336</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Operating income</FONT></B><font size="2"> <br>
&nbsp;</font></TD>
	<TD align=right width="8%">
<B><FONT size=2>1,397</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1,212</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2,609</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>718</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>157</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(45</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,439</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other income </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2,395</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Interest expense </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(859</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income taxes </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(725</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-controlling interest </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(332</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=16. width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Earnings from continuing operations</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,918</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px">
<FONT size=2><br>
Segment assets </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>25,180</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>6,711</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>31,891</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>6,292</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(386</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>37,797</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Capital expenditures </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(1,970</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(450</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(2,420</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(543</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(188</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(3,151</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=1%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="44%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px">
<B><FONT size=2><br>
For the year ended December 31, 2006</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Operating revenues </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>External customers </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>10,587 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,786 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>14,373 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,940 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>343 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17,656 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Inter-segment </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>176 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>41 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(49 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>168 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>361 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>136 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(665 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total operating revenues</FONT></B><font size="2"> <br>
&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2>10,763 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,827 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(49 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>14,541 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,301 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>479 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(665 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17,656 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Operating expenses </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(6,918 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,392 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>49 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(9,261 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,968 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(216 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>571 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(10,874 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Depreciation and amortization of&nbsp; intangible assets </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,054 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(434 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,488 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(579 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(121 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>60 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,128 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(297 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(300 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(55 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(355 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Operating income</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,494 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>998 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,492 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>699 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>142 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(34 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,299 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px">
<FONT size=2><br>
Other expense </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(188 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Interest expense </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(940 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income taxes </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(74 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-controlling interest </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(217 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Earnings from continuing operations</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,880 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px">
<FONT size=2><br>
Segment assets </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>23,529 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>6,271 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>29,800 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>6,022 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,845 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(496 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>37,171 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Capital expenditures </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,931 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(480 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,411 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(517 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(205 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,133 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="44%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p align="right" style="margin-bottom: 0"><font size="2">&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report </font></i><font size="2">
81</font></p>
<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>





<p>&nbsp;</p>





<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table4">
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>INTER- </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font size="1">INTER- </font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>SEGMENT </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>SEGMENT </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>ELIMINA- </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>ELIMINA- </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>CONSOLI- </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>WIRELINE </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>WIRELESS </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>TIONS </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>ALIANT </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>TELESAT </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>TIONS </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>DATED </FONT>
	</TD>
	<TD align=left width=1%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>For the year ended December 31, 2005</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Operating revenues </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>External customers </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>10,900 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,390 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>14,290 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,918 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>343 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17,551 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Inter-segment </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>184 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>38 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(50 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>172 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>349 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>132 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(653 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total operating revenues</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>11,084 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,428 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(50 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>14,462 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,267 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>475 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(653 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17,551 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px">
<FONT size=2><br>
Operating expenses </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(6,982 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,211 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>50 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(9,143 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,928 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(207 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>571 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(10,707 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,977 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(398 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,375 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(608 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(111 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>33 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,061 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restructuring and other </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(51 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(7 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(58 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(55 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Operating income</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,074 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>812 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,886 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>734 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>157 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(49 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,728 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px">
<FONT size=2><br>
Other income </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Interest expense </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(934 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income taxes </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(792 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-controlling interest </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(191 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Earnings from continuing operations</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,823 </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="28%">
<p style="text-indent: -12px">
<FONT size=2><br>
Capital expenditures </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,180 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(392 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,572 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(525 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(260 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width=1%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(3,357 </FONT>
	</TD>
	<TD align=left width=1%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="44%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<p>ADDITIONAL FINANCIAL INFORMATION</p>
<div align="right">
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table5">
<TR valign="bottom">
	<TD align=left width="61%">
&nbsp;</TD>
	<TD align=right width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Revenues</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Local and access </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>3,586</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>3,757 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>4,000 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long distance </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>1,219</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1,327 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1,547 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Data </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>3,641</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>3,599 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>3,581 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Wireless </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>3,754</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>3,453 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>3,054 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Video </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>1,317</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1,150 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>976 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Equipment and other </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>1,054</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1,087 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1,132 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Total external revenues </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>14,571</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>14,373 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>14,290 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>172</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>168 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>172 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bell </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>14,743</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>14,541 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>14,462 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>3,373</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>3,301 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>3,267 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Telesat </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>458</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>479 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>475 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(708</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(665 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(653 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>BCE</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>17,866</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>17,656 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>17,551 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE></div>
<p style="margin-bottom: 0"><font size="2">82&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i></p>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="right" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="right">&nbsp;</p>





<P align="left">
<B><font size="4">Note 4: Restructuring and Other</font></B></P>
<P align="left">
<font size="2">The following table provides a summary of the costs in each of the last three
years.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table6">
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>FOR THE YEAR ENDED </FONT>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Employee costs </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Canada </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(68</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(82 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(5 </FONT>
	</TD>
	<TD align=left width="12%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(23</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(11 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(1 </FONT>
	</TD>
	<TD align=left width="12%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Real estate costs </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Canada </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(77</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(72 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(49 </FONT>
	</TD>
	<TD align=left width="12%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(4</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Total restructuring costs </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(172</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(165 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(55 </FONT>
	</TD>
	<TD align=left width="12%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other charges </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(164</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(190 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Restructuring and other</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(336</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(355 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(55 </FONT>
	</TD>
	<TD align=left width="12%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="2">The liability for restructuring costs at December 31, 2007 is as follows:</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table7">
<TR valign="bottom">
	<TD align=left width="61%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>CONSOLI- </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>CANADA </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>ALIANT </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>DATED </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<FONT size=2>Balance at December 31, 2006 </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>85 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>4 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>89 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<FONT size=2>2007 employee costs </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>39 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>23 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>62 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<FONT size=2>Real estate costs </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>77 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>4 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>81 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<FONT size=2>Less: Cash payments </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(74 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(8 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(82 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<B><FONT size=2>Balance at December 31, 2007 </FONT></B><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>127 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>23 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>150 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(1) Excludes amounts related to net benefit plans cost for Bell Canada ($29
million). </font> </I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(2) All payments related to employee costs are anticipated to be made in 2008
and real estate costs by 2023.</font></I></P>
<p>RESTRUCTURING COSTS</p>
<p class="MsoNormal" style="margin-bottom: 0">&nbsp;<font size="2">Restructuring costs consist mainly of:</font></p>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">employee termination charges at Bell Canada related to headcount reduction
initiatives for the voluntary and involuntary departure of approximately 900
employees in 2007, and the involuntary departure of approximately 1,780
employees in 2006 and 950 employees in 2005.<br>
	&#8211; included in the 2007 charge of $68 million at Bell Canada is $26 million
	relating to a voluntary early retirement plan accepted by approximately 250
	employees. Of the 250 employees, 202 receive immediate pension and
	post-employment benefits, and 190 of those also receive an additional
	guaranteed pension payable up to 65 years of age. The remaining 48 employees
	received a special cash allowance. The program is complete. <br>
	&#8211; the 2005 charge of $5 million at Bell Canada included reversals of
	restructuring accruals of $45 million relating to the 2004 employee
	departure program since actual payments were lower than estimated.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">included in 2007 real estate costs of $77 million are charges of $61 million
at Bell Canada for relocating employees and closing real estate facilities that
are no longer needed because of the reduction in the workforce since 2004. Our
cumulative expense since 2004 is $186 million. We expect to spend approximately
$35 million to relocate employees and close additional real estate facilities as
a result of these initiatives, which will be expensed as incurred in our Bell Wireline segment.
	<br>
	&#8211; an additional $16 million of real estate costs related to our plan to
	relocate employees to campus environments in Calgary, Toronto and Montreal.
	The move is expected to be completed in 2009. We also expect to spend
	approximately $30 million for relocation costs and $77 million for lease
	vacancy and lease buyout costs. These costs will be recorded beginning in
	2008 and extending to 2024 in our Bell Wireline segment. </font></P></li>
</ul>
<P align="left">
OTHER CHARGES</P>
<P align="left">
<font size="2">We recorded other charges of $164 million in 2007 related primarily to costs
associated with the review of strategic alternatives (see Note 2, <I>
Going-Private Transaction</I>), employee retention costs (see Note 22, <I>
Stock-Based Compensation Plans</I>) and a charge for uneconomic broadband
expansion approved by the CRTC (see Note 25, </font><I><font size="2">Commitments and Contingencies</font></I><font size="2">). The transaction costs relate mainly to
financial advisory, professional and consulting fees. Of the total other
charges, $63 million was paid in 2007. We expect to incur additional costs to
complete the privatization transaction through to the closing.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recorded other charges of $190 million in 2006 related primarily to
transaction costs associated with the formation of Bell Aliant. These
transaction costs relate mainly to financial advisory, professional and
consulting fees. Of the total transaction costs, $133 million was paid in 2006,
which is reflected as cash flows used in investing activities in the statement
of cash flows. </font></P>
<P align="right" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report </font></i>
<font size="2">83</font></P>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="left">&nbsp;</p>





<P align="left">
<B><font size="4">Note 5: Other Income (Expense)</font></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table8">
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="56%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Gains (losses) on investments </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,405</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(26 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>38 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Interest income </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>47</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>58 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>18 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Securitization losses </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>10 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(64</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(57 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(34 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Premium on redemption of Bell Aliant debt </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(148 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income from available-for-sale publicly-traded and privately-held
securities </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>7</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Foreign currency losses </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(31</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(4 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(3 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>31</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(14 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(7 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="56%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total other income (expense)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,395</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(188 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>12 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="56%" colspan="8">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
GAINS (LOSSES) ON INVESTMENTS</P>
<P align="left">
<font size="2">Gains on investments of $2,405 million in 2007 resulted from:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a $2,300 million
gain on the sale of Telesat, our satellite services subsidiary, on October 31,
2007</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a $92 million dilution gain from the privatization of the Bell Nordiq
Income Fund in the first quarter of 2007 </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">other gains on investments of $13
million.</font></P></li>
</ul>
<P align="left">
<font size="2">In 2006, losses on investments of $26 million included a loss of $36 million as
a result of our decision to exit a line of business, partly offset by a $9
million gain on the acquisition of Nortel Networks Inc. (Nortel) shares by the
Bell Canada pension fund. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on investments of $38 million in 2005 were from: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a $39 million
dilution gain on the partial sale of our interest in TerreStar Networks Inc., a
mobile satellite services company </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">other losses on investments of $1 million.
	</font></P></li>
</ul>
<P align="left">
PREMIUM ON REDEMPTION OF BELL ALIANT DEBT</P>
<P align="left">
<font size="2">In 2006, Bell Aliant recorded a $148 million charge for premium costs on early
redemption of its debt. Included in the total charge for the year was a premium
cost of $122 million as a result of the formation of Bell Aliant: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">$40 million,
incurred on June 30, 2006, on the early redemption of all of its outstanding
10.75% First Mortgage Bonds, Series T and, on July 4, 2006, the early redemption
of all of its outstanding 11.4% First Mortgage Bonds, Series V </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">$82 million, incurred on July 4, 2006, at which date Bell Aliant redeemed all
of its outstanding 8.30% Debentures, Series 2; 9.70% Debentures, Series 4; 9.05%
Debentures, Series 5; 10.6% First Mortgage Bonds, Series T; 11.15% First
Mortgage Bonds, Series U; 9.77% First Mortgage Bonds, Series V; and 8.76% First
Mortgage Bonds, Series W.</font></P></li>
</ul>
<P align="left">
<B><font size="4">Note 6: Interest Expense</font></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table9">
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="56%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Interest expense on long-term debt </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(812</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(909 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(907 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Interest expense on other debt </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(56</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(43 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(42 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Capitalized interest </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>12 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>9</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>12 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>15 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="56%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total interest expense</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(859</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(940 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(934 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD width="77%" colspan="8">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="2">Included in interest on long-term debt is $61 million of interest on capital
leases for 2007, $54 million for 2006 and $42 million for 2005.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">84&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i></P>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="right" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="right">&nbsp;</p>





<P align="left">
<B><font size="4">Note 7: Income Taxes</font></B></P>
<P align="left">
<font size="2">The following table reconciles the amount of reported income tax expense in the
statements of operations with income tax expense at Canadian statutory rates of
34.7% in 2007 and 2006 and 34.4% in 2005.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table10">
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income taxes computed at statutory rates </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,725</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(754 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(965 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-taxable portion of gains (losses) on investments </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>420</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(19 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Resolution of uncertain tax positions </FONT><SUP><FONT size=2>
(1)</FONT></SUP><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>348</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>153 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>6 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-taxable portion of Bell Aliant&#8217;s income </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>111</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>53 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>16 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Effect of changes in future tax rates on temporary differences </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>87</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>56 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Recognition of previously unrecognized capital loss carryforwards </FONT><SUP><FONT size=2>
(2)</FONT></SUP><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>434 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Large corporations tax </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>19 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(31 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Savings from Bell Canada International Inc. (BCI) monetization
transaction </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>99 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>34</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(16 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>83 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total income tax expense</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(725</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(74 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(792 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(1) Included in this amount for 2007 are settlements with tax authorities on
uncertain tax positions in connection with the sale of an investment in a prior
year and other audit issues.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(2) In 2006, we recognized a future tax asset of $434 million representing
the tax-effected amount of approximately $2,341 million of previously
unrecognized capital loss carryforwards as realization of the loss carryforwards
was more likely than not due to the anticipated gain on the sale of Telesat.</font></I></P>
<P align="left">
<font size="2">The following table shows the significant components of income tax expense that
related to earnings from continuing operations.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table11">
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Current income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(322</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(87 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(73 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Future income taxes </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Recognition and utilization of loss carryforwards </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(478</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>244 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(234 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Resolution of uncertain tax positions </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>348</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>153 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>6 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Effect of changes in future tax rates on temporary differences</FONT></TD>
	<TD align=right width="10%">
<B><FONT size=2>87</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>56 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Change in temporary differences and other </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(360</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(440 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(491 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total income tax expense</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(725</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(74 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(792 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="2">The following table shows future income taxes resulting from temporary
differences between the carrying amounts of assets and liabilities for
accounting purposes and the amounts used for tax purposes, as well as tax loss
carryforwards.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table12">
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-capital loss carryforwards </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>276</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>297 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Capital loss carryforwards </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>457 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Employee benefit plans </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>120</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>109 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Scientific research and experimental development expenditures </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>154 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Property, plant and equipment and finite-life intangible assets</FONT></TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(603</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(779 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Indefinite-life intangible assets </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(402</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(437 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Investment tax credits </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(213</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(155 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Partnership income deferral </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(183</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(117 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(702</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(971 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total future income taxes</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,707</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,442 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 10px; margin-bottom: 2px">
<FONT size=2>Future income taxes are comprised of: </FONT>
	</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table13">
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Future income tax asset &#8211; current portion </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>71</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>662 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Future income tax asset &#8211; long-term portion </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>13 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>134</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>255 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Future income tax liability &#8211; current portion </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>15 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(71</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(9 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Future income tax liability &#8211; long-term portion </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>18 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,841</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2,350 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total future income taxes</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,707</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,442 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p style="margin-top: 0"><i><font size="1">(1) The taxation year end of certain
of Bell Aliant&#8217;s corporate subsidiaries differs from their partnership year
ends. This results in a deferral of partnership income for tax purposes. </font>
</i></p>
<p style="margin-top: 0; margin-bottom:0" align="right"><font size="2">&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report </font></i><font size="2">
85</font></p>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="left">&nbsp;</p>





<P align="left">
<font size="2">At December 31, 2007, BCE had $915 million of non-capital loss carryforwards.
We: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">recognized a future tax asset of $276 million, of which $204 million
related to Bell Aliant, for financial reporting purposes for approximately $822
million of the non-capital loss carryforwards. Of the total, $546 million
expires in varying annual amounts until the end of 2017. The balance expires in
varying annual amounts from 2018 to 2027.&nbsp; </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">did not recognize a future tax asset for financial reporting purposes in
respect of approximately $93 million of the non-capital loss carryforwards. Of
the total, $11 million expires in varying annual amounts until the end of 2017.
The balance expires in varying annual amounts from 2018 to 2027.</font></P></li>
</ul>
<P align="left">
<font size="2">At December 31, 2007, BCE had $1,243 million in unrecognized capital loss
carryforwards, which can be carried forward indefinitely. </font> </P>
<P align="left">
BCI LOSS MONETIZATION TRANSACTION</P>
<P align="left">
<font size="2">On April 15, 2005, 3787915 Canada Inc., a wholly-owned subsidiary of Bell
Canada, acquired $17 billion in preferred shares from 3787923 Canada Inc., a
wholly-owned subsidiary of BCI. 3787923 Canada Inc. used the proceeds to advance
$17 billion to BCI through a subordinated interest-free loan. BCI then advanced
$17 billion to 3787915 Canada Inc. by way of a subordinated interest-bearing demand loan, the funds being used to repay a daylight loan granted to 3787915
Canada Inc. to make the initial preferred share investment. The dividend rate on
the preferred shares was equal to 5.1%, which was essentially the same as the
interest rate on the loan.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This transaction was unwound on August 18, 2005, and was part of a tax loss
consolidation strategy that followed the transaction steps laid out in an
advance tax ruling granted by the Canada Revenue Agency to Bell Canada and BCI.
The transaction also received the approval of the Ontario Superior Court of
Justice, which is supervising BCI&#8217;s voluntary plan of arrangement pursuant to
which BCI is monetizing its assets and resolving outstanding claims against it,
with the ultimate objective of distributing the net proceeds to its shareholders
and dissolving the company.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787915 Canada Inc. had the legal right and intention to offset the demand
loan payable to BCI and the investment in preferred shares of 3787923 Canada
Inc. As a result, these items and the related interest expense and dividend
income were presented on a net basis. The tax savings of $99 million resulting
from the interest expense were presented as a reduction of income tax expense.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June 2006, BCE contributed to BCI an amount of $61 million in partial
satisfaction of its obligation with respect to the BCI income tax loss
monetization transaction. In early 2007, we satisfied the remaining obligation.
See Note 8, <I>Discontinued Operations</I>.</font></P>
<P align="left">
<B><FONT size=4>Note 8: Discontinued Operations</FONT></B><font size="4"> </font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table14">
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>FOR THE YEAR ENDED </FONT>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>ADS </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>114</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>11 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>11 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>BCI </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>25</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>52 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>CTVglobemedia </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>7 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>84 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>CGI </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>63 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>46 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(6 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(3 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>
<B>Net gain from discontinued</B> </FONT><B><FONT size=2>operations</FONT></B></TD>
	<TD align=right width="10%">
<B><FONT size=2>139</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>127 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>138 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2>The following table summarizes the statements of operations for the
discontinued operations. </FONT>
	</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table15">
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>FOR THE YEAR ENDED </FONT>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Revenue </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>21</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,046 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,450 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income from discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>12</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>111 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>343 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Gain (loss) from discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>341</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>106 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income tax expense on income </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(5</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(43 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(129 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income tax expense on gain </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(56</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(14 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(153</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(33 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(75 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>
<B>Net gain from discontinued</B> </FONT><B><FONT size=2>operations</FONT></B></TD>
	<TD align=right width="10%">
<B><FONT size=2>139</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>127 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>138 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
ALIANT DIRECTORY SERVICES</P>
<P align="left">
<font size="2">On February 19, 2007, Yellow Pages Group (YPG), through Yellow Pages Income
Fund, and Bell Aliant announced that they had entered into a memorandum of
understanding for YPG to acquire the assets of ADS, a partnership held 87.14% by
Bell Aliant and the balance by YPG. We have accounted for ADS as a discontinued
operation and no longer proportionately consolidate its financial results. ADS
was previously included in the Bell Aliant segment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April 30, 2007, YPG, through Yellow Pages Income Fund, and Bell Aliant
announced that they had completed the transaction in accordance with the terms
previously announced on February 19, 2007, and we realized net proceeds of $327
million. The gain on disposition was $110 million.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">86&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i></P>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="right" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="right">&nbsp;</p>





<P align="left">
BCI</P>
<P align="left">
<font size="2">In June 2007, we recorded a return of capital of $25 million from BCI, which
reflects the final distribution under BCI&#8217;s plan of arrangement.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2006, as part of its liquidation process, BCE received a return of
capital from BCI of $156 million on which we recorded a gain of $52 million.</font></P>
<P align="left">
CTVGLOBEMEDIA</P>
<P align="left">
<font size="2">On August 30, 2006, we reduced our interest in CTVglobemedia to 20% from 68.5%
and received net proceeds of approximately $665 million. The proceeds were
offset by the deconsolidation of CTVglobemedia&#8217;s cash on hand of $35 million.
The net loss on disposition was $4 million. Goodwill of $1,920 million was
included in the net assets sold. In January 2006, we received $607 million as a
return of capital stemming from the recapitalization of CTVglobemedia.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September 2006, CTVglobemedia completed its takeover bid for CHUM
Limited (CHUM). As a result of the transaction our interest in CTVglobemedia was
reduced to 15%. Our remaining investment in CTVglobemedia is accounted for using
the cost method.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We still retain certain important rights and have entered into a commercial
agreement with CTVglobemedia to have access to existing and future content.
These rights do not constitute continuing involvement with CTVglobemedia. </font></P>
<P align="left">
CGI</P>
<P align="left">
<font size="2">On January 12, 2006, CGI bought 100 million of its Class A shares from us and we
realized total net proceeds of $849 million. The proceeds were offset by the
deconsolidation of CGI&#8217;s cash on hand of $81 million. The gain on disposition
was $79 million. Goodwill of $674 million was included in the net assets sold.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon closing of the transaction, our current information
services/technology outsourcing contract with CGI was extended by four years
until June 2016.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April 6, 2006, we exercised our CGI warrants to acquire Class A shares
at a cost of $21 million. In addition, we recorded a loss of $17 million in the
second quarter of 2006, which represented a write-down of our remaining
investment in CGI, which was available for sale, to fair market value based on
its stock price at June 30, 2006. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in the net gain from discontinued operations in 2006 is a loss of
$1 million, which represented a further write-down of our investment in CGI as a
result of the Bell Canada pension fund&#8217;s acquisition of our remaining 31.4
million CGI shares.</font></P>
<P align="left">
<B><font size="4">Note 9: Earnings Per Share </font> </B></P>
<P align="left">
<font size="2">The following table is a reconciliation of the components used in the
calculation of basic and diluted earnings per common share from continuing
operations.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table16">
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Earnings from continuing operations</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Earnings from continuing operations </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,918</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,880 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,823 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Dividends on preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(131</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(70 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Earnings from continuing operations &#8211; basic </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,787</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,810 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,753 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 12px">
<B><FONT size=2>Weighted average number of common shares outstanding (in
millions)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Weighted average number of common shares outstanding &#8211; basic </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>804.8</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>861.4 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>926.8 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Assumed exercise of stock options </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2.1</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>0.2 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>0.3 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Weighted average number of common shares outstanding </FONT></B><FONT size=2>
&#8211; </FONT><B><FONT size=2>diluted</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>806.9</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>861.6 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>927.1 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0">
<I><font size="1">(1) The calculation of the assumed exercise of stock options includes the
effect of the average unrecognized future compensation cost of dilutive options.
It does not include anti-dilutive options, which are options that would not be
exercised because their exercise price is higher than the average market value
of a BCE Inc. common share. The number of excluded options was 5,278,529 in
2007, 18,479,608 in 2006 and 24,466,767 in 2005.</font></I></P>
<P align="right" style="margin-top: 0; margin-bottom:0">
<font size="2">&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report </font></i>
<font size="2">87</font></P>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="left">&nbsp;</p>





<P align="left">
<B><font size="4">Note 10: Accounts Receivable</font></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table17">
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="78%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Trade accounts receivable </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,448</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,569 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Allowance for doubtful accounts </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(128</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(106 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Allowance for revenue adjustments </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(91</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(112 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income taxes receivable </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>124</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>97 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Investment tax credits </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>427</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>312 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other accounts receivable </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>160</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>104 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="78%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total accounts receivable</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,940</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,864 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="78%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
SECURITIZATION OF ACCOUNTS RECEIVABLE</P>
<P align="left">
<font size="2">Bell Canada sold an interest in a pool of accounts receivable to a
securitization trust for a total of $1.1 billion in cash at December 31, 2007
($1.2 billion at December 31, 2006) under a revolving sales agreement that
expires on December 31, 2011. Bell Canada had a retained interest of $149
million in the pool of accounts receivable at December 31, 2007 ($136 million at
December 31, 2006), which equals the amount of overcollateralization in the
receivables sold.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Aliant sold an interest in a pool of accounts receivable to a
securitization trust for a total of $220 million in cash at December 31, 2007
($120 million at December 31, 2006) under a revolving sales agreement that
expires on July 7, 2011. Bell Aliant had a retained interest of $61 million in
the pool at December 31, 2007 ($49 million at December 31, 2006).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Canada and Bell Aliant continue to service these accounts receivable.
The buyers&#8217; interest in the collection of these accounts receivable ranks ahead
of the interests of Bell Canada and Bell Aliant, which means that Bell Canada
and Bell Aliant are exposed to certain risks of default on the amount
securitized. They have provided various credit enhancements in the form of
overcollateralization and subordination of their retained interests.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The buyers will reinvest the amounts collected by buying additional
interests in the Bell Canada and Bell Aliant accounts receivable until the agreements expire. The buyers and their
investors have no claim on Bell Canada&#8217;s and Bell Aliant&#8217;s other assets if
customers do not pay amounts owed.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2007, we recognized a loss of $64 million on the revolving sale of
accounts receivable for the combined securitizations, compared to losses of $57
million in 2006 and $34 million in 2005.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows balances for the combined securitizations at
December 31, 2007 and the assumptions that were used in the model on the date of
transfer and at December 31, 2007. A 10% or 20% adverse change in each of these
assumptions would have no significant effect on the current fair value of the
retained interest.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table18">
<TR valign="bottom">
	<TD align=left width="60%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="17%">
<FONT size=1>RANGE FOR 2007 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="60%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Securitized interest in accounts receivable</FONT></TD>
	<TD align=left width="17%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,332</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,338 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Retained interest </FONT>
	</TD>
	<TD align=left width="17%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>210</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>185 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Servicing liability </FONT>
	</TD>
	<TD align=left width="17%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Average accounts receivable managed </FONT>
	</TD>
	<TD align=left width="17%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,040</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,009 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Assumptions </FONT>
	</TD>
	<TD align=left width="17%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Cost of funds </FONT>
	</TD>
	<TD align=right width="17%">
<FONT size=2>4.27%&#8211;4.74% </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4.74</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>4.20 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Average delinquency ratio</FONT></TD>
	<TD align=right width="17%">
<FONT size=2>11.71%&#8211;12.26% </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>12.10</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>11.69 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Average net credit loss ratio </FONT>
	</TD>
	<TD align=right width="17%">
<FONT size=2>0.81%&#8211;1.06% </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1.06</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>0.76 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="60%">
<p align="left" style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Weighted average life (days) </FONT>
	</TD>
	<TD align=right width="17%">
<FONT size=2>36 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>36</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>36 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Servicing fee liability </FONT>
	</TD>
	<TD align=right width="17%">
<FONT size=2>2.00 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2.00</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2.00 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="60%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2>The following table is a summary of certain cash flows received from and paid to the trusts during the year. </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table19">
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Collections reinvested in revolving sales</FONT></TD>
	<TD align=right width="10%">
<B><FONT size=2>18,579</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>18,611 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>17,724 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>(Decrease) increase in sale proceeds</FONT></TD>
	<TD align=right width="10%">
<B><FONT size=2>(6</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(16 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>229 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<B><font size="4">Note 11: Inventory</font></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table20">
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="78%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Inventory </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Work in progress </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>68</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>66 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Finished goods </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>219</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>295 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Provision </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(21</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(32 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="78%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="78%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total inventory</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>266</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>329 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="78%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<p style="margin-top: 0; margin-bottom: 0"><font size="2">88&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i></p>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="right" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="right">&nbsp;</p>





<P align="left">
<B><font size="4">Note 12: Capital Assets</font></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table21">
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="32%" colspan="5">
<p align="center"><B><FONT size=1>2007</FONT></B></TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="32%" colspan="6">
<p align="center"><font size="1">2006</font></TD>
</TR>
<tr>
	<TD width="34%">
&nbsp;</TD>
	<TD align=left width="32%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="32%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
	</tr>
<tr>
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" valign="bottom">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1% valign="bottom">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" rowspan="2" valign="bottom">
<B><FONT size=1>ACCUMULATED<br>
AMORTIZATION</FONT></B></TD>
	<TD width=1% valign="bottom">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" rowspan="2" valign="bottom">
<B><FONT size=1>NET BOOK</FONT></B><font size="1"> <br>
</font><B><FONT size=1>VALUE</FONT></B><font size="1"> </font>
	</TD>
	<TD width=1% valign="bottom">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%" valign="bottom">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1% valign="bottom">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" rowspan="2" valign="bottom">
<FONT size=1>ACCUMULATED AMORTIZATION </FONT>
	</TD>
	<TD width=1% valign="bottom">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" rowspan="2" valign="bottom">
<FONT size=1>NET BOOK<br>
&nbsp;VALUE </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</tr>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<p align="right">
<font size="1">&nbsp;
	</font>
<B><FONT size=1>COST</FONT></B></TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<p align="right">
<font size="1">&nbsp;
	COST</font></TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=12 width="34%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Property, plant and equipment</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Telecommunications assets </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Inside plant </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>21,087</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>15,172</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>5,915</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>20,058 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>14,252 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>5,806 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Outside plant </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>15,492</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>10,306</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>5,186</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>15,176 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>9,931 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>5,245 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Station equipment </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,077</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,570</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,507</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,910 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,455 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,455 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Machinery and equipment </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>6,093</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,857</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,236</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>5,949 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3,587 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,362 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Buildings </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,245</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,551</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,694</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3,204 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,470 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,734 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Plant under construction </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,305</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,305</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,579 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,579 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Satellites </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>849</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>482</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>367</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,553 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>514 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,039 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Land </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>76</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>76</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>79 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>79 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>393</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>79</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>314</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>337 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>103 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>234 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=12 width="34%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total property, plant and equipment</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>51,617</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>33,017</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>18,600</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>50,845 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>31,312 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>19,533 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=12 width="34%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 6px">
<B><FONT size=2>Finite-life intangible assets</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Software </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4,521</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,542</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,979</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3,960 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,981 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,979 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Customer relationships </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>631</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>122</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>509</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>652 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>106 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>546 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>12</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>9</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>32 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>11 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>21 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=12 width="34%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total finite-life intangible assets</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>5,164</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,673</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,491</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>4,644 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,098 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,546 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=13 width="34%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 6px">
<B><FONT size=2>Indefinite-life intangible assets</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Brand name </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,986</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,986</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,986 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,986 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Spectrum licences </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>911</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>911</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>900 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>900 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cable licences </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>16</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>16</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>16 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>16 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=12 width="34%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total indefinite-life intangible assets</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,913</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,913</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,902 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>2,902 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=12 width="34%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total capital assets</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>59,694</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>35,690</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>24,004</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>58,391 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>33,410 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>24,981 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=12 width="34%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font size="2">The cost of assets under capital leases was $2,238 million at December 31, 2007
and $1,519 million at December 31, 2006. Additions to assets under capital
leases were $251 million in 2007 and $252 million in 2006. The net book value of
these assets was $1,433 million at December 31, 2007, and $1,022 million at
December 31, 2006. The sale of Telesat resulted in the recognition of capital
leases on the satellites used by Bell ExpressVu (see Note 14, <I>Goodwill</I>).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of property, plant and equipment was $2,550 million in 2007,
$2,505 million in 2006 and $2,511 million in 2005. Amortization of finite-life
intangible assets was $645 million in 2007, $620 million in 2006 and $547
million in 2005. Included in amortization of property, plant and equipment is
amortization of capital leases of $157 million in 2007, $134 million in 2006 and
$49 million in 2005. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We capitalized interest costs of $9 million in 2007, $12 million in 2006
and $15 million in 2005.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to finite-life intangible assets were $527 million in 2007 and
$829 million in 2006. The future annual amortization expense for finite-life
intangible assets, calculated based on the asset values as at December 31, 2007,
is as follows:</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table22">
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1>YEARS ENDING DECEMBER 31 </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="89%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>2008 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(631 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>2009 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(530 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>2010 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(370 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>2011 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(248 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>2012 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(151 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="89%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total estimated amortization expense</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,930 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="89%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<p align="right" style="margin-top: 0; margin-bottom: 0">
<font size="2">&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report </font></i><font size="2">
89</font></p>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="left">&nbsp;</p>





<P align="left">
<B><font size="4">Note 13: Other Long-Term Assets</font></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table23">
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Accrued benefit asset </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>24 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,240</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,410 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Future income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>7 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>134</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>255 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Available-for-sale publicly-traded securities </FONT><SUP><FONT size=2>
(1)</FONT></SUP><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>366</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>356 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Available-for-sale privately-held securities </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>300</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>398 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Investment tax credits </FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>239</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>393 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long-term notes and other receivables </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>97</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>87 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Deferred development costs </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>298</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>128 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total other long-term assets</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,674</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3,030 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD width="67%" colspan="6">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(1) 2006 amounts are presented at cost as the requirement to fair value our
available-for-sale publicly-traded securities only came into effect on January
1, 2007.</font></I></P>
<P align="left" style="margin-top: 0">
<I><font size="1">(2) Our investment tax credits expire in varying annual amounts until the end
of 2027. </font> </I></P>
<P align="left">
<font size="2">Amortization of deferred charges was $4 million in 2007, $3 million in 2006 and
$3 million in 2005.</font></P>
<P align="left">
<B><font size="4">Note 14: Goodwill </font> </B></P>
<P align="left">
<font size="2">In the first quarter of 2007, as discussed in Note 3, <I>Segmented Information</I>,
our management structure changed and as a result our operations are now reported
in four segments. Accordingly, we have reallocated our goodwill to the new
segments using the relative fair value approach.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated statements of operations include the results of acquired
businesses from the date they were purchased. We cease including results of
business dispositions on the date they are sold. The following table provides
details about the changes in the carrying amounts of goodwill for the years
ended December 31, 2007 and 2006.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table24">
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>BELL </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>CONSOLI- </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>WIRELINE </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>WIRELESS </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>ALIANT </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>TELESAT </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>DATED </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Balance &#8211; December 31, 2005</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,479 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,174 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,217 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>96 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>5,966 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>2006 acquisitions </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>36 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>12 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>49 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Purchase price adjustments for 2005 acquisitions </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(12 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(12 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Disposition upon formation of Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>(533 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(533 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>4 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>5 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Balance &#8211; December 31, 2006</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,503 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,175 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>700 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>97 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>5,475 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>2007 acquisitions </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>18 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>438 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>456 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Contingent consideration paid in respect of a prior year&#8217;s
acquisition </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Disposition from issuance of units at Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>(36 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(36 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Repurchase of units at Bell Aliant </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>107 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>107 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Sale of Telesat </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(97 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(97 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Balance &#8211; December 31, 2007</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,523</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,175</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,209</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>5,907</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0">
<I><font size="1">(1) As at December 31, 2007, Bell Aliant had repurchased a total of 10.6
million outstanding units for a total cash outlay of $330 million as a result of
a normal course issuer bid (NCIB). The NCIB allows Bell Aliant to repurchase up
to 13.7 million of its outstanding units and expired on February 27, 2008.</font></I></P>
<P align="left">
SALE OF TELESAT</P>
<P align="left">
<font size="2">On October 31, 2007, we sold Telesat, our satellite services subsidiary, which
represents our Telesat segment. We realized net cash proceeds of $3,123 million
and the gain on sale was $1,893 million, net of taxes of $407 million. </font> </P>
<P align="left">
BELL NORDIQ INCOME FUND</P>
<P align="left">
<font size="2">Goodwill of $438 million arose from the acquisition by Bell Aliant in January
2007 of the remaining 36.7% interest in NorthernTel Limited Partnership
(NorthernTel) and T&#233;l&#233;bec Limited Partnership (T&#233;l&#233;bec), the operating
partnerships of the Bell Nordiq Income Fund, held</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">90&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i></P>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="right" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="right">&nbsp;</p>





<P align="left">
<font size="2">through Bell Nordiq Group Inc. (Bell Nordiq) that it did not already own.
Goodwill was recognized on the transaction because the value of the net assets
was lower than the future earnings potential. None of the goodwill is expected
to be deductible for tax purposes.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to the acquisition, Bell Nordiq Income Fund unitholders
received a special distribution of $4.00 cash per unit and, on January 30, 2007,
received 0.4113 of a Bell Aliant unit for each Bell Nordiq Income Fund unit
held. As a result, our non-controlling interest increased by $156 million.</font></P>
<P align="left">
<font size="4">BELL ALIANT</font></P>
<P align="left">
<font size="2">On July 7, 2006, the Plan of Arrangement forming Bell Aliant, an income trust,
was completed. Bell Aliant combines Bell Canada&#8217;s former regional wireline
operations in rural Ontario and Qu&#233;bec with Aliant&#8217;s former wireline operations
and includes Bell Canada&#8217;s former 63.4% interest in NorthernTel and T&#233;l&#233;bec, the
operating partnerships of the Bell Nordiq Income Fund, held through Bell Nordiq.
Upon closing of the transaction, BCE held a 73.5% indirect interest in Bell
Aliant.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July 10, 2006, in accordance with the Plan of Arrangement, BCE&#8217;s
ownership of Bell Aliant was reduced to 44.7% through a distribution of trust
units by way of a return of capital to holders of BCE Inc. common shares. This
distribution had the following impact on our balance sheet: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">goodwill decreased
by $533 million </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">non-controlling interest increased by $469 million</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">common
shares decreased by $2,549 million </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">contributed surplus increased by $1,547
million.</font></P></li>
</ul>
<P align="left">
<font size="2">In 2006, the costs for the formation of Bell Aliant were comprised mainly of: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">transaction costs of $138 million related mainly to investment banking,
professional and consulting fees. See Note 4, <I>Restructuring and Other</I>.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">premium cost on early redemption of Bell Aliant long-term debt of $122
million. See Note 5, <I>Other Income (Expense)</I>.</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">of these transaction costs, $255 million were paid in 2006.</font></P>
	</li>
</ul>
<P align="left">
<font size="2">In 2007, we incurred minimal costs related to the formation of Bell Aliant. We
consolidate Bell Aliant because we have the right to elect the majority of the
board of directors.</font></P>
<p>PURCHASE PRICE ALLOCATIONS</p>
<P align="left">
<font size="2">The purchase price allocations for all 2007 acquisitions include certain
estimates. The final purchase price allocation for each business acquisition
will be complete within 12 months of the acquisition date.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables summarize the fair values assigned to each major asset
and liability class as at the dates of acquisition for each of the last three
years.</font></P>
<P align="left">
2007 Business Combinations</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table25">
<TR valign="bottom">
	<TD align=right width="67%">
<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>&nbsp;</FONT></TD>
	<TD align=right width="10%">
<FONT size=1>BELL NORDIQ</FONT></TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>OTHER </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>TOTAL </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Consideration given </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Cash </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>135</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>20</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>155</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Acquisition costs </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Non-cash </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>394</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>396</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Purchase price</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>533</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>22</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>555</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px">
<FONT size=2><br>
Property, plant and equipment </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>95</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>97</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Fair value of net assets acquired</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>95</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>99</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Goodwill </FONT></B><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>438</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>18</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>456</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0">
<I><font size="1">(1) $11 million is deductible for tax purposes.</font></I></P>
<P align="left">
2006 Business Combinations</P>
<P align="left">
<font size="2">All acquisitions in 2006 were individually insignificant.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table26">
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>TOTAL </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="89%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Consideration given </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Cash </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>78 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Acquisition costs </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Non-cash </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="89%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Purchase price</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>81 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="89%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px">
<FONT size=2><br>
Non-cash working capital </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Property, plant and equipment </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Finite-life intangible assets </FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Customer relationships </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>15 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Licences </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>4 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other long-term assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other long-term liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(4 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="89%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>24 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash and cash equivalents </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>8 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="89%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Fair value of net assets acquired</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>32 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="89%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="89%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Goodwill </FONT></B><SUP><FONT size=2>(3)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>49 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="89%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(1) Excluding contingent consideration of $4 million that may be paid if
certain conditions specified in the purchase agreements are met. If the payments
are made, the amounts will be allocated to goodwill.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(2) Each of the customer relationships and licences is being amortized over a
weighted average period of six years.</font></I></P>
<P align="left" style="margin-top: 0">
<I><font size="1">(3) $5 million is deductible for tax purposes.</font></I></P>

<p align="right" style="margin-top: 0; margin-bottom:0"><font size="2">&nbsp; Bell Canada Enterprises
</font> <i><font size="2">2007 Annual Report </font></i><font size="2">91</font></p>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="left">&nbsp;</p>





<P align="left">
2005 Business Combinations</P>
<P align="left">
<font size="2">We made a number of business acquisitions in 2005, including: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>NR
Communications Ltd. (NR Communications) </I>&#8211; In February and November 2005,
Bell Canada acquired 100% of the outstanding shares of NR Communications, which holds a 50% ownership in Inukshuk, a joint venture entered into with
Rogers Communications Inc. to provide wireless broadband services.&nbsp; </font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>Nexxlink Technologies Inc. (Nexxlink)
	</I>&#8211; In February 2005, Bell Canada
acquired 100% of the outstanding shares of Nexxlink, a provider of integrated IT
solutions. </font></P></li>
</ul>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table27">
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NR </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>COMMUNICATIONS </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NEXXLINK </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>OTHER </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>TOTAL </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="56%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Consideration given </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Cash </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>69 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>67 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>113 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>249 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Acquisition costs </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>4 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>7 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Non-cash </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>7 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>7 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="56%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Purchase price</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>70 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>71 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>122 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>263 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="56%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px">
<FONT size=2><br>
Non-cash working capital </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(16 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>9 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(12 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(19 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Property, plant and equipment </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>19 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>9 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>85 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>113 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Finite-life intangible assets </FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Customer relationships </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>15 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>8 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>23 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Software </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>7 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>7 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Indefinite-life intangible assets </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Spectrum licences </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>57 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>20 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>77 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other long-term assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(61 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(61 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other long-term liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(6 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(15 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(21 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="56%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>60 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>27 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>35 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>122 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash and cash equivalents (bank indebtedness) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>10 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(3 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>13 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>20 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="56%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Fair value of net assets acquired</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>70 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>24 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>48 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>142 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="56%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Goodwill</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>47 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>74 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>121 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="56%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(1) Excluding contingent consideration of $6 million that may be paid if
certain conditions specified in the purchase agreements are met. If the payments
are made, the amounts will be allocated to goodwill.</font></I></P>
<P align="left" style="margin-top: 0">
<I><font size="1">(2) The majority of customer relationships and software acquired are being
amortized over a weighted-average period of seven and five years, respectively.</font></I></P>
<P align="left">
<font size="2">Of the goodwill acquired in 2005: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">$115 million related to Wireline, $7 million related to Telesat and a decrease
of $1 million related to Bell Aliant. </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">$20 million is deductible for tax
purposes.</font></P></li>
</ul>
<P align="left">
<B><font size="4">Note 15: Accounts Payable and Accrued Liabilities</font></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table28">
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Trade accounts payable and accruals </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,451</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>1,616 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Compensation payable </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>592</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>486 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Deferred revenues </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>520</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>471 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Taxes payable </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>224</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>207 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restructuring costs payable </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>68</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>89 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Future income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>7 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>71</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>9 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other current liabilities </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>367</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>356 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="67%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="67%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total accounts payable and accrued liabilities</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3,293</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>3,234 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD width="67%" colspan="6">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p style="margin-bottom: 0"><font size="2">92&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i></p>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="right" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="right">&nbsp;</p>





<P align="left">
<B><font size="4">Note 16: Debt Due Within One Year</font></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table29">
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>WEIGHTED </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>WEIGHTED </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>AVERAGE </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>AVERAGE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>INTEREST RATE </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>MATURITY </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bank advances </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>5.17 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>N/A </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>214</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>9 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Notes payable </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>4.28 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>30 days </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>40</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>27 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total bank advances and notes payable</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>254</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>36 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Long-term debt due within one year</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Canada </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>401</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>824 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>62</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>109 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Telesat </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>8 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>463</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>941 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Unamortized premium </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>8</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>9 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Unamortized debt issuance costs </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(8</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(14 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total long-term debt due within one year</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>17 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>463</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>936 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total debt due within one year</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>717</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>972 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<I><font size="1">N/A: Not applicable</font></I><font size="1"> </font>
<P align="left">
RESTRICTIONS</P>
<P align="left">
<font size="2">Some of the credit agreements:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">require us to meet specific financial ratios
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">require us to maintain a certain level of Bell Canada voting shares.</font></P>
	</li>
</ul>
<P align="left">
<font size="2">We are in compliance with all conditions and restrictions.</font></P>
<P align="left">
<B><font size="4">Note 17: Long-Term Debt</font></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table30">
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>WEIGHTED </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>AVERAGE </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1>INTEREST RATE </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>MATURITY </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>BCE Inc. </FONT><SUP><FONT size=2>(a)</FONT></SUP></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>7.35 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2009 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>650</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>650 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Bell Canada </FONT><SUP><FONT size=2>(b)</FONT></SUP></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Debentures </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>6.82 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2008&#8211;2035 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>5,506</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>7,025 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Debentures </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>9.84 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2041&#8211;2054 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>700</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>700 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Subordinated debentures </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>8.21 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2026&#8211;2031 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>275</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>275 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Capital leases </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>7.42 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2008&#8211;2047 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,338</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>975 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>17</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>40 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total &#8211; Bell Canada</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>7,836</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>9,015 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left:12px">
<B><FONT size=2>Bell Aliant </FONT><SUP><FONT size=2>(c)</FONT></SUP></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-revolving term facility </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>Floating </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2009 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>100</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,235 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Debentures, notes and bonds </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2>5.30 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2008&#8211;2037 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,447</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,549 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>33</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>28 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total &#8211; Bell Aliant</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,580</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,812 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left:12px">
<B><FONT size=2>Telesat &#8211; Notes and other</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>253 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left:12px">
<B><FONT size=2>Total debt</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>11,066</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>12,730 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Unamortized premium </FONT><B><SUP><FONT size=2>(d)</FONT></SUP></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>72</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>87 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Unamortized debt issuance costs </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(54</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(86 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Less: Amount due within one year </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>16 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(463</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(936 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="45%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total long-term debt</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2>10,621</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>11,795 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="66%" colspan="10">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p align="right" style="margin-bottom: 0"><font size="2">&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report </font></i><font size="2">
93</font></p>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="left">&nbsp;</p>
<p>RESTRICTIONS</p>
<P align="left">
<font size="2">Some of the debt agreements:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">require us to meet specific financial ratios
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">impose covenants, maintenance tests and new issue tests
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">require us to
maintain a certain level of Bell Canada voting shares. </font></P></li>
</ul>
<P align="left">
<font size="2">We are in compliance with all conditions and restrictions.</font></P>
<P align="left">
(a) BCE Inc. </P>
<P align="left">
<font size="2">All of the debt is unsecured.</font></P>
<P align="left">
(b) Bell Canada </P>
<P align="left">
<font size="2">In 2007, Bell Canada redeemed all of its outstanding 6.25% Series M-10 MTN
Debentures, with an outstanding principal amount of $700 million, due January
18, 2008, and all of Bell Mobility Inc.&#8217;s 6.55% Series F Senior Unsecured
Debentures, with an outstanding principal of $150 million, due June 2, 2008. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All debentures are unsecured. They include US$200 million maturing in 2010,
which has been swapped into Canadian dollars.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital leases include $318 million in 2007 and $336 million in 2006,
netted against loans receivable of $220 million in 2007 and $244 million in
2006. These obligations arose from agreements that Bell Canada entered into in 1999 and 2001
to sell and lease back telecommunications equipment for a total of $391 million.
Some of the proceeds were invested in interest-bearing loans receivable. The
capital lease obligations, net of loans, were originally issued for US$39
million and have been swapped into Canadian dollars.</font></P>
<P align="left">
(c) Bell Aliant </P>
<P align="left">
<font size="2">All debentures, notes and bonds are issued under trust indentures and are
unsecured with the exception of T&#233;l&#233;bec&#8217;s debentures of $150 million, which are
secured by a mortgage on a property located in the province of Qu&#233;bec. As at
December 31, 2007, the carrying value of this property is $12 million. All
notes, bonds and debentures are issued in series and certain series are
redeemable at Bell Aliant&#8217;s option prior to maturity at the prices, times and
conditions specified in each series.</font></P>
<P align="left">
(d) Unamortized Premium </P>
<P align="left">
<font size="2">This amount represents the unamortized purchase price allocated to long-term
debt resulting from BCE&#8217;s repurchase of SBC Communications Inc.&#8217;s 20% interest
in Bell Canada Holdings Inc.</font></P>
<P align="left">
<B><font size="4">Note 18: Other Long-Term Liabilities</font></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table31">
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Future income taxes </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>7 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>1,841</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>2,350 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Accrued benefit liability </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>24 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>1,748</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>1,836 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Deferred revenue on long-term contracts </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>177</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>399 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Deferred contract payments </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>130</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>168 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restructuring costs payable </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>82</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>371</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>383 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total other long-term liabilities</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>4,349</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>5,139 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD width="61%" colspan="6">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<B><font size="4">Note 19: Non-Controlling Interest</font></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table32">
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Non-controlling interest in subsidiaries </FONT>
	</TD>
	<TD align=right width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=right width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>1,102</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>1,063 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=right width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>1</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>17 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>1,103</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>1,080 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Preferred shares issued by Bell Canada </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>21 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>1,100 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total non-controlling interest</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>1,103</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>2,180 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD width="61%" colspan="6">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p style="margin-bottom: 0"><font size="2">94&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i></p>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="right" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="right">&nbsp;</p>





<P align="left">
<B><font size="4">Note 20: Financial Instruments</font></B></P>
<P align="left">
DERIVATIVES</P>
<P align="left">
<font size="2">We use derivative instruments to manage our exposure to interest rate risk,
foreign currency risk and changes in the price of BCE Inc. common shares that
may be issued under our compensation plans (SCPs and DSUs). We do not use
derivative instruments for speculative purposes. Since we do not trade actively
in derivative instruments, we are not exposed to any significant liquidity risks
relating to them.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following derivative instruments were outstanding at December 31, 2007:
</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">interest rate swaps that hedge interest rate risk on a portion of our
long-term debt </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">cross-currency swaps and foreign exchange forward contracts
that hedge foreign currency risk on a portion of our long-term debt </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">foreign
exchange forward contracts that hedge certain purchase commitments </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">forward
contracts on BCE Inc. common shares that hedge the fair-value exposure related
to SCPs and DSUs.</font></P></li>
</ul>
<P align="left"><font size="2">As at December 31, 2007, the amount of hedge ineffectiveness recorded in
<I>Other income (expense) </I>in the statement of operations was not material.</font></P>
<P align="left">
CREDIT RISK</P>
<P align="left">
<font size="2">We are exposed to credit risk if counterparties to our derivative instruments
are unable to meet their obligations. We expect that they will be able to meet
their obligations because we deal with institutions that have strong credit
ratings and we regularly monitor our credit risk and credit exposure.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There was minimal credit risk relating to derivative instruments at
December 31, 2007. We are also exposed to credit risk from our customers, but
the concentration of this risk is minimized because we have a large and diverse
customer base.</font></P>
<P align="left">
CURRENCY EXPOSURES</P>
<P align="left">
<font size="2">We use cross-currency swaps and forward contracts to hedge debt that is
denominated in foreign currencies. We also use foreign exchange forward
contracts to hedge foreign currency risk on anticipated transactions including
certain purchase commitments.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2007, the amounts to be received under currency contracts
were US$982 million, for which the amounts to be paid were $1,051 million. At
December 31, 2006, the amounts to be received under currency contracts were
US$482 million, for which the amounts to be paid were $623 million.</font></P>
<P align="left">
<font size="2">The following table provides further details on our outstanding cross-currency
swaps and forward contracts as at December 31, 2007 and 2006.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table33">
<TR valign="bottom">
	<TD align=left width="37%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1>AMOUNTS </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1>AMOUNTS </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font><FONT size=2> </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<FONT size=1>BUY </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1>TO RECEIVE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1>SELL </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1>TO PAY </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font><FONT size=2> </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<FONT size=1>CURRENCY </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1>IN USD </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1>CURRENCY </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1>IN CAD </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1>MATURITY </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=1>HEDGED ITEM </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT><font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=12 width="37%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<B><FONT size=2>At December 31, 2007</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>USD</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>312</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>CAD</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>295</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>2008</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>Purchase commitments</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>USD</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>226</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>CAD</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>212</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>2008</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>Purchase commitments</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>USD</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>200</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>CAD</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>269</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>2010</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>Long-term debt</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>USD</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>162</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>CAD</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>154</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>2008</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>Purchase commitments</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<B><FONT size=2>USD</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>82</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>CAD</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>121</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<B><FONT size=2>2013</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>Long-term debt</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=12 width="37%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<B><FONT size=2>At December 31, 2006</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=9%>
<FONT size=2>USD </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>200 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>CAD </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>269 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>2010 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<FONT size=2>USD </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>197 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>CAD </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>229 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>2008 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>Purchase commitments </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<FONT size=2>USD </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>83 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>CAD </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>122 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>2013 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<FONT size=2>USD </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>2 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>CAD </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>3 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2>2007 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>Debt due within one year </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan="12" width="37%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p align="right" style="margin-bottom: 0"><font size="2">&nbsp; Bell Canada Enterprises

</font> <i><font size="2">2007 Annual Report</font></i><font size="2"> 95</font></p>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="left">&nbsp;</p>





<P align="left">
INTEREST RATE EXPOSURES</P>
<P align="left">
<font size="2">We use interest rate swaps to manage the mix of fixed and floating interest
rates on our debt. The following table shows interest rate swaps outstanding as
at December 31, 2007 and 2006.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table34">
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<FONT size=1>RECEIVE </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="17%">
<FONT size=1>PAY </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="16%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>NOTIONAL </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<FONT size=1>INTEREST </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="17%">
<FONT size=1>INTEREST </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="16%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>AMOUNT </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<FONT size=1>RATE </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="17%">
<FONT size=1>RATE </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>MATURITY </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="16%">
<FONT size=1>HEDGED ITEM </FONT>
	</TD>
	<TD align=right width="1%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=10 width="25%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<B><FONT size=2>At December 31, 2007</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>700</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<B><FONT size=2>5.00</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="17%">
<B><FONT size=2>3-month CDOR </FONT><SUP><FONT size=2>(1) </FONT></SUP><FONT size=2>
+ 0.42</FONT></B><FONT size=2> </FONT>
	</TD>
	<TD width="1%">
<font size="2">&nbsp;%</font></TD>
	<TD align=right width="10%">
<B><FONT size=2>2017</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="16%">
<B><FONT size=2>Long-term debt</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>100</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<B><FONT size=2>3-month CDOR </FONT><SUP><FONT size=2>(1)</FONT></SUP></B><font size="2">
</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="17%">
<B><FONT size=2>4.9775</FONT></B><font size="2"> </font>
	</TD>
	<TD width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2010</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="16%">
<B><FONT size=2>Debt due within one year</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>100</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<B><FONT size=2>3-month CDOR</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="17%">
<B><FONT size=2>4.9775</FONT></B><font size="2"> </font>
	</TD>
	<TD width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2010</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="16%">
<B><FONT size=2>Debt due within one year</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=10 width="25%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<B><FONT size=2>At December 31, 2006</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>700 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<FONT size=2>5.00 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="17%">
<FONT size=2>3-month CDOR + 0.42 </FONT>
	</TD>
	<TD width="1%">
<font size="2">&nbsp;%</font></TD>
	<TD align=right width="10%">
<FONT size=2>2017 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="16%">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>500 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<FONT size=2>3-month CDOR </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="17%">
<FONT size=2>4.31 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2012 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="16%">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>300 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<FONT size=2>3-month CDOR </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="17%">
<FONT size=2>4.90 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2014 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="16%">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>200 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<FONT size=2>3-month CDOR </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="17%">
<FONT size=2>4.85 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2017 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="16%">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>200 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<FONT size=2>3-month CDOR </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="17%">
<FONT size=2>5.02 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2037 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="16%">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>50 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<FONT size=2>3-month CDOR </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="17%">
<FONT size=2>5.00 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2037 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="16%">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=10 width="25%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<I><FONT size=1>(1) Canadian dollar offered rate (CDOR)</FONT></I><font size="1">
</font>
	<P align="left">
FAIR VALUE</P>
<P align="left">
<font size="2">Fair value is the amount that willing parties would accept to exchange a
financial instrument based on the current market for instruments with the same
risk, principal and remaining maturity.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These estimates are affected by assumptions we make about the amount and
timing of estimated future cash flows and discount rates, all of which reflect varying degrees of risk. Income
taxes and other expenses that would be incurred on disposition of these
financial instruments are not reflected in the fair values. As a result, the
fair values are not necessarily the net amounts that would be realized if these
instruments were settled. <br>
The carrying value of all financial instruments approximates fair value, except
for those noted in the following table.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table35">
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="25%" colspan="3">
<p align="center">
<B><FONT size=1>&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; 2007</FONT></B><font size="1">
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="25%" colspan="3">
<p align="center">
<B><FONT size=1>&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; </FONT></B>
<FONT size=1>2006&nbsp;
	</FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=left width="12%">
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="25%" colspan="3">
<HR noshade size=1 color="#000000" align="right" width="75%">
	</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=right width="25%" colspan="3">
<HR noshade size=1 color="#000000" align="right" width="75%">
	</TD>
	<TD align=left width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=1>CARRYING</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=1>FAIR</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>CARRYING </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>FAIR </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=1>VALUE</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=1>VALUE</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>VALUE </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>VALUE </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="99%" colspan="10">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long-term debt due within one year </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>16 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>463</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>463</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>936 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>942 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long-term debt </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>17 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>10,621</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>10,590</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>11,795 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>13,055 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Derivative financial instruments, net asset (liability) position </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Forward contracts &#8211; BCE Inc. shares </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>20</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>20</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>5 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>7 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Currency contracts </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(85</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(85</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(58 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(77 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Interest rate swaps and swaptions </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(5</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(5</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(26 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD width="60%" colspan="10">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font size="2">The fair value of our available-for-sale publicly-traded securities as at
December 31, 2007 and 2006, which is equal to the carrying value, is disclosed
in Note 13, <I>Other Long-Term Assets</I>.</font></P>
<P align="left">
<B><font size="4">Note 21: Share Capital</font></B></P>
<P align="left">
PREFERRED SHARES</P>
<P align="left">
<font size="2">BCE Inc.&#8217;s articles of amalgamation provide for an unlimited number of First
Preferred Shares and Second Preferred Shares. The terms set out in the articles authorize BCE Inc.&#8217;s directors to issue the shares in one or more series and to
set the number of shares and conditions for each series.</font></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="2">96&nbsp; Bell Canada Enterprises </font> <i><font size="2">2007 Annual Report</font></i></P>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="right" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="right">&nbsp;</p>





<P align="left">
<font size="2">The following table is a summary of the principal terms of BCE Inc.&#8217;s First
Preferred Shares. There were no Second Preferred Shares issued and outstanding
at December 31, 2007. BCE Inc.&#8217;s articles of amalgamation, as amended, describe
the terms and conditions of these shares in detail.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table36">
<TR valign="bottom">
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=7%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width=12%>
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width=12%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="7%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="7%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="7%" colspan="5">
<p align="center">
<FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STATED </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=7%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width=12%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width=12%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="7%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%" colspan=3>
<p align="center">
<FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NUMBER OF SHARES </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="7%" colspan="5">
<p align="center">
<FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAPITAL</FONT></TD>
	<TD align=left width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=right width=7%>
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%" colspan="3">
<HR noshade size=1 color="#000000" width="80%" align="right">
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="8%" colspan="5">
<HR noshade size=1 color="#000000" width="80%" align="right">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=right width=7%>
<FONT size=1>ANNUAL</FONT></TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=1>REDEMP-</FONT></TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=1>ISSUED</FONT></TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%" colspan="5">
<p align="center">
<FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT</FONT></TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
&nbsp;</TD>
	<TD align=right width=7%>
<FONT size=1>DIVIDEND</FONT></TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1>CONVERT-</FONT></TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=1>CONVERSION</FONT></TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=1>REDEMPTION</FONT></TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=1>TION</FONT></TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=1>AND OUT-</FONT></TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%" colspan="5">
<p align="center">
<FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=1>SERIES </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=1>RATE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>&nbsp;IBLE INTO </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=1>DATE </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=1>DATE </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=1>PRICE </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=1>AUTHORIZED </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=1>STANDING </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=20 width="14%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>Q </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>floating </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series R </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>December 1, 2015 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.50 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>8,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>R </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>4.54 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series Q </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>December 1, 2010 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>December 1, 2010 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.00 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>8,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>8,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>200</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>200 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>200 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>S </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>floating </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series T </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>November 1, 2011 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.50 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>8,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>2,279,791 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>57</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>57 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>200 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>T </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>4.502 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series S </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>November 1, 2011 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>November 1, 2011 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.00 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>8,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>5,720,209 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>143</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>143 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>Y </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>floating </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series Z </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>December 1, 2012 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.50 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>10,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>8,126,330 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>203</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>29 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>29 </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>Z </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>4.331 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series Y </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>December 1, 2012 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>December 1, 2012 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.00 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>10,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>1,873,670 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>47</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>221 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>221 </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>AA </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>4.80 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series AB </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>September 1, 2012 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>September 1, 2012 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.00 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>20,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>10,081,586 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>257</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>510 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>510 </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>AB </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>floating </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series AA </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>September 1, 2012 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.50 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>20,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>9,918,414 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>253</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>AC </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>5.54 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series AD </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>March 1, 2008 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>March 1, 2008 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.00 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>20,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>20,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>510</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>510 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>510 </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>AD </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>floating </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series AC </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>March 1, 2013 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.50 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>20,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>AE </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>floating </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series AF </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>February 1, 2010 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.50 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>24,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>1,914,218 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>48</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>AF </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>4.40 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series AE </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>February 1, 2010 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>February 1, 2010 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.00 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>24,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>14,085,782 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>352</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>AG </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>4.35 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series AH </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>May 1, 2011 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>May 1, 2011 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.00 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>22,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>10,051,751 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>251</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>AH </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>floating </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series AG </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>May 1, 2011 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.50 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>22,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>3,948,249 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>99</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>AI </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>4.65 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series AJ </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>August 1, 2011 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>August 1, 2011 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.00 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>22,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>14,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>350</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2>AJ </FONT>
	</TD>
	<TD align=right width=7%>
<FONT size=2>floating </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Series AI </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>August 1, 2016 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=2>At any time </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>$25.50 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=2>22,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=20 width="14%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=7%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width=12%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width=12%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="7%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=left width="7%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<B><FONT size=2>2,770</FONT></B><font size="2"> </font>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>1,670 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2>1,670 </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<tr>
	<TD colspan=20 width="14%">
<HR noshade size=1 color="#000000">
	</TD>
	</tr>
<TR>
	<TD colspan=20 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
Bell Canada Plan of Arrangement </P>
<P align="left">
<font size="2">On January 25, 2007, the articles of amalgamation of BCE Inc. were amended to
create six new series of First Preferred Shares. These new series of preferred
shares were created further to the Bell Canada plan of arrangement whereby all
of the issued and outstanding or authorized Bell Canada Class A Preferred Shares
Series 15, 16, 17, 18, 19 and 20, having a stated capital of $1,100 million as
at December 31, 2006, were exchanged for the corresponding Series AE, AF, AG,
AH, AI and AJ of First Preferred Shares of BCE Inc. The impact on our balance
sheet was a reclassification from our non-controlling interest to preferred
shares of $1,100 million. The Bell Canada plan of arrangement became effective
on January 31, 2007. The characteristics of the preferred shares of BCE Inc. are
described below. </font> </P>
<P align="left">
Voting Rights</P>
<P align="left">
<font size="2">All of the issued and outstanding preferred shares at December 31, 2007 are
non-voting, except under special circumstances when the holders are entitled to
one vote per share.</font></P>
<P align="left">
Entitlement to Dividends</P>
<P align="left">
<font size="2">Holders of Series R, T, Z, AA, AC, AF, AG and AI shares are entitled to fixed
cumulative quarterly dividends. The dividend rate on these shares is reset every
five years, as set out in BCE Inc.&#8217;s articles of amalgamation, as amended.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Series S, Y, AB, AE and AH shares are entitled to floating
adjustable cumulative monthly dividends. The floating dividend rate on these
shares is calculated every month, as set out in BCE Inc.&#8217;s articles of
amalgamation, as amended.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Series Q, AD and AJ shares are issued, their holders will be entitled to
floating adjustable cumulative monthly dividends.</font></P>
<P align="left">
Conversion Features</P>
<P align="left">
<font size="2">All of the issued and outstanding preferred shares at December 31, 2007 are
convertible at the holder&#8217;s option into another associated series of preferred
shares on a one-for-one basis according to the terms set out in BCE Inc.&#8217;s
articles of amalgamation, as amended.</font></P>
<P align="left">
Redemption Features</P>
<P align="left">
<font size="2">BCE Inc. may redeem each of Series R, T, Z, AA, AC, AF, AG and AI shares at
$25.00 per share on the applicable redemption date and every five years after
that date.</font></P>
<p align="right" style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp; Bell Canada Enterprises

</font> <i><font size="2">2007 Annual Report </font></i><font size="2">97</font></p>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="left">&nbsp;</p>





<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE Inc. may redeem Series S, Y, AB, AE and AH shares at any time at $25.50
per share. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Series Q, AD and AJ shares are issued, BCE Inc. may redeem them at any
time at $25.50 per share.</font></P>
<P align="left">
Conversion of Preferred Shares</P>
<P align="left">
<font size="2">On August 23, 2007, BCE Inc. announced that 9,918,414 of its 20,000,000
Cumulative Redeemable First Preferred Shares, Series AA (Series AA Preferred
Shares) were tendered for conversion, on a one-for-one basis, into Cumulative
Redeemable First Preferred Shares, Series AB (Series AB Preferred Shares).
Consequently, BCE Inc. issued 9,918,414 new Series AB Preferred Shares on September 1, 2007. The
balance of the Series AA Preferred Shares remains outstanding.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 20, 2007, BCE Inc. announced that 6,991,775 of its 8,852,620
Cumulative Redeemable First Preferred Shares, Series Z (Series Z Preferred
Shares) were tendered for conversion, on a one-for-one basis, into Cumulative
Redeemable First Preferred Shares, Series Y (Series Y Preferred Shares). In
addition, 12,825 of its 1,147,380 Series Y Preferred Shares were tendered for
conversion, on a one-for-one basis, into Series Z Preferred Shares.</font></P>
<P align="left">
COMMON SHARES AND CLASS B SHARES</P>
<P align="left">
<font size="2">BCE Inc.&#8217;s articles of amalgamation provide for an unlimited number of voting
common shares and non-voting Class B shares. The common shares and the Class B
shares rank equally in the payment of dividends and in the distribution of
assets if BCE Inc. is liquidated, dissolved or wound up, after payments due to
the holders of preferred shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides details about the outstanding common shares of
BCE Inc. No Class B shares were outstanding at December 31, 2007, 2006 and 2005.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table37">
<tr>
	<TD align=left width="37%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="17%" colspan="3">
<p align="center">
<B><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2007</FONT></B></TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=right width="17%" colspan="3">
<p align="center">
<B><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=right width="17%" colspan="3">
<p align="center">
<B><FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT size=1>2005 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</tr>
<tr>
	<TD align=left width="37%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="17%" colspan="3">
<HR noshade size=1 color="#000000" align="right" width="90%">
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="17%" colspan="3">
<HR noshade size=1 color="#000000" align="right" width="90%">
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="17%" colspan="3">
<HR noshade size=1 color="#000000" align="right" width="90%">
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="37%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=1>NUMBER</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>STATED</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>NUMBER </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>STATED </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>NUMBER </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>STATED </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=1>OF SHARES</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>CAPITAL</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>OF SHARES </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>CAPITAL </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>OF SHARES </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>CAPITAL </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=14 width="37%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Outstanding, beginning of year </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>807,643,941</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>13,487</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>927,318,916 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>16,806 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>925,935,682 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>16,781 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center width="37%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Shares issued under employee stock option plan </FONT>
	<SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>22 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,994,073</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>172</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,246,932 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>35 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,383,234 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>25 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Shares repurchased and cancelled </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(7,373,198</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(123</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(45,151,666 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(805 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Share reduction </FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>14 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(75,770,241 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,549 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=14 width="37%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Outstanding, end of year</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>805,264,816</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>13,536</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>807,643,941 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>13,487 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>927,318,916 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>16,806 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD width="54%" colspan="14">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(1) Includes a $19 million reclassification ($6 million in 2006) from
contributed surplus relating to the exercise of employees&#8217; stock options.</font></I></P>
<P align="left" style="margin-top: 0">
<I><font size="1">(2) Reduction of BCE Inc. common shares outstanding, in conjunction with a
distribution of Bell Aliant trust units, by way of return of capital, to holders
of BCE Inc. common shares.</font></I></P>
<P align="left">
NCIB</P>
<P align="left">
<font size="2">In December 2006, BCE Inc. announced its plan to renew its share repurchase
program for an additional 12-month period to repurchase 5% of its outstanding
common shares through a NCIB. Common share repurchases under the NCIB were
suspended in the second quarter of 2007. Prior to the suspension, BCE Inc.
repurchased a total of 7.4 million common shares in 2007, representing
approximately 18% of the total common shares targeted for repurchase, for a
total cash outlay of $227 million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of the total cash outlay, $123 million represents stated capital and
reduced the total value of common shares and $9 million reduced the contributed
surplus attributable to these common shares. The remaining $95 million was
charged to the deficit.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at December 31, 2006, BCE Inc. had repurchased and cancelled a total of
45 million common shares under its previous NCIB. Of the total cash outlay of
$1.2 billion, $805 million represented stated capital and reduced the total value of common
shares, while $52 million reduced the contributed surplus attributable to these
common shares. The remaining $384 million was charged to the deficit. </font></P>
<P align="left">
Dividend Reinvestment Plan</P>
<P align="left">
<font size="2">The dividend reinvestment plan allows eligible common shareholders to use their
dividends to buy additional common shares. A trustee buys BCE Inc. common shares
for the participants on the open market, by private purchase or from treasury.
BCE Inc. chooses the method the trustee uses to buy the shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A total of 1,823,652 common shares was bought on the open market under this
plan for $66 million in 2007. A total of 2,658,255 common shares was bought on
the open market under this plan for $76 million in 2006.</font></P>
<p align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">98&nbsp; Bell Canada Enterprises

</font> <i><font size="2">2007 Annual Report</font></i></p>

<HR noshade align="center" width="100%" color="#000000" size=1>





<p align="right" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial Statements</p>
<p align="left">&nbsp;</p>





<P align="left">
CONTRIBUTED SURPLUS</P>
<P align="left">
<font size="2">The following table is a reconciliation of the contributed surplus balance
during the year.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table38">
<TR valign="bottom">
	<TD align=left width="48%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=8 width="48%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Balance at December 31, 2006 </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>2,555</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1,081 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1,061 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Gain on distribution of Bell Aliant units </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>14 </FONT>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1,547 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Repurchase of common shares &#8211; NCIB </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(9</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(52 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(9</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(21 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>20 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD colspan=8 width="48%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Balance at December 31, 2007</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="12%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<B><FONT size=2>2,537</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>2,555 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>1,081 </FONT>
	</TD>
	<TD align=right width="1%">
<FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
	<TD width="73%" colspan="8">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<B>Note 22: Stock-Based Compensation Plans </B></P>
<P align="left">
<font size="2">The following stock-based compensation amounts are included in the consolidated
statements of operations as selling, general and administrative expenses <SUP>
(1)</SUP>.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 id="table39">
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Employee savings plans </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(42</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(46 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(45 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Stock options </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(10</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(8 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(17 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restricted share units </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(95</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(45 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(39 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Special compensation payments </FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Deferred share units </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>&#8211;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(1 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(4 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Deferred unit plan </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(8</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(3 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>&#8211; </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>
<B>Total stock-based</B> </FONT><B><FONT size=2>compensation expense </FONT></B><SUP><FONT size=2>(3)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(155</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(100 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(102 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Income tax benefit arising from stock-based compensation </FONT>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>48</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>31 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>29 </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="61%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="61%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<B><FONT size=2>(107</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="1%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(69 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(73 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD width="73%" colspan="6">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(1) The 2007 expense includes $35 million recorded as restructuring and
other.</font></I></P>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<I><font size="1">(2) Includes recoveries of SCP expense as a result of forfeitures.</font></I></P>
<P align="left" style="margin-top: 0">
<I><font size="1">(3) The operating cash outflows in respect of stock-based compensation plans
were $65 million in 2007, $121 million in 2006 and $58 million in 2005.</font></I></P>
<P align="left">
DESCRIPTION OF THE PLANS</P>
<P align="left">
Employee Savings Plan</P>
<P align="left">
<font size="2">ESPs are designed to encourage employees of BCE Inc. and its participating
subsidiaries to own shares of BCE Inc. Each year, employees can choose to have
up to a certain percentage of their annual earnings withheld through regular
payroll deductions in order to buy BCE Inc. common shares. In some cases, the
employer will also contribute up to a maximum percentage of the employee&#8217;s
annual earnings to the plan.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each participating company decides on its maximum percentage. For Bell
Canada, employees can contribute up to 12% of their annual earnings. Bell Canada
contributes up to 2%.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trustee of the ESPs buys BCE Inc. common shares for the participants on
the open market, by private purchase or from treasury. BCE Inc. chooses the
method the trustee uses to buy the shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were 30,072 employees participating in the plans at December 31,
2007. The total number of common shares bought for employees was 4,518,245 in
2007 and 6,395,865 in 2006. At December 31, 2007, 13,513,812 common shares were
reserved for issuance under the ESPs.</font></P>
<P align="left">
Stock Options</P>
<P align="left">
<font size="2">Under BCE Inc.&#8217;s long-term incentive plans, BCE Inc. may grant options to key
employees to buy BCE Inc. common shares. The subscription price is equal to the
market value of the shares on the last trading day before the grant comes into
effect. At December 31, 2007, 25,881,466 common shares were authorized for
issuance under these plans.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For most options granted from January 1, 2004 until December 31, 2006, the
right to exercise options vested after two and three years of continuous
employment from the date of grant and if a specific company-wide performance
target was met. Options were exercisable when they vested and for a period up to
six years from the date of grant. On March 7, 2007, it was confirmed that the
target was not met and all of these stock options were forfeited.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For most options granted in March 2007, the vesting method is graded and
the right to exercise options generally vests or accrues at 25% a year over four
years of continuous employment from the date of grant, unless a special vesting
period applies. Options become exercisable when they vest and generally can be
exercised for a period of up to six years from the date of grant. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special vesting provisions may apply if:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">there is a change in control of BCE Inc. and the option holder&#8217;s employment
ends </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the option holder is employed by a designated subsidiary of BCE Inc. and
BCE Inc.&#8217;s ownership interest in that subsidiary falls below the percentage set
out in the plan. </font></P></li>
</ul>
<p align="right" style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp; Bell Canada Enterprises

</font> <i><font size="2">2007 Annual Report </font></i><font size="2">99</font></p>

<HR noshade align="center" width="100%" color="#000000" size=1>





<P align="left" style="margin-top: 0; margin-bottom: 0">Notes to Consolidated Financial
Statements</P>
<P align="left">&nbsp;</P>




<A name="page_100"><font size="2"></font></A>

<P align="left">
<font size="2">The following table summarizes BCE Inc.&#146;s outstanding stock options as at December 31, 2007.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="30%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=6%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=6%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="6%" colspan=3>
<FONT size=1>WEIGHTED </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=6%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=6%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=6%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="6%" colspan=3>
<FONT size=1>AVERAGE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=center width=6%>
<FONT size=1>WEIGHTED </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=6%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="6%">
<FONT size=1>NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=6%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="6%" colspan=3>
<FONT size=1>GRANT DATE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=1>AVERAGE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=6%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<p align="center">
<FONT size=1>OF OPTIONS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=6%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="6%" colspan=3>
<FONT size=1>FAIR VALUE (&#36;) </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=center width="6%" colspan=5>
<FONT size=1>EXERCISE PRICE (&#36;) </FONT>
	</TD>
</TR>
<TR>
	<TD width="30%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="6%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD colspan=5 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD colspan=3 width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%"><font size="1">&nbsp;
	</font>
	</TD>
	<TD colspan=5 width="6%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=1>NON- </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=6%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1>NON- </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=1>NON- </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=6%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=1>VESTED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1>VESTED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=1>TOTAL </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1>VESTED </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=1>VESTED </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=1>VESTED </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=1>VESTED </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=1>TOTAL </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=18 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<FONT size=2>Outstanding, January 1, 2007 </FONT>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<B><FONT size=2>7,592,896</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>16,648,952</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<B><FONT size=2>24,241,848</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;5</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;7</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;29</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<B><FONT size=2>&#36;35</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;33</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<FONT size=2>Granted </FONT>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<B><FONT size=2>5,739,106</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<B><FONT size=2>5,739,106</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;4</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;31</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;31</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<FONT size=2>Exercised </FONT><SUP><FONT size=2>(1), (2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2>21 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(4,994,073</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=6%>
<B><FONT size=2>(4,994,073</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;7</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<B><FONT size=2>&#36;31</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;31</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<FONT size=2>Vested </FONT>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<B><FONT size=2>(1,640,662</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>1,640,662</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;5</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;5</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;28</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<B><FONT size=2>&#36;28</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;28</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<FONT size=2>Expired/forfeited </FONT>
	</TD>
	<TD align=left width="6%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<B><FONT size=2>(5,496,240</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>(1,793,261</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width=6%>
<B><FONT size=2>(7,289,501</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;5</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;8</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;30</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<B><FONT size=2>&#36;39</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;32</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=18 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" colspan=2>
<B><FONT size=2>Outstanding, December 31, 2007 </FONT></B><SUP><FONT size=2>(3)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<B><FONT size=2>6,195,100</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>11,502,280</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<B><FONT size=2>17,697,380</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;4</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;7</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;30</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<B><FONT size=2>&#36;35</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<B><FONT size=2>&#36;33</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=18>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>
</font><I><font size="1">(1) We have received $153 million
from stock option exercises.<br>
(2) The aggregate intrinsic value of options exercised was &#36;31 million.<br>
(3) The aggregate intrinsic values of non-vested options outstanding were &#36;58 million and &#36;64 million for vested options.</font></I><P align="left">
<font size="2">The following table provides additional information about BCE Inc.&#146;s stock option plans at December 31, 2007.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width="42%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="8%" colspan=5>
<FONT size=1>STOCK OPTIONS EXERCISABLE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=center width="8%" colspan=5>
<FONT size=1>STOCK OPTIONS OUTSTANDING </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="42%">
&nbsp;</TD>
	<TD align=left width="28%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=left width="28%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="42%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>WEIGHTED </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>WEIGHTED </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>WEIGHTED </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>WEIGHTED </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="42%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>AVERAGE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>AVERAGE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>AVERAGE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>AVERAGE </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="42%">
<FONT size=1>RANGE OF </FONT>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>REMAINING </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>EXERCISE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>REMAINING </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>EXERCISE </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="42%">
<FONT size=1>EXERCISE PRICES </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=1>NUMBER </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>LIFE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>PRICE (&#36;) </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>NUMBER </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>LIFE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>PRICE (&#36;) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="42%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="42%">
<FONT size=2>Below &#36;20 </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>161,261</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1.4</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#36;17</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>161,261</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>1.4</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#36;17</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="42%">
<FONT size=2>&#36;20&#150;&#36;29 </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,091,245</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>5.2</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#36;28</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3,766,745</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>5.0</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#36;27</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="42%">
<FONT size=2>&#36;30&#150;&#36;39 </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,020,311</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3.9</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#36;34</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>9,539,911</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4.7</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#36;32</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="42%">
<FONT size=2>Over &#36;40 </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,229,463</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2.7</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#36;41</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4,229,463</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>2.7</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#36;41</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="42%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="42%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>11,502,280</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3.8</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#36;35</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>17,697,380</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>4.2</FONT></B><font size="2"> </font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#36;33</FONT></B><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="42%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font size="2">As at December 31, 2007, the unrecognized compensation cost related to non-vested stock options was &#36;9 million to be recorded over a weighted average period of 1.5 years.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the Arrangement, each non-vested option will be deemed to have vested at the time of the change in control, which is the effective date. Each outstanding option will be deemed to be transferred to BCE Inc. in exchange for cash consideration equal to &#36;42.75 less the exercise price of the option, and any applicable special compensation payments. No options will remain outstanding and the
stock-based compensation plans will be cancelled. Should the Arrangement not be completed, the options vest as previously described.</font></P>
<P align="left">
<font size="2">The following table summarizes stock options outstanding at December 31, 2006 and 2005.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="52%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=center width="18%" colspan="3">
<FONT size=1>2006</FONT></TD>
	<TD width="2%" align="center">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=center width="18%" colspan="3">
<FONT size=1>2005</FONT></TD>
</TR>
<TR>
	<TD colspan=2 width="52%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font size="1">&nbsp;
	</font>
	</TD>
	<TD colspan=3 width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD colspan=3 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>WEIGHTED </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>WEIGHTED </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>AVERAGE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>AVERAGE </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>EXERCISE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>EXERCISE </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>NOTE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>OF OPTIONS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>PRICE (&#36;) </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>OF OPTIONS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>PRICE (&#36;) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD colspan=4 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=2>Outstanding, January 1 </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>27,342,735 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#36;32 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>28,481,679 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#36;32 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=2>Granted </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>485,372 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#36;27 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>1,481,924 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#36;28 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=2>Exercised </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>21 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,246,932 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#36;23 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,383,234 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#36;18 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=2>Expired/forfeited </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,339,327 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#36;32 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,237,634 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#36;34 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD colspan=4 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<B><FONT size=2>Outstanding, December 31</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>24,241,848 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#36;33 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>27,342,735 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#36;32 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD colspan=4 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<B><FONT size=2>Exercisable, December 31</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>16,648,952 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#36;35 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>16,505,709 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#36;34 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan="10" width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="1"><BR>
</font><I><font size="1">(1) The aggregate intrinsic value of options exercised was &#36;8 million and &#36;16 million in 2006 and 2005 respectively.</font></I><p>&nbsp;</p>
<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">100 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<p style="text-align: right; margin-top: 0">Notes to Consolidated Financial
Statements</p>

<P align="left">
<I><font size="2">Assumptions Used in Stock Option Pricing Model</font></I></P>
<P align="left">
<font size="2">The following table shows the weighted average assumptions used to determine the stock-based compensation expense using the Black-Scholes option pricing model.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width="64%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<FONT size=2>Weighted average fair value per option granted (&#36;) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<FONT size=2>Dividend yield </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4.4</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>4.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>4.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<FONT size=2>Expected volatility </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>20</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>17 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>19 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<FONT size=2>Risk-free interest rate </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>4.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<FONT size=2>Expected life (years) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4.5</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3.9 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3.5 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
Restricted Share Units</P>
<P align="left">
<font size="2">The following table is a summary of the outstanding RSUs.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" colspan=5>
<FONT size=1>NUMBER OF RSUS</FONT></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<font size="1">&nbsp;	</font>	</TD>
	<TD colspan=5 width="10%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<SUP><FONT size=1>(1)</FONT></SUP><font size="1"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Outstanding, January 1 </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>2,985,035</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,520,781 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,996,522 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Granted </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>56,465</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>3,090,144 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>504,427 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Dividends credited </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>118,329</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>89,773 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>100,657 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Payments </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(141,983</FONT></B></TD>
	<TD align=right width="2%">
<p align="left">
<B><FONT size=2>)</FONT></B></TD>
	<TD align=right width="10%">
<FONT size=2>(2,542,451</FONT></TD>
	<TD align=left width=2%>
<font size="2">)</font></TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Forfeited </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(97,248</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(173,212 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(80,825 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2>Cancelled as part of the going-private transaction </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(2,287,455</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<B><FONT size=2>Outstanding, December 31</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>633,143</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,985,035 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,520,781 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="1"><BR>
</font><I><font size="1">(1) 235,773 RSUs have vested at December 31, 2007.</font></I><P align="left">
<font size="2">Since 2004, BCE Inc. has granted RSUs to executives and other key employees. The value of an RSU is equal to the value of one BCE Inc. common share. Dividends in the form of additional RSUs are credited to the participant&#146;s account on each
dividend payment date and are equivalent in value to the dividend paid on BCE Inc. common shares. Executives and other key employees are granted a specific number of RSUs for a given performance period based on their position and level of
contribution. At the end of a performance period most RSUs vest if performance objectives are met as determined by the board or are forfeited. Vested RSUs are paid in BCE Inc. common shares purchased on the open market, in cash or through a
combination of both, as the holder chooses, as long as individual share ownership requirements are met.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the Arrangement, each holder of RSUs will be entitled to receive in exchange from BCE Inc. or Bell Canada, as applicable, a cash amount equal to the aggregate number of RSUs that are recorded for the benefit
of the holder at the date of the change in control and vested at this time multiplied by &#36;42.75. Certain participants, however, will be paid their RSUs under the original conditions upon confirmation of the vesting percentage by the board in
early 2008, should the confirmation occur while BCE Inc.&#146;s common shares are still being traded on the open market.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the going-private transaction, the board also has approved the implementation of a retention policy, in lieu of the RSU plan. Upon announcement of the going-private transaction, most executives became
eligible for a retention payment that will be paid in 2008. The payment will be equal to the greater of 1.25 times the number of the RSUs held upon announcement of the transaction valued at &#36;42.75 per share and one times base salary plus target
bonus. RSUs held by executives who became eligible to a retention incentive were cancelled. The difference between what would have been paid under the original conditions and what will be paid under the retention policy is being expensed as
restructuring and other over the retention period. At December 31, 2007, the unrecognized compensation cost related to the retention policy was &#36;35 million, which will be recorded in the first half of 2008.</font></P>
<P align="left">
Special Compensation Payments</P>
<P align="left">
<font size="2">Prior to 2000, when BCE Inc. granted options to executives and other key employees, related rights to SCPs were also often granted. SCPs are cash payments representing the amount that the market value of the shares on the date of exercise of the
related options exceeds the exercise price of these options.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the distribution of Nortel common shares was made in 2000, the outstanding options were cancelled and replaced with options to buy BCE Inc. common shares and options to buy Nortel common shares. The related SCPs
were adjusted accordingly.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For each right to an SCP held before the distribution, rightholders now have rights related to both BCE Inc. and Nortel common shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of SCPs outstanding at December 31, 2007, was:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">145,725 relating to BCE Inc. common shares
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">174,055 relating to Nortel common shares.
	</font></P></li>
</ul>
<P align="left">
<font size="2">All of the outstanding SCPs cover the same number of shares as the options to which they relate. It is the employer&#146;s responsibility to make payments under the SCPs.</font></P>
<P align="left">
Deferred Share Units</P>
<P align="left">
<font size="2">Eligible bonuses may be paid in the form of DSUs when executives or other key employees elect to or are required to participate in the plan. For non-management directors, their compensation is paid in DSUs until the minimum share ownership
requirement is met or as elected by the directors thereafter.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>101</font></P>

<hr color="#000000" size="1">
<p style="text-align: left; margin-top: 0">Notes to Consolidated Financial
Statements</p>

<P>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The value of a DSU is always equal to the value of one BCE Inc. common share. Dividends in the form of additional DSUs are credited to the participant&#146;s account on each dividend payment date and are equivalent in
value to the dividends paid on BCE Inc. common shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSUs are paid in BCE Inc. common shares purchased on the open market following the cessation of a participant&#146;s employment or when a director leaves the board.</font></P>
<P align="left">
<font size="2">The following table is a summary of the status of DSUs.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="22%" colspan=5>
<FONT size=1>NUMBER OF DSUS</FONT></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;	</font>	</TD>
	<TD colspan=5 width="10%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<SUP><FONT size=1>(1)</FONT></SUP><font size="1"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Outstanding, January 1 </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,287,422</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>984,648 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>886,714 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Granted </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>408,341</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>358,993 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>173,158 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Dividends credited </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>58,543</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>54,597 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>40,668 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Payments </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(215,666</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(110,816 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(115,892 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Outstanding, December 31</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,538,640</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,287,422 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>984,648 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="1"><BR>
</font>
<I><FONT size=1>(1) All DSUs were fully vested at December 31, 2007.</FONT></I><font size="1">
</font>
	<P align="left">
Deferred Unit Plan (DUP)</P>
<P align="left">
<font size="2">The DUP plan was implemented during 2007 by Bell Aliant for certain of their executives and senior management to further align their long-term incentive compensation with total unitholder returns. Under the plan, deferred units may be granted to
eligible plan members in amounts and at times when a bonus is approved or in respect of services rendered by the plan member in the year of the grant. Reinvested distributions in the form of additional deferred units are credited to the
participant&#146;s account and are equivalent in value to a converted Bell Aliant unit. The deferred units vest over a period of three years and are generally subject to certain performance criteria. Plan members are eligible to receive one Bell
Aliant unit for each vested deferred unit upon departure from the company or may hold the deferred units in an account until the end of the second year following their departure. Bell Aliant may issue up to 1,195,620 additional units out of treasury
to satisfy awards. Non-vested units of a plan member are forfeited upon their departure.</font></P>
<P align="left">
<B><font size="4">Note 23: Accumulated Other Comprehensive Income (Loss) </font> </B></P>
<P align="left">
<font size="2">The following table summarizes the changes in the balance of each classification within accumulated other comprehensive income (loss).</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>AVAILABLE- </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>DERIVATIVES </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>ACCUMULATED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>FOR-SALE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>DESIGNATED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>OTHER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>FINANCIAL </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>AS CASH FLOW </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>COMPREHENSIVE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>ASSETS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>HEDGES </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>CTA </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>INCOME (LOSS) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Restatement of previously recognized CTA upon adoption of new financial instruments accounting standards on January 1, 2007 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Adjustments to opening balance in accumulated other comprehensive income (loss) upon adoption of new financial instruments accounting standards on January 1, 2007 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(18 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>7 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Balance in accumulated other comprehensive income (loss) at January 1, 2007 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(18 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>5 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Details of other comprehensive income (net of non-controlling interest) </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Unrealized gains </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>130 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>130 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Income taxes on unrealized (gains) losses </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(48 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(48 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Reclassification adjustments included in earnings </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(33 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>22 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(13 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Income taxes on reclassification adjustments included in earnings </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Other comprehensive income (loss) for the year ended December 31, 2007</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>49 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>16 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>63 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Balance in accumulated other comprehensive income (loss) at December 31, 2007</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>74 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>68 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font size="2">During the year, we received proceeds of &#36;173 million on sales of available-for-sale financial assets and realized a pre-tax gain of &#36;22 million. We used the average cost method in determining the gain.</font></P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">102 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Notes to Consolidated Financial Statements</P>

<P align="left">
<B><font size="4">Note 24: Employee Benefit Plans </font> </B></P>
<P align="left">
<font size="2">We provide pension and other post-employment benefits for most of our employees. These include defined benefit (DB) pension plans and defined contribution (DC) pension plans.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Pension benefits </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>DB plans cost </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(263</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(318 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(221 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>DC plans cost </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(38</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(28 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(20 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other future benefits cost </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(109</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(165 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(118 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Net benefit plans cost </FONT></B><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(410</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(511 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(359 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="1"><BR>
</font><I><font size="1">(1) Net benefit plans cost is included as part of selling, general and administrative expenses in the statement of operations.</font></I><p align="left">
COMPONENTS OF DEFINED BENEFIT PLANS COST</p>
<P align="left">
<font size="2">The following table shows the DB plans cost before and after recognizing its long-term nature. The recognized net benefit plans cost reflects the amount reported in our statements of operations and is calculated according to our accounting
policy.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="28%" colspan="5">
<p align="center"><font size="1">PENSION BENEFITS</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="28%" colspan="5">
<p align="center"><font size="1">OTHER BENEFITS</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;	</font>	</TD>
	<TD colspan=5 width="5%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD colspan=5>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="0%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Current service cost </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(278</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(266 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(212 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(11</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(28 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(35 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Interest cost on accrued benefit obligation </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(858</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(851 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(858 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(97</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(111 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(110 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Actual return on plan assets </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>566</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,723 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,545 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>17 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>12 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Past service credits (costs) arising during period </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>58</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(38 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>345</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>55 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>120 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Actuarial gain (loss) on accrued benefit obligation </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>741</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>9 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,747 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>56</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(79 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(499 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Curtailment gain </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>44 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Elements of employee future benefit plans (cost), before recognizing its long-term nature</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>229</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>577 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1,272 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>296</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(146 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(468 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Deficiency (excess) of actual return over expected return </FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>462</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(737 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(617 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>9</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Deferral of amounts arising during period </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Past service (credits) costs </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(58</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>38 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(345</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(55 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(120 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Actuarial (gain) loss on accrued benefit obligation </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(741</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,747 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(56</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>79 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>499 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Amortization of previously deferred amounts </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Net past service (costs) credits </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(13</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(12 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>27</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>5 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Net actuarial (losses) gains </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(120</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(167 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(92 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(38</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(19 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Transitional asset (obligation) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>6</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>6 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(24 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(26 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Adjustments to recognize long-term nature of employee future benefit plans cost</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(464</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(881 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,029 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(405</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(19 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>350 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>(Increase) decrease in valuation allowance </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(28</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(12 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>24 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>DB plans cost, recognized</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(263</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(318 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(221 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(109</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(165 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(118 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<I> <font size="1">(1) 2005 includes a curtailment gain associated with the
phase-out, over three years, of a discretionary allowance program. <br>
(2) The expected return on plan assets for a given year is calculated based on
the market-related value of plan assets at the beginning of that year. The
market-related value of pension plan assets was $14,269 million at January 1,
2007, $13,192 million at January 1, 2006, and $12,691 million at January 1,
2005.</font></I></P>
<P align="right" style="margin-bottom: 0">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>103</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Notes to Consolidated Financial Statements</P>

<P align="left">
COMPONENTS OF ACCRUED BENEFIT ASSET (LIABILITY)</P>
<P align="left">
<font size="2">The following table shows the change in benefit obligations, change in fair value of plan assets and the funded status of the DB plans.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1>PENSION BENEFITS </FONT>
	</TD>
	<TD align=center width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1>OTHER BENEFITS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="22%" colspan="3">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD width="22%" colspan="3">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Accrued benefit obligation, beginning of the year </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(16,404</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(16,213 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(2,230</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2,179 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Current service cost </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(278</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(266 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(11</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(28 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Interest cost on accrued benefit obligation </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(858</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(851 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(97</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(111 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Actuarial gains (losses) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>741</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>9 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>56</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(79 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Benefit payments </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>905</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>914 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>96</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>96 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Employee contributions </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(8</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Special termination costs </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(10</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>49 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>17 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Plan amendment </FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>58</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(38 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>345</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>55 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Business combinations/divestitures </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>164</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>16</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Accrued benefit obligation, end of the year</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(15,690</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(16,404 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,827</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2,230 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Fair value of plan assets, beginning of the year </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>15,114</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>13,870 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>166</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>149 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Actual return on plan assets </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>566</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,723 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>3</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>17 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Benefit payments </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(905</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(914 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(96</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Employer contributions </FONT><B><SUP><FONT size=2>(2)</FONT></SUP></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>232</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>431 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>96</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>96 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Employee contributions </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>8</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>8 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Transfers to DC pension plans </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Business combinations/divestitures </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(177</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>4</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Fair value of plan assets, end of the year</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>14,841</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>15,114 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>169</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>166 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Plan (deficit) surplus </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(849</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,290 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,658</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(2,064 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Unamortized net actuarial losses (gains) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,867</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>2,287 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>412</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>514 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Unamortized net past service costs (credits) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>66</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>140 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(191</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(41 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Unamortized transitional (asset) obligation </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(7</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(20 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>5</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>163 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Valuation allowance </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(153</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(115 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Accrued benefit asset (liability), end of the year</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>924</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,002 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,432</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,428 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Accrued benefit asset included in other long-term assets </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>1,240</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>1,410 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Accrued benefit liability included in other long-term liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(316</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(408 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(1,432</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1,428 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="1"><BR>
</font><I><font size="1">(1) In the first quarter of 2007, we announced the phase-out of other post-retirement benefits for future retirees over the next ten years, with no changes in the next five years. This plan amendment reduces the unamortized transitional
obligation and increases past service credits which are being amortized over the expected average remaining service lives (EARSL) of affected employees.
<br>
(2) In 2006, the Bell Canada pension fund acquired from us 14.9 million Nortel shares, 31.4 million CGI shares and other marketable securities having an aggregate market value of &#36;284 million. These acquisitions reduced our cash contributions
in 2006.</font></I><P align="left">
<font size="2">For DB pension plans with an accrued benefit obligation that was more than plan assets: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the accrued benefit obligation was &#36;15,151 million at December 31, 2007, and &#36;15,997 million at December 31, 2006
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the fair value of plan
assets was &#36;14,153 million at December 31, 2007, and &#36;14,660 million at December 31, 2006.</font></P>
	</li>
</ul>
<P align="left">
<font size="2">For DB pension plans with an accrued benefit obligation that was less than plan assets: </font></P>
<ul>
	<li>
	<P align="left"><font size="2">the accrued benefit obligation was &#36;539 million at December 31, 2007, and &#36;407 million at December 31, 2006</font></P>
	</li>
	<li>
	<P align="left"><font size="2">the fair value of plan assets was &#36;688 million at December 31, 2007, and &#36;454 million at December 31, 2006.
	</font></P></li>
</ul>
<P align="left">
SIGNIFICANT ASSUMPTIONS</P>
<P align="left">
<font size="2">We used the following key assumptions to measure the accrued benefit obligation and the net benefit plans cost for the DB pension plans and plans that provide other employee future benefits. These assumptions are long-term, which is consistent with
the nature of employee benefit plans.</font></P>

<P style="margin-top: 0; margin-bottom:0">
<font face="Times New Roman" size="2">104 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Notes to Consolidated Financial Statements</P>

<P style="margin-top: 0; text-align:right">
&nbsp;</P>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" colspan=5>
<p align="center">
<FONT size=1>PENSION BENEFITS</FONT></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" colspan=5>
<p align="center">
<FONT size=1>OTHER BENEFITS&nbsp;
	</FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;	</font>	</TD>
	<TD colspan=5 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD colspan=5 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>At December 31</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Accrued benefit obligation </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Discount rate, end of year </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>5.6</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2><b>%</b> </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>5.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>5.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>5.6</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<b>
<FONT size=2>% </FONT>
	</b>
	</TD>
	<TD align=right width="8%">
<FONT size=2>5.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>5.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Rate of compensation increase, end of year </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2><b>%</b> </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<b>
<FONT size=2>% </FONT>
	</b>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>For the year ended December 31</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<b>
<font size="2">&nbsp;
	</font>
	</b>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Net benefit plans cost </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<b>
<font size="2">&nbsp;
	</font>
	</b>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Discount rate, end of preceding year </FONT><SUP><FONT size=1>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>5.3</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<b>
<FONT size=2>% </FONT>
	</b>
	</TD>
	<TD align=right width="8%">
<FONT size=2>5.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>6.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>5.3</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<b>
<FONT size=2>% </FONT>
	</b>
	</TD>
	<TD align=right width="8%">
<FONT size=2>5.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>6.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Expected return on plan assets, end of preceding year </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>7.5</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<b>
<FONT size=2>% </FONT>
	</b>
	</TD>
	<TD align=right width="8%">
<FONT size=2>7.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>7.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>7.5</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<b>
<FONT size=2>% </FONT>
	</b>
	</TD>
	<TD align=right width="8%">
<FONT size=2>7.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>7.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Rate of compensation increase, end of preceding year </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<b>
<FONT size=2>% </FONT>
	</b>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>3.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<b>
<FONT size=2>% </FONT>
	</b>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>
</font><I><font size="1">(1) On July 7, 2006, following the formation of Bell Aliant, the discount rate used to value our pension obligations was increased to 5.6% from 5.2% to reflect the change in long-term market interest rates at that time. As a result, the discount
rate is an average for 2006. </font> </I>
<P align="left">
<font size="2">We assumed the following trend rates in healthcare costs: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">an annual rate of increase of 4.5% in the cost per person of covered healthcare benefits for 2007 and the foreseeable future
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">an annual rate of increase of 10.5% in the cost of
medication for 2007 and a gradual decline to 4.5% over six years. </font></P>
	</li>
</ul>
<P align="left">
<font size="2">Assumed trend rates in healthcare costs have a significant effect on the amounts reported for the healthcare plans. The following table, for example, shows the effect of a 1% change in the assumed trend rates in healthcare costs.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="72%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>1% INCREASE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=1>1% DECREASE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<FONT size=2>Effect on other benefits &#150; total service and interest cost </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>11 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>(10 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<FONT size=2>Effect on other benefits &#150; accrued obligation </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>160 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2>(142 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
PENSION PLAN ASSETS</P>
<P align="left">
<font size="2">The investment strategy for the major pension plans is to maintain a diversified portfolio of assets, invested in a prudent manner to maintain the security of funds while maximizing returns within our guidelines. The expected rate of return
assumption is based on our target asset allocation policy and the expected future rates of return on these assets. The following table shows the allocation of our pension plan assets at December 31, 2007 and 2006, target allocations for 2007 and the
expected long-term rate of return by asset class.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="52%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>WEIGHTED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>WEIGHTED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" colspan=3>
<FONT size=1>PERCENTAGE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>AVERAGE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>AVERAGE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>OF PLAN </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>EXPECTED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>TARGET </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>ASSETS AT </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>LONG-TERM </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>ALLOCATION </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>&nbsp;</FONT></TD>
	<TD align=right width="2%">
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=1>DECEMBER 31</FONT></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>RATE OF RETURN </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font><font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="52%">
<font size="1">&nbsp;	</font>	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD colspan=3 width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD width="1%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=1>ASSET CATEGORY </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=2>Equity securities </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>45%&#150;65</FONT></B><FONT size=2> </FONT>
	</TD>
	<TD align=left width=2%>
<b><FONT size=2>%</FONT></b></TD>
	<TD align=right width="10%">
<B><FONT size=2>58</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2><b>%</b> </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>58 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>9.0</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<b>
<FONT size=2>% </FONT>
	</b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=2>Debt securities </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>35%&#150;55</FONT></B><FONT size=2> </FONT>
	</TD>
	<TD align=left width=2%>
<b><FONT size=2>%</FONT></b></TD>
	<TD align=right width="10%">
<B><FONT size=2>42</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2><b>%</b> </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>42 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>5.5</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2><b>%</b> </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=8 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<B><FONT size=2>Total/average</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>100</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>100 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>% </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>7.5</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2><b>%</b> </FONT>
	</TD>
</TR>
<TR>
	<TD colspan="8">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>
Equity securities included approximately &#36;70 million of BCE Inc. common shares and Bell Aliant units, or 0.5% of total plan assets at December 31, 2007, and approximately &#36;82 million of BCE Inc. common shares or 0.5% of total plan assets at
December 31, 2006. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities included approximately &#36;7 million of BCE Inc. and affiliates&#146; debentures or 0.1% of total plan assets at December 31, 2007, and approximately &#36;10 million of BCE Inc. and affiliates&#146;
debentures or 0.1% of total plan assets at December 31, 2006.
</font>
<P align="left">
ESTIMATED FUTURE BENEFIT PAYMENTS</P>
<P align="left">
<font size="2">The following table shows the estimated future defined benefit payments for the next 10 years at December 31, 2007.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="72%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>PENSION </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>OTHER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>BENEFITS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1>BENEFITS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<FONT size=2>2008 </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(921 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(107 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<FONT size=2>2009 </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(943 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(113 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<FONT size=2>2010 </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(965 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(120 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<FONT size=2>2011 </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(987 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(127 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<FONT size=2>2012 </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(1,009 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(134 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<FONT size=2>2013&#150;2017 </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(5,399 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(789 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<B><FONT size=2>Total estimated future benefit payments</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(10,224 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2>(1,390 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="72%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>

</font>

<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>105</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Notes to Consolidated Financial Statements</P>

<p align="left">CASH FLOWS</p>
<P align="left">
<font size="2">We are responsible for adequately funding our DB pension plans. We make contributions to them based on various actuarial cost methods that are permitted by pension regulatory bodies. Contributions reflect
actuarial assumptions about future investment returns, salary projections and future service benefits.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We contribute to the DC pension plans as employees provide service.</font></P>
<P align="left">
<font size="2">The following table shows the amounts we contributed to the DB and DC pension plans and the payments made to beneficiaries under other employee future benefit plans.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" colspan=5>
<p align="center">
<FONT size=1>PENSION BENEFITS</FONT></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" colspan=5>
<p align="center">
<FONT size=1>OTHER BENEFITS</FONT></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;	</font>	</TD>
	<TD colspan=5 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD colspan=5 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bell Aliant </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(97</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(116 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(178 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(7</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Bell Canada </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(168</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(42 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(21 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(89</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(89 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(87 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>BCE Inc. </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Telesat </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(265</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(172 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(206 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(96</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(93 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Comprised of: </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Contributions to DB plans </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(232</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(147 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(201 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(96</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(93 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Contributions to DC plans </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(33</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(25 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font size="2">We expect to contribute approximately &#36;195 million to all of our defined benefit pension plans in 2008, subject to actuarial valuations being completed. We expect to pay approximately &#36;105 million to beneficiaries under other employee
benefit plans in 2008. We expect to contribute approximately &#36;40 million to the DC pension plans in 2008.</font></P>
<P align="left">
<B><font size="4">Note 25: Commitments and Contingencies</font></B></P>
<P align="left">
CONTRACTUAL OBLIGATIONS</P>
<P align="left">
<font size="2">The following table is a summary of our contractual obligations at December 31, 2007 that are due in each of the next five years and thereafter.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>THERE- </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2008 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>2009 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>2010 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>2011 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>2012 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>AFTER </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>TOTAL </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="30%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Long-term debt (excluding capital leases) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>71 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>1,616 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>929 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>1,006 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>510 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>5,572 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>9,704 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Notes payable and bank advances </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>254 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>254 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Capital leases </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>474 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>235 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>149 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>162 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>81 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>747 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>1,848 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Operating leases </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>216 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>210 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>164 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>142 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>115 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>733 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>1,580 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Commitments for capital expenditures </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>169 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>80 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>116 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>85 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>89 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>1,535 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>2,074 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Purchase obligations </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,474 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>579 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>435 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>390 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>180 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>401 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>3,459 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Other long-term liabilities (including current portion) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>38 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>41 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>43 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>46 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>168 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="30%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,696 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>2,761 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>1,836 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>1,831 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>975 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>8,988 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>19,087 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="30%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font size="2">Long-term debt and notes payable and bank advances include &#36;340 million drawn under our committed credit facilities. They do not include &#36;523 million of letters of credit. The total amount available under these committed credit facilities
and under our commercial paper programs, including the amount currently drawn, is &#36;2.8 billion. Current commercial paper credit lines expire in August 2009 and Bell Aliant&#146;s current commercial paper credit lines expire in July 2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE Inc., Bell Canada and Bell Aliant may issue notes under their commercial paper programs up to the amount of their supporting committed lines of credit. The total amount of these supporting committed lines of credit available (net of letters of credit) was &#36;1.7 billion at December 31, 2007. BCE Inc., Bell Canada and Bell Aliant had no commercial paper outstanding at December 31, 2007.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Canada can issue up to &#36;400 million of Class E notes under its commercial paper programs. These notes are not supported by committed lines of credit and may be extended in certain circumstances. Bell Canada had
no Class E notes outstanding at December 31, 2007.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imputed interest included in capital leases is &#36;486 million.</font></P>

<P style="margin-top: 0; margin-bottom:0" align="left">
<font face="Times New Roman" size="2">106 Bell Canada Enterprises <i>2007 Annual
Report </i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Notes to Consolidated Financial Statements</P>

<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental expense relating to operating leases was &#36;263 million in 2007, &#36;275 million in 2006 and &#36;312 million in 2005.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase obligations consist mainly of contractual obligations under service contracts. Our commitments for capital expenditures include investments to expand and update our networks, and to meet customer demand.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refer to Note 4, <I>Restructuring and Other </I>for commitments to relocate employees to campus environments.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities included in the table relate to Bell Canada&#146;s future payments over the remaining life of its contract with Amdocs Canadian Managed Services, Inc. for the development of Bell
Canada&#146;s billing system. The total amount was &#36;168 million at December 31, 2007.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2007, we had other long-term liabilities that were not included in the table, including an accrued employee benefit liability, future income tax liabilities, deferred revenue and gains on assets and
various other long-term liabilities.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accrued employee benefit liability and future income tax liabilities are excluded as we cannot accurately determine the timing and cash requirements as: </font></P>
<ul>
	<li>
	<P align="left"><font size="2">future contributions to the pension plans depend
largely on how well they are funded. This varies based on the results of actuarial valuations that are performed periodically and on the investment performance of the pension fund assets.
	</font></P></li>
	<li>
	<P align="left"><font size="2">future payments of income taxes depend on the amount of taxable earnings and on whether there are tax loss carryforwards available to reduce income tax liabilities.
	</font></P></li>
</ul>
<P align="left">
<font size="2">Deferred revenue and gains on assets are excluded as they do not represent future cash payments.</font></P>
<P align="left">
COMMITMENT UNDER THE CRTC DEFERRAL ACCOUNT MECHANISM</P>
<P align="left">
<font size="2">Bell Canada&#146;s accumulated deferral account commitment as at December 31, 2006 was estimated at &#36;479 million, which was increased to &#36;488 million as a result of further CRTC decisions during 2007. The clearing of the deferral account is
subject to CRTC approval.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February 16, 2006, the CRTC issued Telecom Decision 2006-9,
in which it determined the ways in which incumbent telephone companies should clear the accumulated balances in their deferral accounts. On September 1, 2006,
Bell Canada and Bell Aliant filed their proposals for clearing the accumulated balances in their deferral accounts, proposing to improve access to communications for persons with disabilities (5% of the estimated balance) and to extend broadband
access to some 220,000 potential customers in 264 communities across Ontario and Qu&eacute;bec where it would
not otherwise be made available on a commercial basis.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December 28, 2007, the CRTC approved the use of &#36;37 million of deferral account funds to expand broadband service to 16 of 264 communities proposed by Bell Canada that otherwise would not receive broadband
service because it is uneconomic. Since the assets are impaired, we have accrued &#36;37 million in restructuring and other to reflect the cost of this expansion (see Note 4,</font><I><font size="2"> Restructuring and Other</font></I><font size="2">).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Canada&#146;s accumulated deferral account commitment at December 31, 2007 was estimated to be &#36;451 million, with an estimated future annualized commitment of &#36;1.4 million. On March 3, 2008, Bell Canada and
Bell Aliant filed proposed reductions to rates for stand-alone local residential telephone access services in regulated exchanges within the non-high-cost serving area portions of their Ontario and Qu&eacute;bec serving areas which, if approved,
would eliminate Bell Canada&#146;s future annualized commitment. As of December 31, 2007, Bell Aliant does not have an accumulated deferral account balance or an estimated future annualized commitment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January 17, 2008, the CRTC issued Telecom Decision 2008-1
in which it approved the use of deferral account funds to extend broadband service to an additional 85 communities in Ontario and Qu&eacute;bec. Together with
the 16 communities already approved, a total of 101 communities would benefit from broadband deployment using funds from the deferral account. The CRTC has directed Bell Canada to file a proposed roll-out plan and updated costs by March 17, 2008. We
expect to record a charge in restructuring and other in the first quarter of 2008 for this uneconomic expansion. The CRTC also indicated that 22 additional communities are still subject to further review. In the same decision, the CRTC also approved
Bell Canada&#146;s proposed initiatives to improve access to telecommunications services for persons with disabilities, amounting to &#36;24 million. Finally, the CRTC directed Bell Canada to rebate any balance remaining in its deferral account to
residential subscribers in urban, non-high-cost serving areas within the Ontario and Qu&eacute;bec portions of the serving areas of Bell Canada and Bell Aliant, and to file, by March 25, 2008, proposals to rebate such funds. The rebate proposals
should outline how rebates could be made most effectively, both in terms of benefit to customers and minimal disruption to Bell Canada.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issue of rebates and broadband expansion using deferral account funds, however,
was before the Federal Court of Appeal in connection with two separate appeals launched by Bell Canada and by certain consumer
groups. Bell Canada had appealed the legality of the CRTC&#146;s jurisdiction to order retroactive rebates while the consumer groups had appealed the decision to permit the use of deferral account funds to expand the availability of broadband
services. These appeals were heard in January 2008 by the Federal Court of Appeal. </font></P>

<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>107</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Notes to Consolidated Financial Statements</P>

<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In an order dated January 25, 2008, the Federal Court of Appeal issued a stay of Telecom Decision 2006-9, thus effectively suspending the disposition of funds in the deferral accounts except for the improvement of
accessibility to communications services for persons with disabilities. In that
order, the Federal Court of Appeal noted that the stay will expire on the Court&#146;s determination of the appeals, or upon determination of any leave to appeal application to the Supreme Court of Canada, if such leave to
appeal is sought within the statutory time limit. On February 11, 2008, Bell Canada filed a notice of motion with the Federal Court of Appeal for leave to appeal Telecom Decision 2008-1 and to stay that decision, except as it relates to initiatives
for the improvement of accessibility to communications services for persons with disabilities. Bell Canada and Bell Aliant also filed a letter with the CRTC, dated February 15, 2008, seeking to defer the filing of follow-up information pertaining to
broadband expansion and rebates which the CRTC directed them to file in Telecom Decision 2008-1, until such time as the stay is denied or, if the stay is granted, until the substance of the appeals is addressed by the Federal Court of Appeal and the
stay is lifted. On February 22, 2008, the CRTC approved this request.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April 30, 2007, the CRTC issued Telecom Decision 2007-27,
in which it set out the parameters of the new price cap regime that came into effect June 1, 2007. In that decision, the CRTC eliminated the deferral account
mechanism. Consequently, there are no new incremental deferral account obligations from June 1, 2007 onwards.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the nature and number of uncertainties which remain concerning the disposition of funds remaining in Bell Canada&#146;s deferral account, we are unable to estimate the impact of Telecom Decision 2008-1 and
outstanding proceedings on our financial results at this time.</font></P>
<P align="left">
LITIGATION</P>
<P align="left">
<font size="2">We become involved in various claims and litigation as a part of our business. This section describes important legal proceedings. While we cannot predict the final outcome of the claims and litigation described below or of any other pending claims
and litigation at December 31, 2007, based on the information currently available and management&#146;s assessment of the merits of such claims and litigation, management believes that the resolution of these claims and litigation will not have a
material and negative effect on our consolidated financial position or results of operation. Based on the information currently available, we believe that we have strong defences and we intend to vigorously defend our position.</font></P>
<P align="left">
Teleglobe Lending Syndicate Lawsuit</P>
<P align="left">
<font size="2">On July 12, 2002, some members of the Teleglobe Inc. and Teleglobe Holdings (U.S.) Corporation (collectively, Teleglobe) lending syndicate filed a lawsuit against BCE Inc. in the Ontario Superior Court of Justice. The lawsuit includes several
allegations, including that BCE Inc. and its management, in effect, made a legal commitment to repay the advances the plaintiffs made as members of the lending syndicate, and that the Court should disregard Teleglobe Inc. as a corporate entity and
hold BCE Inc. responsible to repay the advances as Teleglobe&#146;s alter ego.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 2, 2004, Canadian Imperial Bank of Commerce and Canadian Imperial Bank of Commerce, N.Y. Agency withdrew from the lawsuit and on May 3, 2005, BNP Paribas (Canada) also withdrew from this lawsuit. BNP Paribas
(Canada), which had advanced US&#36;50 million to Teleglobe, is now pursuing a separate action against BCE Inc. and former Teleglobe directors and officers. The remaining plaintiffs claim damages of US&#36;1.04 billion, plus interest and costs. This
represents approximately 83% of the US&#36;1.25 billion that the lending syndicate advanced to Teleglobe.</font></P>
<P align="left">
Kroll Restructuring Lawsuit</P>
<P align="left">
<font size="2">In February 2003, a lawsuit was filed in the Ontario Superior Court of Justice by Kroll Restructuring Ltd., in its capacity as interim receiver of Teleglobe Inc., against five former directors of Teleglobe Inc. This lawsuit was filed in connection
with Teleglobe Inc.&#146;s redemption of its third series preferred shares in April 2001 and the retraction of its fifth series preferred shares in March 2001.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plaintiff is seeking a declaration that such redemption and retraction were prohibited under the</font><I><font size="2"> Canada Business Corporations Act </font> </I><font size="2">and that the five former directors should be held jointly and severally liable to restore to Teleglobe Inc. all amounts paid or distributed on such redemption and retraction, being an aggregate of
approximately &#36;661 million, plus interest.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February 26, 2007, the five former directors filed a third-party claim in the Ontario Superior Court of Justice against the former third series preferred shareholders of Teleglobe Inc. As provided by the <I>Canada
Business Corporations Act</I>, the third party claim seeks to recover from those former third series preferred shareholders any amounts the former directors may have to restore to Teleglobe Inc. as a result of this lawsuit, on account of the
redemption of the third series preferred shares. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While BCE Inc. is not a defendant in this lawsuit, Teleglobe Inc. was at the relevant time a subsidiary of BCE Inc. Pursuant to standard policies and subject to applicable law, the five former Teleglobe Inc. directors
are entitled to seek indemnification from BCE Inc. in connection with this lawsuit.</font></P>

<P style="margin-top: 0; margin-bottom:0" align="left">
<font face="Times New Roman" size="2">108 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:right">
Notes to Consolidated Financial Statements</P>

<P align="left">
Teleglobe Inc. Unsecured Creditors Lawsuit</P>
<P align="left">
<font size="2">On May 26, 2004, a lawsuit was filed in the United States Bankruptcy Court for the District of Delaware. The United States District Court for the District of Delaware subsequently withdrew the reference from the Bankruptcy Court and the matter is
now pending in the District Court for the District of Delaware. The lawsuit is against BCE Inc. and 10 former directors and officers of Teleglobe Inc. and certain of its subsidiaries. The plaintiffs are comprised of Teleglobe Communications
Corporation, certain of its affiliated debtors and debtors in possession, and the Official Committee of Unsecured Creditors of these debtors. The lawsuit alleges breach of an alleged funding commitment of BCE Inc. towards the debtors, promissory
estoppel, misrepresentation by BCE Inc. and breach and aiding and abetting breaches of fiduciary duty by the defendants. The plaintiffs seek an unspecified amount of damages against the defendants.</font></P>
<P align="left">
Teleglobe Inc. Plan Administrator Lawsuit</P>
<P align="left">
<font size="2">On November 16, 2005, Kathy Morgan, in her capacity as plan administrator for Teleglobe Inc., filed a lawsuit in the Ontario Superior Court of Justice against BCE Inc. and seven former directors of Teleglobe Inc. The plaintiff is seeking a
declaration that Teleglobe Inc. and its creditors have been oppressed by the former directors of Teleglobe Inc. and by BCE Inc. within the meaning of the</font><I><font size="2"> Canada Business Corporations Act</font></I><font size="2">. The plaintiff is also seeking a declaration that the former directors of Teleglobe Inc. breached their fiduciary duty to Teleglobe Inc. and failed to act in accordance with the standard of care prescribed
under the <I>Canada Business Corporations Act</I>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plaintiff is seeking compensation for oppression in the amount of &#36;3 billion and damages for breach of fiduciary duty in the amount of &#36;3 billion, in each case plus interest and costs.</font></P>
<P align="left">
Class Action Concerning Bell Canada and Bell Mobility Inc. (Bell Mobility) Late Payment Charges</P>
<P align="left">
<font size="2">On June 27, 2006, a motion to obtain the authorization to institute a class action in the province of Qu&eacute;bec was served against Bell Canada and Bell Mobility in the Qu&eacute;bec City District of the Superior Court. The lawsuit was filed on
behalf of all physical persons and companies in Canada that were billed late payment charges despite the fact that customers allegedly paid amounts owing to Bell Canada and Bell Mobility within the payment period indicated on their bills. On
September 28, 2007, Bell Canada and Bell Mobility received an amended motion to obtain the authorization to institute a class action, pursuant to which the plaintiff indicated that it intended to act only for customers in the province of
Qu&eacute;bec. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January 10, 2008, the Qu&eacute;bec Superior Court issued a judgment granting the plaintiff&#146;s motion and authorizing the institution of a class action against Bell Canada and Bell Mobility. The members of the
classes are all physical persons and companies in Qu&eacute;bec, of 50 employees or less, who were billed late payment charges since June 21, 2003 after allegedly having made full payment of amounts owing to Bell Canada and/ or Bell Mobility to a
financial institution and/or, for Bell Mobility&#146;s customers only, by cheque, within the payment period indicated on their bills. The class action seeks an order requiring Bell Canada and Bell Mobility to repay all late payment charges to the
members of the classes. In addition to the reimbursement of such amounts, the class action also seeks payment of punitive damages by Bell Canada and Bell Mobility.
</font> </P>
<P align="left">
<B><font size="4">Note 26: Guarantees </font> </B></P>
<P align="left">
<font size="2">As a regular part of our business, we enter into agreements that provide for indemnifications and guarantees to counterparties that may require us to pay for costs and losses incurred in various types of transactions. We cannot reasonably estimate
the maximum potential amount we could be required to pay counterparties. While some of the agreements specify a maximum potential exposure, many do not specify a maximum amount or limited period. The amount also depends on the outcome of future events and conditions, which cannot be predicted. Historically, we have not made any significant payments under these
indemnifications or guarantees.</font></P>

<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">Bell Canada Enterprises <i>2007 Annual
Report </i>109</font></P>

<hr color="#000000" size="1">
<P style="margin-top: 0; text-align:left">
Notes to Consolidated Financial Statements</P>

<P align="left">
<font size="2">The following table represents guarantees that BCE has entered into that have a fixed maximum potential exposure, and their respective terms. BCE also has guarantees where no maximum potential amount is specified.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="32%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>INDEFI- </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1>2008 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>2009 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>2010 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>2011 </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>2012+ </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=1>&nbsp;</FONT></TD>
	<TD align=right width="8%">
<FONT size=1>NITE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1>TOTAL </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="32%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<FONT size=2>Sale of assets and businesses </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>31 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,659 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>1,690 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<FONT size=2>Sale of services </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>15 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>61 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>55 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>5 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>136 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<FONT size=2>Purchase and development of assets </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>1 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>9 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>10 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>10 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>8 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>5 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>7 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>8 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>4 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>42 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="32%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<FONT size=2>Total </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>25 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>70 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>5 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>38 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>63 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,677 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>1,878 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="32%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>
</font>
<P align="left">
SALE OF ASSETS AND BUSINESSES</P>
<P align="left">
<font size="2">As part of transactions involving business dispositions and sales of assets, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, loss or damages to property,
environmental liabilities, changes in or in the interpretation of laws and regulations (including tax legislation), valuation differences, earn-out guarantees if the disposed business does not meet specific targets, contingent liabilities of a
disposed business, or reassessments of previous tax filings of the corporation that carries on the business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A nominal amount has been accrued in the consolidated balance sheet relating to this type of indemnification or guarantee at December 31, 2007. Historically, we have not made any significant payments under this type of
indemnification or guarantee.</font></P>
<p align="left">SALE OF SERVICES</p>
<P align="left">
<font size="2">In transactions involving sales of services, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, or changes in or in the interpretation of laws and regulations (including
tax legislation).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No amount has been accrued in the consolidated balance sheet relating to this type of indemnification or guarantee at December 31, 2007. Historically, we have not made any significant payments under such
indemnifications or guarantees.</font></P>
<p align="left">PURCHASE AND DEVELOPMENT OF ASSETS</p>
<P align="left">
<font size="2">As part of transactions involving purchases and development of assets, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, losses of or damages to property, or changes in
or in the interpretation of laws and regulations (including tax legislation).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No amount has been accrued in the consolidated balance sheet relating to this type of indemnification or guarantee at December 31, 2007. Historically, we have not made any significant payments under such
indemnifications or guarantees.</font></P>
<p align="left">OTHER TRANSACTIONS</p>
<P align="left">
<font size="2">As part of other transactions, such as securitization agreements and operating leases, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, losses of or damages to
property, or changes in or in the interpretation of laws and regulations (including tax legislation).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A nominal amount has been accrued in the consolidated balance sheet relating to this type of indemnification or guarantee at December 31, 2007. Historically, we have not made any significant payments under such
indemnifications or guarantees.</font></P>
<P align="left">
<B><font size="4">Note 27: Supplemental Disclosure for Statements of Cash Flows</font></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=1>2007</FONT></B><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1>2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Cash used in non-cash operating assets and liabilities is as follows: </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Accounts receivable </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>57</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(85 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>518 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Other current assets </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(25</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(52 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(31 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Other long-term assets </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(118</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(52 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(83 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Accounts payable and accrued liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>71</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(259 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(674 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Interest payable </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(23</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Other long-term liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(11</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(138 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Other </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>39</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>218 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>28 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Total cash used in non-cash operating assets and liabilities</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2>(10</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(245 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2>(381 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font size="2"><BR>

</font>

<P style="margin-top: 0; margin-bottom:0" align="left">
<font face="Times New Roman" size="2">110 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">

<P align="left">
<font size="5">Glossary</font></P>
<P align="left">
<I><font size="2">ARPU and ARPS</font></I><font size="2"><br>
Average revenue per unit and average revenue per subscriber represent measurements of the average revenue generated by each unit or subscriber, expressed as a rate per month for the year.</font></P>
<P align="left">
<I><font size="2">Black-Scholes Option Pricing Model</font></I><font size="2"><br>
The Black-Scholes option pricing model is the financial model we use to calculate the weighted-average fair value of a stock option granted using four key assumptions: stock dividend yield, expected stock volatility, risk-free interest rate and
expected life of the stock option.</font></P>
<P align="left">
<I><font size="2">Book Value Per Share</font></I><font size="2"><br>
This is common shareholders&#146; equity divided by the number of common shares outstanding.</font></P>
<P align="left">
<I><font size="2">Capital Intensity</font></I><font size="2"><br>
This is capital expenditures divided by operating revenues.</font></P>
<P align="left">
<I><font size="2">Cash Flow Per Share </font> </I><font size="2"><br>
This is calculated by dividing cash from operating activities less capital expenditures by the average number of common shares outstanding.</font></P>
<P align="left">
<I><font size="2">Cash Flow Yield </font> </I><font size="2"><br>
This is cash from operating activities less capital expenditures, other investing activities, dividends on preferred shares and dividends paid by subsidiaries to non-controlling interest, divided by the number of common shares outstanding at the end
of the year and multiplied by the share price at the end of the year.</font></P>
<P align="left">
<I><font size="2">Churn</font></I><font size="2"><br>
This is the rate at which existing subscribers cancel their services. Churn is calculated as the number of subscribers disconnected divided by the average subscriber base.</font></P>
<P align="left">
<I><font size="2">Common Dividend Payout Ratio</font></I><font size="2"><br>
Dividends paid on common shares divided by net earnings applicable to common shares.</font></P>
<P align="left">
<I><font size="2">Common Dividend Yield </font> </I><font size="2"><br>
Dividends paid on common shares divided by BCE Inc.&#146;s share price at the end of the year multiplied by the number of common shares outstanding.</font></P>
<P align="left">
<I><font size="2">Cost of Acquisition </font> </I><font size="2"><br>
COA is also referred to as subscriber acquisition costs. This measure is expressed per gross activation. It includes costs associated with acquiring a customer such as hardware subsidies, marketing and distribution costs.</font></P>
<P align="left">
<I><font size="2">Cost Method</font></I><font size="2"><br>
The investment is recorded at cost. Dividends received or receivable from the investment are included in our net earnings, with no adjustment to the carrying amount of the investment.</font></P>
<P align="left">
<I><font size="2">Curtailment</font></I><font size="2"><br>
A curtailment is a significant reduction in plan benefits that can result when a defined benefit pension plan is amended or restructured. Types of curtailments include a reduction in the expected number of years of future service of active employees
or the elimination of the right to earn defined benefits for some or all of the future service of employees.</font></P>
<P align="left">
<I><font size="2">Digital Equivalent Access Lines</font></I><font size="2"><br>
These are derived by converting low-capacity data lines (DS-3 and lower) to the equivalent number of voice-grade access lines.</font></P>
<P align="left">
<I><font size="2">EBITDA</font></I><font size="2"><br>
We define EBITDA (earnings before interest, taxes, depreciation and amortization of intangible assets) as operating revenues less cost of revenue and selling, general and administrative expenses, meaning it represents operating income before
depreciation, amortization of intangible assets and restructuring and other.</font></P>
<P align="left">
<I><font size="2">EBITDA Margin</font></I><font size="2"><br>
This is EBITDA divided by operating revenues.</font></P>
<P align="left">
<I><font size="2">EBITDA to Interest Ratio </font> </I><font size="2"><br>
EBITDA divided by interest expense.</font></P>
<P align="left">
<I><font size="2">Free Cash Flow</font></I><font size="2"><br>
We define free cash flow as cash from operating activities after capital expenditures, total dividends and other investing activities.</font></P>

<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">&nbsp;Bell Canada Enterprises <i>2007 Annual
Report </i>111</font></P>

<hr color="#000000" size="1">
<p style="text-align: left; margin-top: 0">Glossary</p>

<P align="left">
<I><font size="2">Goodwill</font></I><font size="2"><br>
Goodwill may be created when we acquire a business. It is calculated by deducting the fair value of the net assets acquired from the consideration given and represents the value of factors that contribute to greater earning power, such as a good
reputation, customer loyalty or intellectual capital.</font></P>
<P align="left">
<I><font size="2">Long-Term Debt to Equity </font> </I><font size="2"><br>
This is long-term debt (including any portion due within one year) divided by shareholders&#146; equity.</font></P>
<P align="left">
<I><font size="2">Market Capitalization </font> </I><font size="2"><br>
This is BCE Inc.&#146;s share price at the end of the year multiplied by the number of common shares outstanding.</font></P>
<P align="left">
<I><font size="2">Net Debt to Capitalization Ratio</font></I><font size="2"><br>
This is net debt divided by our capitalization (total net debt, non-controlling interest and shareholders&#146; equity).</font></P>
<P align="left">
<I><font size="2">Net Debt to EBITDA </font> </I><font size="2"><br>
This is net debt divided by EBITDA.</font></P>
<P align="left">
<I><font size="2">Operating Margin</font></I><font size="2"><br>
Operating income divided by operating revenues.</font></P>
<P align="left">
<I><font size="2">Price to Book Ratio </font> </I><font size="2"><br>
BCE Inc.&#146;s share price divided by the book value per share.</font></P>
<P align="left">
<I><font size="2">Price to Cash Flow Ratio </font> </I><font size="2"><br>
BCE Inc.&#146;s share price at the end of the year divided by the cash flow per share.</font></P>
<P align="left">
<I><font size="2">Price to Earnings Ratio</font></I><font size="2"><br>
BCE Inc.&#146;s share price at the end of the year divided by earnings per share.</font></P>
<P align="left">
<I><font size="2">Return on Equity</font></I><font size="2"><br>
Return on common shareholders&#146; equity is net earnings available to common shares as a percentage of average common shareholders&#146; equity.</font></P>
<P align="left">
<I><font size="2">Settlement</font></I><font size="2"><br>
A company makes a settlement when it substantially settles all or part of an accrued benefit obligation. An example is a lump-sum cash payment to employees in exchange for their rights to receive future benefits.</font></P>
<P align="left">
<I><font size="2">Total Debt to Total Assets </font> </I><font size="2"><br>
Total long-term debt (including debt due within one year) divided by total assets.</font></P>
<P align="left">
<I><font size="2">Translation of Foreign Currencies</font></I><font size="2"><br>
The way we account for a foreign operation depends on whether it is self-sustaining or integrated. A self-sustaining foreign operation is largely independent of the parent company. An integrated foreign operation depends on the parent company to
finance or run its operations.</font></P>

<P style="margin-top: 0; margin-bottom:0" align="left">
<font face="Times New Roman" size="2">112 Bell Canada Enterprises <i>2007 Annual
Report</i></font></P>

<hr color="#000000" size="1">

<P align="left">
<font size="5">Board of Directors </font><I><font size="2"><br>
As at March 5, 2008</font></I></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="30%" valign="top">
		<P align="left">
<font size="2">Richard J. Currie, O.C.</font><I><font size="2"><br>
Toronto, Ontario <br>
Chair of the Board, <br>
BCE Inc. and Bell Canada <br>
Director since May 1995</font></I></P>
<P align="left">
<font size="2">Andr&eacute; B&eacute;rard, O.C.</font><I><font size="2"><br>
Montr&eacute;al, Qu&eacute;bec <br>
Corporate Director <br>
Director since January 2003</font></I></P>
<P align="left">
<font size="2">Ronald A. Brenneman</font><I><font size="2"><br>
Calgary, Alberta<br>
President and Chief Executive Officer, <br>
Petro-Canada <br>
Director since November 2003</font></I></P>
<P align="left">
<font size="2">Anthony S. Fell, O.C.</font><I><font size="2"><br>
Toronto, Ontario <br>
Corporate Director <br>
Director since January 2002</font></I></P>
<P align="left">
<font size="2">Donna Soble Kaufman</font><I><font size="2"><br>
Toronto, Ontario <br>
Corporate Director and Lawyer <br>
Director since June 1998</font></I></P></td>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="30%" valign="top">
<P align="left">
<font size="2">Brian M. Levitt</font><I><font size="2"><br>
Montr&eacute;al, Qu&eacute;bec <br>
Partner and Co-Chair, <br>
Osler, Hoskin &amp; Harcourt LLP <br>
Director since May 1998</font></I></P>
<P align="left">
<font size="2">The Honourable Edward C. Lumley, P.C.</font><I><font size="2"><br>
South Lancaster, Ontario <br>
Vice-Chairman, <br>
BMO Nesbitt Burns Inc. <br>
Director since January 2003</font></I></P>
<P align="left">
<font size="2">Judith Maxwell, C.M.</font><I><font size="2"><br>
Ottawa, Ontario <br>
Research Fellow, Canadian Policy, <br>
Research Networks Inc. <br>
Director since January 2000</font></I></P>
<P align="left">
<font size="2">John H. McArthur</font><I><font size="2"><br>
Massachusetts, U.S.A.<br>
Dean Emeritus, Harvard University, <br>
Graduate School of <br>
Business Administration <br>
Director since May 1995</font></I></P>
<P align="left">
<font size="2">Thomas C. O&#146;Neill, F.C.A.</font><I><font size="2"><br>
Toronto, Ontario <br>
Corporate Director and <br>
Chartered Accountant <br>
Director since January 2003</font></I></P>
		<p>&nbsp;</td>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="30%" valign="top">
<P align="left">
<font size="2">James A. Pattison, O.C., O.B.C. </font><I><font size="2"><br>
Vancouver, British Columbia <br>
Chairman and Chief Executive Officer, <br>
The Jim Pattison Group <br>
Director since February 2005</font></I></P>
<P align="left">
<font size="2">Robert C. Pozen </font><I><font size="2"><br>
Massachusetts, U.S.A. <br>
Chairman of the Board, <br>
MFS Investment Management <br>
Director since February 2002</font></I></P>
<P align="left">
<font size="2">Michael J. Sabia</font><I><font size="2"><br>
Montr&eacute;al, Qu&eacute;bec<br>
President and Chief Executive Officer, <br>
BCE Inc., and <br>
Chief Executive Officer, Bell Canada <br>
Director since October 2002</font></I></P>
<P align="left">
<font size="2">Paul M. Tellier, P.C., C.C., Q.C.</font><I><font size="2"><br>
Montr&eacute;al, Qu&eacute;bec <br>
Corporate Director <br>
Director since April 1999</font></I></P>
<P align="left">
<font size="2">Victor L.Young, O.C.</font><I><font size="2"><br>
St. John&#146;s, Newfoundland and Labrador <br>
Corporate Director <br>
Director since May 1995</font></I></P>
		<p>&nbsp;</td>
		<td width="4%">&nbsp;</td>
	</tr>
</table>
<hr color="#000000" size="1">
<P align="left">
&nbsp;</P>
<P align="left">
COMMITTEES OF THE BOARD<I><br>
Members of Committees of the Board</I></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="49%" valign="top">
		<P align="left">
<font size="2">AUDIT COMMITTEE<br>
T.C. O&#146;Neill <I>(Chair)</I>, A. B&eacute;rard, A.S. Fell, J. Maxwell, V.L.Young</font><I><font size="2"><br>
<br>
The audit committee assists the board in the oversight of:</font></I></P>
		<ul>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">the integrity of BCE Inc.&#146;s financial statements and related information</font></P>
			</li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">BCE Inc.&#146;s compliance with applicable legal and regulatory requirements
			</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">the independence, qualifications and appointment of the external auditor
			</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">the performance of both the external and internal auditors
			</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">management&#146;s responsibility for reporting on internal controls and risk management.</font></P>
			</li>
		</ul>
<P align="left">
<font size="2">PENSION FUND COMMITTEE<br>
R.C. Pozen <I>(Chair)</I>, R.A. Brenneman, B.M. Levitt, P.M. Tellier, V.L.Young</font><I><font size="2"><br>
<br>
The PFC assists the board in the oversight of:</font></I></P>
		<ul>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">the administration, funding and investment of BCE Inc.&#146;s pension plans and fund
			</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">the unitized pooled fund sponsored by BCE for the collective investment of the fund and the participant subsidiaries&#146; pension funds.</font></P>
			</li>
		</ul>
		<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="49%" valign="top">
		<p align="left"><font size="2">CORPORATE GOVERNANCE COMMITTEE<br>
		D. Soble Kaufman <I>(Chair)</I>, A. B&eacute;rard, E.C. Lumley, J.H. McArthur, J.A. Pattison</font><I><font size="2"><br>
		<br>
		The CGC assists the board in:</font></I></p>
		<ul>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">developing and implementing BCE Inc.&#146;s corporate governance guidelines
			</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">identifying individuals qualified to become members of the board
			</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">determining the composition of the board and its committees
			</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">determining the
directors&#146; remuneration for board and committee service </font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">developing and overseeing a process to assess the Chair of the board, the board, committees of the board, Chairs of committees and individual directors
			</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">reviewing and
recommending for board approval BCE Inc.&#146;s policies concerning business conduct, ethics, public disclosure of material information and other matters.</font></P>
			</li>
		</ul>
		<p align="left"><font size="2">MANAGEMENT RESOURCES AND COMPENSATION
		COMMITTEE<br>
		R.J. Currie <I>(Chair)</I>, R.A. Brenneman, A.S. Fell, J.H. McArthur, R.C. Pozen</font><I><font size="2"><br>
		<br>
		The MRCC assists the board in the oversight of the:</font></I></p>
		<ul>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">compensation, nomination, evaluation and succession of officers and other management personnel
			</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font size="2">health and safety policies and practices.</font></P>
			</li>
		</ul>
		<p>&nbsp;</td>
	</tr>
</table>

<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">&nbsp;Bell Canada Enterprises <i>2007 Annual
Report </i>113</font></P>

<hr color="#000000" size="1">

<P align="left">
<font size="5">Executives</font><I><font size="2"><br>
As at March 5, 2008</font></I></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="30%" valign="top">
<P align="left">
<font size="2">Michael J. Sabia</font><I><font size="2"><br>
President and Chief Executive Officer <br>
of BCE Inc. &#150; Chief Executive Officer <br>
of Bell Canada</font></I></P>
<P align="left">
<font size="2">George A. Cope</font><I><font size="2"><br>
President and Chief Operating Officer, <br>
Bell Canada</font></I></P>
<P align="left">
<font size="2">St&eacute;phane Boisvert</font><I><font size="2"><br>
President &#150; Enterprise,
Bell Canada</font></I></P>
<P align="left">
<font size="2">Ron Close</font><I><font size="2"><br>
President &#150; Bell New Ventures, BCE Inc. <br>
and Bell Canada</font></I></P>
<P align="left">
<font size="2">Kevin W. Crull</font><I><font size="2"><br>
President &#150; Residential Services, <br>
Bell Canada</font></I></P>
		<p>&nbsp;</td>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="30%" valign="top">
<P align="left">
<font size="2">William J. Fox</font><I><font size="2"><br>
Executive Vice-President &#150;<br>
Communications and Corporate <br>
Development, BCE Inc. and <br>
Bell Canada</font></I></P>
<P align="left">
<font size="2">Leo Houle</font><I><font size="2"><br>
Chief Talent Officer, BCE Inc. and <br>
Bell Canada</font></I></P>
<P align="left">
<font size="2">Lawson A.W. Hunter</font><I><font size="2"><br>
Executive Vice-President and <br>
Chief Corporate Officer, <br>
BCE Inc. and Bell Canada</font></I></P>
<P align="left">
<font size="2">Wade Oosterman</font><I><font size="2"><br>
President &#150; Bell Mobility and <br>
Channels and Chief Brand Officer, <br>
Bell Canada</font></I></P>
<P align="left">
<font size="2">Patrick Pichette</font><I><font size="2"><br>
President &#150; Operations, Bell Canada</font></I></P>
		<p>&nbsp;</td>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="30%" valign="top">
<P align="left">
<font size="2">Eugene Roman</font><I><font size="2"><br>
Group President &#150; Systems and <br>
Technology, Bell Canada</font></I></P>
<P align="left">
<font size="2">Karen H. Sheriff</font><I><font size="2"><br>
President &#150; Small and Medium <br>
Business, Bell Canada</font></I></P>
<P align="left">
<font size="2">Scott L. Thomson</font><I><font size="2"><br>
Executive Vice-President &#150; <br>
Corporate Development and Planning, <br>
BCE Inc. and Bell Canada</font></I></P>
<P align="left">
<font size="2">Martine Turcotte</font><I><font size="2"><br>
Chief Legal Officer, BCE Inc. <br>
and Bell Canada</font></I></P>
<P align="left">
<font size="2">Siim A. Vanaselja</font><I><font size="2"><br>
Chief Financial Officer, BCE Inc. <br>
and Bell Canada</font></I></P>
		<p>&nbsp;</td>
	</tr>
</table>

<P style="margin-top: 0; margin-bottom:0" align="left">
<font face="Times New Roman" size="2">&nbsp;114 Bell Canada Enterprises <i>2007 Annual
Report </i></font></P>

<hr color="#000000" size="1">

<P align="left">
<font size="5">Shareholder Information &#150; Tax Information</font></P>
<p align="left">DIVIDENDS AND CAPITAL GAINS ON YOUR SHARES</p>
<P align="left">
<font size="2">Shareholders are required to pay tax on dividends as well as any capital gains they realize when they sell their shares or are deemed to have sold them. If you received Nortel Networks common shares in May 2000 and/or Bell Aliant Regional
Communications Income Fund Units in July 2006, you should contact the Investor Relations group to learn more on the tax implications impact on your cost or visit <I>
www.bce.ca</I>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since January 1, 2006 and unless stated otherwise, dividends paid by BCE and Bell Canada to Canadian residents are eligible dividends as per the Canadian <I>Income Tax Act</I>. Since March 24, 2006 and unless stated
otherwise, dividends paid by BCE and Bell Canada also qualify as eligible dividends for the purpose of the <I>Quebec Taxation Act </I>as per the proposed changes announced during the March 23, 2006 provincial Budget speech.</font></P>
<p align="left">FOREIGN INVESTORS</p>
<P align="left">
<font size="2">Dividends paid or credited to non-residents of Canada are subject to a 25% withholding tax unless reduced by treaty. Under current tax treaties, U.S. and U.K. residents are subject to a 15% withholding tax.</font></P>
<p>U.S. INVESTORS</p>
<FONT size=2>We are required to solicit taxpayer identification numbers (TIN) and Internal Revenue Service (IRS) Form W-9 certifications of residency from certain U.S. investors. Where these have not been received, we may be required to deduct the IRS&#146; specified backup withholding tax.
<br>
&nbsp;&nbsp;&nbsp;&nbsp; For additional information, please contact our Investor Relations or the transfer agent, Computershare Trust Company of Canada. </FONT>
<p>CONTACT INFORMATION</p>
<FONT size=2>For shareholder account inquiries, contact: </FONT>
	<p>
<FONT size=2>Computershare Trust Company of Canada <br>
	9th Floor, 100 University Avenue <br>
	Toronto, Ontario M5J 2Y1 </FONT></p>
<table border="0" width="100%" style="border-collapse: collapse">
	<tr>
		<td width="5%" valign="top"><I><FONT size=2>e-mail</FONT></I><font size="2"> </font>
		</td>
		<td width="95%" valign="top">
<FONT size=2>bce@computershare.com </FONT>
		</td>
	</tr>
	<tr>
		<td width="5%" valign="top">
<I><FONT size=2>tel</FONT></I><font size="2"> </font>
		</td>
		<td width="95%" valign="top">
<FONT size=2>514 982-7555 or 1 800 561-0934 </FONT>
<I><FONT size=2><br>
		(toll free in Canada and the U.S.)</FONT></I><font size="2">
</font>
		</td>
	</tr>
	<tr>
		<td width="5%" valign="top">
<I><FONT size=2>fax</FONT></I></td>
		<td width="95%" valign="top">
<FONT size=2>416 263-9394 or 1 888 453-0330 </FONT>
<I><FONT size=2><br>
		(toll free in Canada and the U.S.) or visit their<br>
		website at www.computershare.com</FONT></I><font size="2">
</font>
		</td>
	</tr>
</table>
&nbsp;<p>
<FONT size=2>For any other questions, contact: </FONT>
	</p>
<FONT size=2>Investor Relations <br>
1000 de La Gaucheti&egrave;re Street West, Suite 3700, <br>
Montr&eacute;al, Qu&eacute;bec H3B 4Y7 </FONT>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<table border="0" width="100%" style="border-collapse: collapse">
	<tr>
		<td width="5%" valign="top"><I><FONT size=2>e-mail</FONT></I><font size="2"> </font>
		</td>
		<td width="95%" valign="top">
<FONT size=2>investor.relations@bce.ca </FONT></td>
	</tr>
	<tr>
		<td width="5%" valign="top">
<I><FONT size=2>tel</FONT></I><font size="2"> </font>
		</td>
		<td width="95%" valign="top">
<FONT size=2>1 800 339-6353 </FONT>
		</td>
	</tr>
	<tr>
		<td width="5%" valign="top">
<I><FONT size=2>fax</FONT></I></td>
		<td width="95%" valign="top">
<FONT size=2>514 786-3970 <br>
		</FONT>
<I><FONT size=2>or visit the Investors section on our website<br>
		at www.bce.ca</FONT></I></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">&nbsp;</td>
	</tr>
	<tr>
		<td>
		<P align="left">
<I><font size="1">Trademarks: The following is a list of all our trademarks referred to and used as such in this annual report. Bell, Bell Mobility and Sympatico are trademarks of Bell Canada; ExpressVu is a trademark of Bell ExpressVu Limited Partnership; Nimiq
and Anik are trademarks of Telesat Canada; SmartTouch is a trademark of Stentor Resource Centre Inc. Any other trademarks, or corporate, trade or domain names used in this report are the property of their owners. We believe that our trademarks and
domain names are very important to our success. Our exclusive trademark rights are perpetual provided that their registrations are timely renewed and that the trademarks are used in commerce by us or our licensees. We take appropriate measures to
protect, renew and defend our trademarks. We also spend considerable time and resources overseeing, registering, renewing, licensing and protecting our trademarks and domain names and prosecuting those who infringe on them. We take great care not to
infringe on the intellectual property and trademarks of others.</font></I></P>
<P align="left">
<I><font size="1">Cette publication est disponible en fran&ccedil;ais. BCE&#146;s Annual Report is printed with vegetable-based ink and is recyclable.</font></I></P>
		</td>
	</tr>
</table>

<P style="margin-top: 0; margin-bottom:0" align="left">
&nbsp;</P>
<P style="margin-top: 0; margin-bottom:0" align="right">
<font face="Times New Roman" size="2">&nbsp;Bell Canada Enterprises <i>2007 Annual
Report </i>115<i> </i></font></P>

<hr color="#000000" size="1">




<p style="margin-top: 0; margin-bottom: 0" align="right">&nbsp;</p>




<A name="page_116"><font size="2"></font></A>

<font size="2">

<img border="0" src="logo_bce.gif" width="145" height="48">
<BR>
</font>
<P align="left">
<font size="2">BCE Inc. 1000 de La Gaucheti&egrave;re Street West, Suite 3700, Montr&eacute;al, Qu&eacute;bec H3B 4Y7&nbsp;&nbsp; www.bce.ca</font></P>
<P align="left">
<font size="2">Communications <I>&nbsp;&nbsp;&nbsp;&nbsp; e-mail </I>
bcecomms@bce.ca <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; tel </I>1 888 932-6666 <I>&nbsp;&nbsp;&nbsp;&nbsp; fax </I>514 870-4385
<br>
Investor Relations <I>&nbsp; e-mail </I>
investor.relations@bce.ca <I>&nbsp;&nbsp;&nbsp;&nbsp; tel </I>1 800 339-6353 <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fax </I>514 786-3970</font></P>
<P align="left">
&nbsp;</P>
<P align="left">
<font size="2">Printed in Canada</font></P>

<HR noshade align="center" width="100%" size=2>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>consentofindep.htm
<DESCRIPTION>CONSENT OF IND REGISTERED CHARTERED ACCNTS
<TEXT>


<HTML>
<HEAD>
   <TITLE>CONSENT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS</TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<body>

<P align="right">
<B><font size="2">Exhibit 99.3</font></B><font size="2"> </font> </P>
<P align="center">
<B>CONSENT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS </B></P>
<P align="left">
<font size="2">We consent to the use of our reports dated March 5, 2008 relating to the financial statements of BCE Inc., to the reconciliation of Canadian GAAP to United States GAAP and to BCE Inc.&#146;s internal control over financial reporting appearing in the
annual report on Form 40-F of BCE Inc. for the year ended December 31, 2007.

</font> </P>
<P align="left">
<font size="2">We also consent to the incorporation by reference in Registration Statements No. 333-12130 on Form F-3 and No. 333-12780, 333-12802 and 333-12804 on Form S-8 of our reports dated March 5, 2008 relating to the financial statements of BCE Inc., to the
reconciliation of Canadian GAAP to United States GAAP and to BCE Inc.&#146;s internal control over financial reporting appearing in the annual report on Form 40-F of BCE Inc. for the year ended December 31, 2007.
</font> </P>
<div align="right">
	<table border="0" width="50%" cellpadding="0" id="table1" style="border-collapse: collapse">
		<tr>
			<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000"><I><font size="2">(signed) Deloitte &amp; Touche LLP</font></I></td>
		</tr>
		<tr>
			<td>
<font size="2">Deloitte &amp; Touche LLP <br>
Independent Registered Chartered Accountants</font></td>
		</tr>
	</table>
</div>
<P align="left">
<I><font size="2">&nbsp;</font></I></P>
<P align="left">
<font size="2">&nbsp;</font></P>
<P align="left">
<font size="2">Montr&eacute;al, Canada <br>
March 5, 2008&nbsp; </font> </P>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>usgaap.htm
<DESCRIPTION>RECONCILIATION OF CANADIAN GAAP TO US GAAP
<TEXT>


<HTML>
<HEAD>
   <TITLE>RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP </TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<body>

<P align="right">
<B><font size="2">Exhibit 99.4 </font> </B></P>
<P align="center">
<B>RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP<font size="2"> </font> </B></P>
<P align="left">
<font size="2">We, our and BCE means BCE Inc., its subsidiaries and joint ventures.
</font> </P>
<P align="left">
<font size="2">Our annual consolidated financial statements are prepared in accordance with Canadian generally accepted accounting principles (&#147;GAAP&#148;). This reconciliation of Canadian GAAP to United States GAAP should be read in conjunction with our
annual consolidated financial statements for the year ended December 31, 2007. Material differences between Canadian GAAP and United States GAAP are quantified and described below:
</font> </P>
<P align="right">
<font size="2">1</font></P>

<HR noshade align="center" width="100%" size=2>




<P align="left">
<B>Consolidated Statements of Operations </B></P>
<TABLE border=0 width=100% cellpadding=2 style="border-collapse: collapse" id="table12">
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">For the year ended December 31,</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><I><font size="2">(in &#36; millions, except share amounts)</font></I></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<B><font size="2">2007</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<font size="2">2006 <SUP>(p)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=center width="10%" style="; border-right:1px solid #000000; border-left-width:1px; border-top-width:1px; border-left-style:solid; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">2005 <SUP>(p)</SUP>
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Earnings from continuing operations - Canadian GAAP</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">3,918</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">1,880
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">1,823
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Differences:
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Cost of revenue, exclusive of depreciation and amortization
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Leases <SUP>(k)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">(8)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Selling, general and administrative expenses
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Deferred costs <SUP>(a)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">(3)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">(13)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">(12)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Employee benefit plans <SUP>(b)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">32</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">(24)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">(105)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Amortization expense
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Deferred costs <SUP>(a)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">16</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">18
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">17
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Capitalized interest <SUP>(h)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">(62)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">(50)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Leases <SUP>(k)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">7</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Other income (expense)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Income from joint venture <SUP>(d)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">59
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">46
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Net change in unrealized (losses) gains on derivatives <SUP>(e)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">(4)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">2
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">(1)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Gain on distribution of Bell Aliant and dilution gain <SUP>(j)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">(4)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">1,540
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Sale of businesses <SUP>(f)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">(19)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Interest expense
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Capitalized interest <SUP>(h)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">111</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">116
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Leases <SUP>(k)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">1</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Income taxes
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Tax effect of the above items
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">(30)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">(22)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">32
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Unrecognized tax benefits <SUP>(i)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">(240)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Non-controlling interest <SUP>(a) (b)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">(2)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">10
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">7
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Earnings from continuing operations - U.S. GAAP</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<B><font size="2">3,713</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<font size="2">3,516
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="; border-right:1px solid #000000; border-left-width:1px; border-top-style:solid; border-top-width:1px; border-left-style:solid; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">1,807
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Discontinued operations - Canadian GAAP
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">139</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">127
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">138
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Differences <SUP>(d) (f)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<font size="2">(61)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="; border-right:1px solid #000000; border-left-width:1px; border-top-width:1px; border-left-style:solid; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(45)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Discontinued operations - U.S. GAAP
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<B><font size="2">139</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<font size="2">66
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="; border-right:1px solid #000000; border-left-width:1px; border-top-width:1px; border-left-style:solid; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">93
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid; border-bottom-style:solid; border-bottom-width:2px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Net earnings - U.S. GAAP</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid; border-bottom-style:solid; border-bottom-width:2px" bordercolor="#000000">
<B><font size="2">3,852</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid; border-bottom-style:solid; border-bottom-width:2px" bordercolor="#000000">
<font size="2">3,582
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-right:1px solid #000000; border-bottom:2px solid #000000; border-left-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<font size="2">1,900
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Dividends on preferred shares - Canadian GAAP
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">(131)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">(70)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">(70)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Differences <SUP>(e)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<font size="2">(15)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="; border-right:1px solid #000000; border-left-width:1px; border-top-width:1px; border-left-style:solid; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(15)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Dividends on preferred shares - U.S. GAAP
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<B><font size="2">(131)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<font size="2">(85)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="; border-right:1px solid #000000; border-left-width:1px; border-top-width:1px; border-left-style:solid; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(85)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-bottom:3px double #000000;; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Net earnings applicable to common shares - U.S. GAAP</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:3px double #000000;; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<B><font size="2">3,721</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:3px double #000000;; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<font size="2">3,497
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:3px double #000000; border-right:1px solid #000000; border-left-style:solid; border-left-width:1px; border-top-width:1px; " bordercolor="#000000">
<font size="2">1,815
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Net earnings per common share - basic, U.S. GAAP</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Continuing operations
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">4.45</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">3.98
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">1.86
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Discontinued operations
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<B><font size="2">0.17</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<font size="2">0.08
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000; border-top-width:1px; border-top-color:#000000" bordercolor="#000000">
<font size="2">0.10
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Net earnings
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">4.62</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">4.06
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">1.96
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Net earnings per common share - diluted, U.S. GAAP</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Continuing operations
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><font size="2">4.44</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">3.98
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-color: #000000; border-top-width: 1px; border-bottom-color: #000000; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">1.86
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Discontinued operations
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<B><font size="2">0.17</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000;; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-left-style:solid" bordercolor="#000000">
<font size="2">0.08
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="; border-right:1px solid #000000; border-left-width:1px; border-top-width:1px; border-left-style:solid; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">0.10
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px; border-left-style:solid" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Net earnings
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px; border-left-style:solid" bordercolor="#000000">
<B><font size="2">4.61</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px; border-left-style:solid" bordercolor="#000000">
<font size="2">4.06
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-right:1px solid #000000; border-left-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px; border-left-style:solid" bordercolor="#000000">
<font size="2">1.96
	</font>
	</TD>
</TR>
</TABLE>
<p align="right"><font size="2"><BR>

2</font></p>

<HR noshade align="center" width="100%" size=2>




<P align="left">
<B>Consolidated Statements of Comprehensive Income</B></P>
<TABLE border=0 width=100% style="border-collapse: collapse" id="table13">
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px; padding: 0" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">For the year ended December 31,</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px; padding: 0" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px; padding: 0" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px; padding: 0" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="padding:0; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><I><font size="2">(in &#36; millions)</font></I></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" style="padding:0; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">2007</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">2006 <SUP>(p)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=center width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">2005 <SUP>(p)</SUP>
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="padding:0; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Other comprehensive income (loss), net of income taxes and non-</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="padding:0; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">controlling interest - Canadian GAAP</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">63</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">71
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(17)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="padding:0; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Differences:
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="padding:0; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Net change in unrealized gains on available-for-sale financial assets <SUP>(g)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(18)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">37
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="padding:0; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Net change in gains on derivatives designated as cash flow hedges <SUP>(e)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(2)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(16)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px; padding: 0" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Additional minimum pension liability <SUP>(b)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">1,132
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-color:#000000; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(1,112)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="padding:0; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Employee benefit plans <SUP>(b) (c)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<B><font size="2">566</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-bottom:1px solid #000000; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-bottom:1px solid #000000; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="padding:0; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Other comprehensive income (loss) - U.S. GAAP</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<B><font size="2">629</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-bottom:1px solid #000000; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<font size="2">1,183
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-bottom:1px solid #000000; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<font size="2">(1,108)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="padding:0; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Net earnings - U.S. GAAP</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<B><font size="2">3,852</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-bottom:1px solid #000000; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<font size="2">3,582
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-bottom:1px solid #000000; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<font size="2">1,900
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="padding:0; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Comprehensive income - U.S. GAAP</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<B><font size="2">4,481</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-bottom:1px solid #000000; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<font size="2">4,765
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="padding:0; border-bottom:1px solid #000000; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<font size="2">792
	</font>
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<B>Consolidated Statements of Accumulated Other Comprehensive Loss
</B></P>

<TABLE border=0 width=100% cellspacing=0 cellpadding=2 id="table14">
<TR valign="bottom">
	<TD align=left width=80% style="border-style: solid; border-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>At December 31, </FONT><I><FONT size=2>(in &#36; millions)</FONT></I></B><font size="2">
</font>
	</TD>
	<TD align=center width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>2007</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>2006 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=80% style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Currency translation adjustment </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>(4)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>(2) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=80% style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Available-for-sale financial assets and derivatives designated as cash flow hedges </FONT><SUP><FONT size=2>(e) </FONT></SUP><FONT size=2>
<sup>(g)</sup> </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>74</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>7 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=80% style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Employee benefit plans </FONT><SUP><font size="2">(b) (c)</font></SUP>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=80% style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Net actuarial losses </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>(1,025)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>(1,355) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=80% style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Net past service costs </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>77</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>(62) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=80% style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Net transitional obligations </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>2</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>(95) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=80% style="border-style: solid; border-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Accumulated other comprehensive loss - U.S. GAAP</FONT></B><font size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<B><FONT size=2>(876)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<FONT size=2>(1,507) </FONT>
	</TD>
</TR>
</TABLE>
<P align="right">
<font size="2">3</font></P><hr>
<P align="left">
<B>Consolidated Balance Sheets</B></P>




<TABLE border=0 width=100% style="border-collapse: collapse" id="table15">
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; ">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">At December 31,</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000" colspan="3">
<B><font size="2">2007</font></B></TD>
	<TD valign=bottom align=center width="10%" style="border-left:1px solid #000000; border-right-style:solid; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000" colspan="3">
<font size="2">2006</font></TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=center width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">Canadian</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=center width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=center width="10%" bordercolor="#000000">
<B><font size="2">Canadian</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=center width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">U.S.</font></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><I><font size="2">(in &#36; millions)</font></I></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">GAAP</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">Differences </font></B><font size="2"> &nbsp;</font></TD>
	<TD valign=bottom align=center width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">U.S. GAAP</font></B></TD>
	<TD valign=bottom align=center width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">GAAP</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">Differences</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">GAAP</font></B><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">ASSETS</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Current assets</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Cash and cash equivalents
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">2,658</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">2,658</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">569
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">569
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Accounts receivable
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">1,940</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">1,940</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">1,864
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">1,864
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Future income taxes
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">71</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">71</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">662
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">662
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Inventory
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">266</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">266</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">329
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">329
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Prepaid expenses
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">277</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">277</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">235
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">235
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Current assets of discontinued operations
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">25
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">25
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Total current assets</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">5,212</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">5,212</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">3,684
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">3,684
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Capital assets</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Property, plant and equipment <SUP>(h) (k)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">18,600</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">537</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">19,137</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">19,533
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">511
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">20,044
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Finite-life intangible assets <SUP>(a) (h)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">2,491</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">47</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">2,538</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">2,546
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">41
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">2,587
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Indefinite-life intangible assets
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">2,913</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">2,913</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">2,902
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">2,902
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Total capital assets</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">24,004</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">584</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">24,588</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">24,981
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">552
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">25,533
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Other long-term assets </font> </B><font size="2"><SUP>(n)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">2,674</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">(974)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">1,700</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">3,030
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">(570)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">2,460
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Goodwill </font> </B><font size="2"><SUP>(j)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">5,907</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">64</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">5,971</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">5,475
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">68
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">5,543
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Non-current assets of discontinued operations</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">1
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">1
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Total assets</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">37,797</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">(326)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">37,471</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">37,171
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">50
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">37,221
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">LIABILITIES</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Current liabilites</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Accounts payable and accrued liabilites <SUP>(e) (h)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">3,293</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">17</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">3,310</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">3,234
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">14
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">3,248
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Interest payable
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">145</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">145</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">165
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">165
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Dividends payable
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">337</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">337</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">315
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">315
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Debt due within one year <SUP>(k) (m)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">717</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">(7)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">710</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">972
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">14
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">986
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Current liabilities of discontinued operations
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">2
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">2
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Total current liabilities</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">4,492</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">10</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">4,502</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">4,688
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">28
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">4,716
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Long-term debt </font> </B><font size="2"><SUP>(e) (k) (m)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">10,621</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">36</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">10,657</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">11,795
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">37
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">11,832
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Other long-term liabilities </font> </B><font size="2"><SUP>(n)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">4,349</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">215</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">4,564</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">5,139
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">1,635
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">6,774
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Non-current liabilities of discontinued operations</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">2
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">2
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Total liabilities</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">19,462</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">261</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">19,723</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">21,624
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">1,700
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">23,324
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Non-controlling interest </font> </B><font size="2"><SUP>(a) (b) (e)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">1,103</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">(348)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">755</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">2,180
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(419)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">1,761
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">SHAREHOLDERS&#146; EQUITY</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Preferred shares</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">2,770</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">2,770</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">1,670
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">1,670
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Common shareholders&#146; equity</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Common shares <SUP>(l)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">13,536</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">(65)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">13,471</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">13,487
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">(65)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">13,422
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Contributed surplus <SUP>(j)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">2,537</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">(1,540)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">997</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">2,555
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">(1,540)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">1,015
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Accumulated other comprehensive
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 36px">
<font size="2">income (loss) <SUP>(b) (c ) (e) (g)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">68</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<B><font size="2">(944)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">(876)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">(2)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
<font size="2">(1,505)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">(1,507)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Retained earnings (deficit)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">(1,679)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">2,310</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">631</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(4,343)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">1,879
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(2,464)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Total common shareholders&#146; equity</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">14,462</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">(239)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">14,223</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">11,697
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(1,231)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">10,466
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Total shareholders&#146; equity</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">17,232</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">(239)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">16,993</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">13,367
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(1,231)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">12,136
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="40%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Total liabilities and shareholders&#146; equity</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">37,797</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">(326)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">37,471</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">37,171
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">50
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">37,221
	</font>
	</TD>
</TR>
</TABLE>&nbsp;<p align="right"><font size="2">4</font></p>
<hr>
<p>&nbsp;</p>
<p>
<B>Consolidated Statements of Cash Flows</B></p>

<TABLE border=0 width=100% style="border-collapse: collapse" id="table16">
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">For the Year Ended December 31,</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><I><font size="2">(in &#36; millions)</font></I></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">2007</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">2006 <SUP>(p)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">2005 <SUP>(p)</SUP>
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Cash flows from operating activities - Canadian GAAP</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">5,704</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">5,366
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">5,319
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Differences:
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Deferred costs <SUP>(a)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">(3)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">(13)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">(12)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Capitalized interest <SUP>(h)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">111</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">116
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">-
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Income from joint venture <SUP>(d)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(112)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">16
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Cash flows from operating activities - U.S. GAAP</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">5,812</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">5,357
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">5,323
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Cash flows used in investing activities - Canadian GAAP</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">(69)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">(3,701)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">(3,762)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Differences:
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Deferred costs <SUP>(a)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">3</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">13
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">12
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Capitalized interest <SUP>(h)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">(111)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">(116)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">-
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Proceeds from sale of joint venture <SUP>(d)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">849
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">-
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Cash flows used in investing activities - U.S. GAAP</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">(177)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(2,955)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(3,750)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Cash flows used in financing activities - Canadian and U.S. GAAP</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">(3,914)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(3,639)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(1,613)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Cash flows from (used in) continuing operations - U.S. GAAP
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">1,721</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">(1,237)
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">(40)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Cash flows from discontinued operations activities - U.S. GAAP
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">3</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">91
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">238
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Cash flows from (used in) discontinued investing activities - U.S. GAAP
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">353</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">655
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">(102)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Cash flows from (used in) discontinued financing activities - U.S. GAAP
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">627
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(31)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Net increase in cash and cash equivalents
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">2,077</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">136
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">65
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Cash and cash equivalents at beginning of year
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">581</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">445
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">380
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">Cash and cash equivalents at end of year</font></B><font size="2">
</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">2,658</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">581
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">445
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Consists of:
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 36px">
<font size="2">Cash and cash equivalents of continuing operations
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><font size="2">2,658</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">569
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">344
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 36px">
<font size="2">Cash and cash equivalents of discontinued operations
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">12
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">101
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=70% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<B><font size="2">Total</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">2,658</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<font size="2">581
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-style:solid; border-width:1px; " bordercolor="#000000">
<font size="2">445
	</font>
	</TD>
</TR>
</TABLE>
<p align="right"><font size="2"><BR>

5</font></p>

<HR noshade align="center" width="100%" size=2>




<P align="left">
DESCRIPTION OF UNITED STATES GAAP DIFFERENCES</P>
<P align="left">
<font size="2">(a) Deferred Costs </font> </P>
<P align="left">
<font size="2">Under Canadian GAAP, certain expenses, such as development costs and pre-operating expenses, are deferred and amortized if they meet specified criteria. Under United States GAAP, these costs must be expensed as incurred.
</font> </P>
<P align="left">
<font size="2">(b) Employee Benefit Plans</font></P>
<P align="left">
<font size="2">Effective December 31, 2006, we adopted the recognition requirements of the Financial Accounting Standards Board (&#147;FASB&#148;) Statement No.&nbsp;158, <I>Employers&#146; Accounting for Defined Benefit Pension and Other Postretirement Plans</I>, on a
prospective basis. This standard requires that we: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Recognize the funded status of benefit plans in the balance sheet by aggregating overfunded plans separately from underfunded plans and recording the resulting amounts as an asset and a
liability, respectively. </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Recognize as a component of other comprehensive income, net of tax, the actuarial gains or losses and past service costs or credits that arise during the period.
	</font></P></li>
</ul>
<P align="left">
<font size="2">At December 31, 2006, the balance sheet, including the additional minimum pension liability, was adjusted such that actuarial gains or losses, prior service costs or credits, and transitional assets or obligations that had not yet been included in
earnings at December 31, 2006 were recognized as components of accumulated other comprehensive loss, net of tax. The adjustment at December 31, 2006 resulted in an increase of &#36;1,339 million in accumulated other comprehensive loss.
</font> </P>
<P align="left">
<font size="2">At December 31, 2006, the total adjustment to the balance sheet relating to employee benefit plans resulted in:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a decrease of &#36;1,086 million in accrued benefit asset
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">an increase of &#36;551 million in future income tax asset
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">an increase of &#36;1,868 million in accrued benefit liability
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a decrease of &#36;339 million in future income tax liability
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a decrease of &#36;388 million in non-controlling interest
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">an increase of &#36;1,512 million in
accumulated other comprehensive loss </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">a decrease of &#36;164 million in retained earnings (deficit).
	</font></P></li>
</ul>
<P align="left">
<font size="2">Prior to December 31, 2006, under United States GAAP, an additional minimum pension liability was recorded for the excess of the unfunded accumulated benefit obligation over the recorded pension benefit liability, with an offsetting intangible asset
to the extent of the unrecognized prior service costs. Any remaining difference was recorded through other comprehensive income (loss).</font></P>
<P align="left">
<font size="2">Also, under Canadian GAAP, we recognize a pension valuation allowance for any excess of the accrued benefit asset over the related expected future benefit. Changes in the pension valuation allowance are recognized in the consolidated statement of
operations. United States GAAP does not permit pension valuation allowances. Differences also arise from the use of the corridor method to amortize actuarial gains and losses for Canadian GAAP purposes.
</font> </P>
<P align="right">
<font size="2">6</font></P>

<HR noshade align="center" width="100%" size=2>




<P align="left">
<font size="2">The estimated net actuarial losses and net transitional obligations for pension benefits that will be amortized from accumulated other comprehensive loss into earnings over the next fiscal year are &#36;64 million and &#36;3 million,
respectively.</font></P>
<P align="left">
<font size="2">(c) Post-Employment Benefits </font> </P>
<P align="left">
<font size="2">In 2007, we announced the phase-out of other post-employment benefits for future retirees over the next 10 years. Under Canadian GAAP, this plan amendment reduces the unamortized transitional obligation and increases past service credits amortized
over the expected average remaining service lives (EARSL) of affected employees. Under United States GAAP, this plan amendment was reflected as an increase in other comprehensive income (loss) of &#36;209 million.
</font> </P>
<P align="left">
<font size="2">The estimated net actuarial losses and net past service costs for post-employment benefits that will be amortized from accumulated other comprehensive loss into earnings over the next fiscal year are &#36;23 million and &#36;12 million,
respectively. </font> </P>
<P align="left">
<font size="2">(d) Income from Joint Ventures </font> </P>
<P align="left">
<font size="2">Under Canadian GAAP, we account for our interests in joint ventures using the proportionate consolidation method. Under United States GAAP, these interests would be accounted for using the equity method. This difference is not reflected in our
United States GAAP reconciliation for those joint venture interests that qualify for the accommodation provided by the United States Securities and Exchange Commission.
</font> </P>
<P align="left">
<font size="2">One of our joint venture interests has been presented as discontinued operations under Canadian GAAP. Under United States GAAP, this investment is presented as part of continuing operations as it does not qualify for the above accommodation. Under
United States GAAP, investments accounted for under the equity method cannot be presented as discontinued operations.
</font> </P>
<P align="left">
<font size="2">Our other joint venture interests accounted for using the proportionate consolidation method were not material to our financial position or results of operations.
</font> </P>
<P align="left">
<font size="2">(e) Derivative Instruments and Hedging Activities </font> </P>
<P align="left">
<font size="2">The adoption of new Canadian accounting standards on financial instruments and hedge accounting effective January 1, 2007 substantially harmonized the accounting for derivative instruments and hedging activities under Canadian GAAP with United
States GAAP, except for the accounting for certain embedded derivatives. Under Canadian GAAP, foreign-currency derivatives embedded in a non-financial instrument host contract are not bifurcated and separately accounted for when specified conditions
are met. Differences may also arise with respect to the measurement of hedge ineffectiveness recorded in earnings.
</font> </P>
<P align="left">
<font size="2">Prior to the adoption of the new Canadian standards, significant differences arose between Canadian GAAP and United States GAAP with respect to the recognition of derivatives and accounting for certain hedging relationships. Under United States
GAAP, all derivatives must be recorded on the balance sheet at fair value whereas under Canadian GAAP, certain derivatives were not recorded until settled. Also, under United States GAAP, the ineffective portion of the hedging instrument is reported
in net earnings. </font> </P>
<P align="right">
<font size="2">7</font></P>

<HR noshade align="center" width="100%" size=2>




<P align="left">
<font size="2">In 2003, we settled the dividend rate swaps used to hedge certain preferred shares. These dividend rate swaps were used to effectively convert the fixed-rate dividends on the preferred shares to floating-rate dividends. As of January 1, 2007, there
is no difference between Canadian GAAP and United States GAAP. Prior to January 1, 2007, under Canadian GAAP, the proceeds received on settlement of these swaps were deferred and amortized against preferred dividends over the remaining original
terms of the swaps. Under United States GAAP, these swaps did not qualify for hedge accounting and the settlement gain was recorded through earnings when realized.</font></P>
<P align="left">
<font size="2">(f) Sale of Businesses </font> </P>
<P align="left">
<font size="2">Differences between Canadian GAAP and United States GAAP will cause corresponding differences in the carrying values of the net assets of certain disposed businesses, including those classified as discontinued operations.
</font> </P>
<P align="left">
<font size="2">(g) Investments</font></P>
<P align="left">
<font size="2">The adoption of the new Canadian GAAP accounting standards for financial instruments effective January 1, 2007 substantially harmonized the accounting for investments under Canadian GAAP with United States GAAP.
</font> </P>
<P align="left">
<font size="2">Prior to the adoption of the new Canadian standards, significant differences arose between Canadian GAAP and United States GAAP with respect to the measurement of certain securities. Under Canadian GAAP, our portfolio investments were recorded at
cost. Under United States GAAP, equity investments in public companies classified as available-for-sale were carried at fair value, with any unrealized gains or losses included in other comprehensive income (loss), net of income taxes.
</font> </P>
<P align="left">
<font size="2">(h) Capitalized Interest </font> </P>
<P align="left">
<font size="2">Under Canadian GAAP, we capitalize interest for significant assets under construction, whereas under United States GAAP borrowing costs must be capitalized for all assets under construction.
</font> </P>
<P align="left">
<font size="2">(i) Income Taxes </font> </P>
<P align="left">
<font size="2">BCE and its subsidiaries are subject to Canadian federal and provincial income tax, and United States federal, state and local income tax. BCE has substantially concluded all Canadian federal and provincial income tax matters for the years through
to 1999. Canadian federal income tax returns for taxation years ended December 31, 2000 through December 31, 2006 are currently under examination by the Canada Revenue Agency, which to date has not proposed any significant adjustments. No material
matters pertaining to United States federal, state or local income tax matters are currently outstanding.
</font> </P>
<P align="left">
<font size="2">In June 2006, the FASB issued Interpretation No. 48, <I>Accounting for Uncertainty in Income Taxes</I>, an interpretation of FAS 109, <I>Accounting for Income Taxes</I> (&#147;FIN 48&#148;), effective for fiscal years beginning after December 15,
2006. FIN 48 provides specific guidance on the recognition, de-recognition and measurement of income tax positions in financial statements, including the accrual of related interest and penalties. An income tax position is recognized when it is more
likely than not that it will be sustained upon examination based on its technical merits, and is measured as the largest amount that is greater than 50% likely of being realized upon settlement. Under Canadian GAAP, we recognize
</font> </P>
<P align="right">
<font size="2">8</font></P>

<HR noshade align="center" width="100%" size=2>




<P align="left">
<font size="2">and measure income tax positions, including any related accruals for interest and penalties, based on our best estimate of the amount that is more likely than not of being realized.</font></P>
<P align="left">
<font size="2">As a result of the adoption of FIN 48, BCE recognized a &#36;636 million decrease in the liability for unrecognized tax benefits as at January 1, 2007, with a corresponding decrease in our opening deficit as reported under United States GAAP.
</font> </P>
<P align="left">
<font size="2">A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
</font> </P>
<div align="center">
<TABLE border=0 width="60%" style="border-collapse: collapse" id="table17">
<TR valign="bottom">
	<TD valign=bottom align=left width="50%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Balance at January 1, 2007
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-style: solid; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">664
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="50%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Increases based on tax positions related to the current year
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">13
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="50%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Increases for tax positions of prior years
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">70
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="50%" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Decreases for tax positions of prior years
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-width: 1px; border-right-style: solid; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">(10)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="50%" style="border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Decreases in tax positions resulting from settlements
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<font size="2">(188)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width="50%" style="border-bottom:1px solid #000000; border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Balance at December 31, 2007
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-bottom:1px solid #000000; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px" bordercolor="#000000">
<font size="2">549
	</font>
	</TD>
</TR>
</TABLE></div>
&nbsp;<P align="left">
<font size="2">The balance of &#36;549 million at December 31, 2007 includes &#36;160 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty as to the timing of deductibility. The disallowance of a
shorter deductibility period would not affect the annual effective tax rate, except with respect to interest and penalties and the impact of declining income tax rates. The remaining &#36;389 million of unrecognized tax benefits would, if
recognized, favourably affect the effective income tax rate in any future periods. Subject to the results of audit examinations by taxing authorities and to legislative amendments, BCE does not anticipate adjustments to the amount of unrecognized
tax benefits during the next twelve months that would have a material impact on its financial statements.</font></P>
<P align="left">
<font size="2">BCE records interest and penalties related to income tax positions in income tax expense. For the year ended December 31, 2007, BCE recognized approximately &#36;15 million in interest and &#36;nil in penalties. BCE had accrued &#36;144 million for
interest and &#36;nil accrued for penalties at December 31, 2007 and &#36;129 million and &#36;nil, respectively, at December 31, 2006.</font></P>
<P align="left">
<font size="2">(j) Business Combinations and Goodwill</font></P>
<P align="left">
<font size="2">Under Canadian GAAP, certain business combinations have been accounted for at the carrying value of the underlying assets and liabilities exchanged, whereas under United States GAAP such transactions were recorded on a fair value basis. Changes in
our ownership interest will cause a difference in any resulting gains or losses.
</font> </P>
<P align="left">
<font size="2">BCE&#146;s ownership interest in Bell Aliant was reduced through a distribution of trust units by way of a return of capital to holders of BCE Inc. common shares on July 10, 2006. This distribution resulted in an increase in contributed surplus of
&#36;1,547 million for Canadian GAAP. For United States GAAP purposes, the distribution of trust units is deemed to have occurred at fair value, with the resulting gain recognized in earnings. Therefore, the increase in contributed surplus under
Canadian GAAP, adjusted for previously existing United States and Canadian GAAP differences, was recorded as a gain on distribution of trust units in earnings from continuing operations for United States GAAP purposes.
</font> </P>
<P align="left">
<font size="2">In 2007, BCE&#146;s ownership interest in Bell Aliant decreased, resulting in a dilution gain under Canadian GAAP. As there is a difference in the carrying value of BCE&#146;s investment in Bell Aliant
</font> </P>
<P align="right">
<font size="2">9</font></P>

<HR noshade align="center" width="100%" size=2>




<P align="left">
<font size="2">under United States GAAP, the resulting dilution gain recorded under Canadian GAAP has been adjusted.
</font> </P>
<P align="left">
<font size="2">(k) Leases </font> </P>
<P align="left">
<font size="2">Under United States GAAP, leases entered into during the last 25% of the total estimated economic life of the leased asset are classified as operating leases unless we expect to obtain ownership of the leased asset by the end of the lease term.
Under Canadian GAAP, we account for such leases as capital leases when we obtain substantially all of the benefits and risks incident to ownership of the leased asset.
</font> </P>
<P align="left">
<font size="2">(l) Share Issue Costs </font> </P>
<P align="left">
<font size="2">Under United States GAAP, share issue costs are recorded as a reduction of the proceeds raised from the issuance of capital stock, whereas under Canadian GAAP we charge share issue costs to deficit.</font></P>
<P align="left">
<font size="2">(m) Debt Issue Costs </font> </P>
<P align="left">
<font size="2">Under United States GAAP, debt issue costs incurred in connection with the issuance of debt securities or other long-term borrowings are recorded as deferred charges and amortized over the term of the debt. Under Canadian GAAP, these costs are
classified with the corresponding debt on the balance sheet. </font> </P>
<P align="left">
<font size="2">(n) Other Long-Term Assets and Other Long-Term Liabilities </font> </P>
<TABLE border=0 width=100% style="border-collapse: collapse" id="table18">
<TR valign="bottom">
	<TD valign=bottom align=left width=80% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">At December 31, </font> </B><font size="2"><B><I>(in &#36; millions)</I></B>
	</font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">2007</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-style:solid; border-width:1px; " bordercolor="#000000">
<font size="2">2006
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Other long-term assets
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Deferred costs <SUP>(a)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">(23)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(38)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Employee benefit plans <SUP>(b)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">(1,512)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(1,247)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Future income taxes <SUP>(i)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">507</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">551
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Debt issue costs <SUP>(m)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">54</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">86
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Available-for-sale financial assets <SUP>(g)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">28
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Derivative instruments <SUP>(e)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">50
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">(974)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-style:solid; border-width:1px; " bordercolor="#000000">
<font size="2">(570)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% bordercolor="#000000">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
&nbsp;</TD>
	<TD valign=bottom align=right width="10%" bordercolor="#000000">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><font size="2">At December 31, </font> </B><font size="2"><B><I>(in &#36; millions)</I></B>
	</font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">2007</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=center width="10%" style="border-style:solid; border-width:1px; " bordercolor="#000000">
<font size="2">2006
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">Other long-term liabilities
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Employee benefit plans <SUP>(b)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">493</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">1,707
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% bordercolor="#000000" style="border-left-style: solid; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Future income taxes and unrecognized tax benefits <SUP>(i)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">(278)</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">(168)
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2">Derivative instruments <SUP>(e)</SUP>
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">-</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-style:solid; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" bordercolor="#000000">
<font size="2">96
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD valign=bottom align=left width=80% style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-left-style:solid; border-left-width:1px; border-right-width:1px; border-top-style:solid; border-top-width:1px; border-bottom-style:solid; border-bottom-width:1px" bordercolor="#000000">
<B><font size="2">215</font></B><font size="2"> </font>
	</TD>
	<TD valign=bottom align=right width="10%" style="border-style:solid; border-width:1px; " bordercolor="#000000">
<font size="2">1,635
	</font>
	</TD>
</TR>
</TABLE>
<p align="right"><font size="2"><BR>

10</font></p>

<HR noshade align="center" width="100%" size=2>




<P align="left">
<font size="2">(o) Guarantees </font> </P>
<P align="left">
<font size="2">Under Canadian GAAP, guarantees do not include indemnifications against intellectual property right infringement. Under United States GAAP, these indemnifications are included in guarantees. At December 31, 2007, such indemnifications amounted to
&#36;326 million (2006 - &#36;1.2 billion), of which &#36;110 million expires in 2008, nil in 2009, &#36;45 million in 2010, nil in 2011, &#36;166 million in 2012 and thereafter, and &#36;5 million with an indefinite term.<B> </B>We also have
guarantees where no maximum potential amount is specified. </font> </P>
<P align="left">
<font size="2">(p) Comparative Periods</font></P>
<P align="left">
<font size="2">In September 2006, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 108, <I>Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements</I> (&#147;SAB 108&#148;),
to address the observed diversity in quantification practices of unadjusted differences with respect to annual financial statements. SAB 108 requires that misstatements in the current year financial statements be quantified using both a balance
sheet and an income statement approach and evaluated as to whether either approach results in quantifying a misstatement that, when all relevant quantitative and qualitative factors are considered, is material. SAB 108 is effective for fiscal years
ending after November&nbsp;15, 2006 and on initial application, permits a one-time cumulative effect adjustment to beginning retained earnings.
</font> </P>
<P align="left">
<font size="2">Effective December 31, 2006 we adopted SAB 108 and decreased our opening deficit as at January 1, 2006 as reported under United States GAAP by &#36;328 million relating to the capitalization of borrowing costs.</font></P>
<P align="left">
<font size="2">(q) Future Accounting Changes</font></P>
<P align="left">
<font size="2">In September 2006, the FASB issued Statement No. 157, <I>Fair Value Measurements</I> (&#147;FAS 157&#148;), which establishes a framework for measuring fair value in U.S. GAAP, and is applicable to other accounting pronouncements where fair value is
considered to be the relevant measurement attribute. FAS 157 also expands disclosures about fair value measurements. FAS 157 is applicable for fiscal years beginning after November 15, 2007, except for certain non-financial assets and non-financial
liabilities in which case it is applicable for fiscal years beginning after November 15, 2008. We do not expect the adoption of this new standard will have a material impact on our financial position or results of operations.
</font> </P>
<P align="left">
<font size="2">In February 2007, the FASB issued Statement No. 159, <I>The Fair Value Option for Financial Assets and Financial Liabilities</I> (&#147;FAS 159&#148;). FAS 159 provides an entity the option to report selected financial assets and liabilities at fair
value and establishes new disclosure requirements for assets and liabilities to which the fair value option is applied. This new standard is effective for fiscal years beginning after November 15, 2007. We do not expect the adoption of this new
standard will have a material impact on our financial position or results of operations.
</font> </P>
<P align="left">
<font size="2">In December 2007, the FASB issued Statements No. 141 (revised 2007), <I>Business Combinations</I> (&#147;FAS 141(R)&#148;), and No. 160, <I>Noncontrolling Interests in Consolidated Financial Statements</I> <I>- an amendment of ARB No. 51
</I>(&#147;FAS 160&#148;). These new standards will significantly change the financial accounting and reporting of business combination transactions and non-controlling interests in consolidated financial statements. The most significant changes to
FAS 141(R) and FAS 160 include requirements to: </font> </P>
<P align="right">
<font size="2">11</font></P>

<HR noshade align="center" width="100%" size=2>




<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Recognize 100 percent of the fair values of assets acquired, liabilities assumed, and non-controlling interests in acquisitions of less than a 100 percent controlling interest when the acquisition results in a change in control of the
acquired entity; </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Measure acquirer shares issued in consideration for a business combination at fair value on the acquisition date;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Recognize contingent consideration arrangements at their acquisition-date fair values, with subsequent
changes in fair value generally reflected in earnings; </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Expense, as incurred, acquisition-related transaction costs;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Capitalize acquisition-related restructuring costs only if the criteria in Statement 146 are met as of the acquisition
date; and </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Recognize non-controlling interest in subsidiaries at fair value and classify as a separate component of equity.
	</font></P></li>
</ul>
<P align="left">
<font size="2">These new standards are effective for fiscal years beginning after December 15, 2008. We currently are evaluating the impact of the adoption of these new standards.
</font> </P>
<p align="right"><font size="2">12</font></p>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>reportofindep.htm
<DESCRIPTION>REPORT OF IND REGISTED CHARTERED ACCNTS
<TEXT>

<HTML>
<HEAD>
   <TITLE>REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS ON RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP</TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<body>

<P align="right">
<B><font size="2">Exhibit 99.5</font></B><font size="2"> </font> </P>
<P align="center">
<B>REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS ON <br>
RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP
</B></P>
<P align="left">
<font size="2">To the Board of Directors and Shareholders of BCE Inc. </font> </P>
<P align="left">
<font size="2">We have audited the consolidated financial statements of BCE Inc. and subsidiaries (the &#147;Company&#148;) as at December 31, 2007 and 2006 and for each of the three years in the period ended December 31, 2007, and the Company&#146;s internal control
over financial reporting as at December 31, 2007, and have issued our reports thereon dated March 5, 2008; such consolidated financial statements and reports are included in the 2007 Annual Report to Shareholders listed as Exhibit 99.2 on Form 40-F.
Our audits also included the reconciliation from Canadian GAAP to United States GAAP of the Company listed as Exhibit 99.4 on Form 40-F. This reconciliation from Canadian GAAP to United States GAAP is the responsibility of the Company&#146;s management.
Our responsibility is to express an opinion based on our audits. In our opinion, such reconciliation from Canadian GAAP to United States GAAP, when considered in relation to the basic consolidated financial statements taken as a whole, presents
fairly, in all material respects, the information set forth therein. </font> </P>
<P align="left">
<font size="2">As disclosed in notes (i) and (b) to the reconciliation from Canadian GAAP to United States GAAP, the Company changed its method of accounting for income taxes in 2007 and for post-employment benefits in 2006.</font></P>
<div align="right">
	<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table1">
		<tr>
			<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
			<I><font size="2">(signed) Deloitte &amp; Touche LLP</font></I></td>
		</tr>
		<tr>
			<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<font size="2">Deloitte &amp; Touche LLP </font> </td>
		</tr>
		<tr>
			<td>
<font size="2">Independent Registered Chartered Accountants</font></td>
		</tr>
	</table>
</div>
<P align="left">
<I><font size="2">&nbsp;</font></I></P>
<P align="left">
<font size="2">Montr&eacute;al, Canada <br>
March 5, 2008 </font> </P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>7
<FILENAME>consentletter.htm
<DESCRIPTION>ACKNOWLEDGEMENT AND CONSENT LETTER
<TEXT>

<HTML>
<HEAD>
   <TITLE>Acknowledgment and consent letter, dated September 11, 2007, between BCE Inc. and 6796508 Canada Inc., in respect of the Definitive Agreement</TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<BODY bgcolor="#ffffff">



<A name="page_1"><font size="2"></font></A>

<P align="right">
<font size="2"><b>Exhibit 99.8</b></font></P>
<P align="center">
<b>Acknowledgment and consent letter, dated September 11, 2007, between BCE Inc.
	<br>
and 6796508 Canada Inc., in respect of the Definitive Agreement
	</b> </P>
<P align="left">
<font size="2">September 11, 2007 <BR>
<BR>
6796509 Canada Inc. <BR>
c/o<I> </I>Ontario Teachers&#146; Pension Plan Board<BR>
5650 Yonge Street <BR>
Toronto, Ontario M2M 4H5 <BR>
Attn: Dean Metcalf <BR>
<BR>
Dear Sirs: </font> </P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We refer to the Definitive Agreement dated as of June 29, 2007 (the &#147;</font><B><font size="2">Definitive Agreement</font></B><font size="2">&#148;) between BCE Inc., a corporation existing under the laws of Canada, and 6796508 Canada Inc., a corporation incorporated under the laws of Canada. Capitalized terms used herein but not defined have the meanings ascribed thereto in
the Definitive Agreement. </font></P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further to our recent discussions, the Company and the Purchaser acknowledge that we intend to seek the Final Order pursuant to Section 192 of the CBCA shortly after the Company Meeting, subject to approval of the
Arrangement Resolution by the Company&#146;s shareholders (i.e., before the condition in Section 8.1(d) of the Definitive Agreement has been satisfied or waived). We confirm that doing so is not a waiver by the Purchaser or the Company of the condition
set out in Section 8.1(d) of the Definitive Agreement. Accordingly and consistent with our original expectations as to the timetable for completion of the transactions contemplated by the Definitive Agreement, we confirm that the commencement of the
Marketing Period shall be delayed, at the Purchaser&#146;s election, for 15 calendar days (or such shorter period as the Purchaser may determine) after it would otherwise have begun in accordance with the terms of the Definitive Agreement.</font></P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please evidence your acknowledgement of the foregoing, which, only to the extent required to give effect to the foregoing, shall constitute a waiver or amendment of the Definitive Agreement, by signing in the space
indicated below and returning a copy of the same to the attention of the undersigned.
</font> </P>
<P align="center">
&nbsp;</P>
<div align="right">
	<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table1">
		<tr>
			<td colspan="2">
			<P align="left">
<font size="2">Yours very truly,</font></P>
			<P align="left">
<font size="2">BCE INC.</font></P>
			<P align="left">
&nbsp;</P></td>
		</tr>
		<tr>
			<td width="5%"><font size="2">Per:</font></td>
			<td width="45%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<P align="left">
<I><font size="2">(signed) Martine Turcotte</font></I></P></td>
		</tr>
		<tr>
			<td width="5%">&nbsp;</td>
			<td width="45%"><font size="2">Name:
			Martine Turcotte<br>
Title:
	Chief Legal Officer
	</font></td>
		</tr>
	</table>
</div>
&nbsp;<P align="left">
<font size="2">376000 v1b</font></P>

<HR noshade align="center" width="100%" size=2>




<A name="page_2"><font size="2"></font></A>

<P align="left">
<font size="2">Acknowledged and consented to this 11<SUP>th</SUP> day of September, 2007.</font></P>
<P align="center">
<font size="2">6796508 CANADA INC.</font></P>
<div align="right">
	<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table2">
		<tr>
			<td width="5%"><font size="2">Per:</font></td>
			<td width="45%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<P align="left">
<I><font size="2">(signed) </font></I><font size="2"><I>Dean Metcalf</I></font></P>
			</td>
		</tr>
		<tr>
			<td width="5%">&nbsp;</td>
			<td width="45%"><font size="2">Name:
	</font> <I><font size="2">&nbsp;</font></I><font size="2">Dean Metcalf<br>
Title: Authorized Signing Officer</font></td>
		</tr>
	</table>
</div>
<P align="left">
&nbsp;</P>
<P align="left">
<font size="2">376000 v1b</font></P>

<HR noshade align="center" width="100%" size=2>




<A name="page_3"><font size="2"></font></A>

<P align="center">
<font size="2">- 3 -</font></P>
<P align="left">
<font size="2">cc: Dean Metcalf (Ontario Teachers&#146; Pension Plan Board) <br>
Mark J. Masiello (Providence Equity Partners Inc.) <br>
James N. Perry, Jr. (Madison Dearborn Partners, LLC) <br>
Jonathan Lampe (Goodmans LLP) <br>
David Duffell (Weil, Gotshal &amp; Manges LLP) <br>
William S.
Kirsch (Paul, Hastings, Janofsky &amp; Walker LLP) <br>
Martine Turcotte (BCE Inc.) </font> </P>
<P align="left">
&nbsp;</P>
<P align="left">
<font size="2">376000 v1b</font></P>

<HR noshade align="center" width="100%" size=2>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.31
<SEQUENCE>8
<FILENAME>certexhibit9931.htm
<DESCRIPTION>CEO AND CFO CERTIFICATIONS PURSUANT TO SECTION 302
<TEXT>

<HTML>
<HEAD>
   <TITLE>Certifications of the Chief Executive Officer and the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<body>

<P align="right">
<B><font size="2">Exhibit 99.31</font></B><font size="2"> </font> </P>
<P align="center">
<B>CERTIFICATIONS<font size="2"> </font> </B></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table15">
	<tr>
		<td width="100%" colspan="5" valign="top"><font size="2">I, Michael J. Sabia, certify that:<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top"><font size="2">1.</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="98%" colspan="3" valign="top">
<font size="2">I have reviewed this annual report on Form 40-F of BCE Inc.;
<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">
<font size="2">2.</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="98%" colspan="3" valign="top">
<P align="left">
<font size="2">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="1%" valign="top">
<font size="2">3.</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="98%" colspan="3" valign="top"><font size="2">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the
periods presented in this report;<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">
<font size="2">4.</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="98%" colspan="3" valign="top"><font size="2">The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">
<font size="2">a)</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="96%" valign="top"><font size="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top"><font size="2">b)</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="96%" valign="top"><font size="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top"><font size="2">c)</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="96%" valign="top"><font size="2">Evaluated the
effectiveness of the issuer&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such
evaluation; and <br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top"><font size="2">d)</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="96%" valign="top"><font size="2">Disclosed in this report any change in the issuer&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially
affect, the issuer&#146;s internal control over financial reporting; and<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">
<font size="2">5.</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="98%" colspan="3" valign="top"><font size="2">The issuer&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the audit committee of the issuer&#146;s board of directors (or persons
performing the equivalent functions):<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">
<font size="2">a)</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="96%" valign="top"><font size="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer&#146;s ability to record, process, summarize and report financial
information; and&nbsp;
</font> </td>
	</tr>
	<tr>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">
<font size="2">b)</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="96%" valign="top"><font size="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&#146;s internal control over financial reporting.
</font> </td>
	</tr>
</table>
<P align="left">
<font size="2">&nbsp;Date: March 12, 2008 </font></P>
<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table16">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<I><font size="2">(signed) Michael J. Sabia </font> </I></td>
	</tr>
	<tr>
		<td>
<font size="2">Michael J. Sabia <br>
		President and Chief Executive Officer <br>
		BCE Inc. </font></td>
	</tr>
</table>
<P align="left">
&nbsp;</P><hr>

<P align="right">
<B><font size="2">Exhibit 99.31</font></B><font size="2"> </font> </P>
<P align="center">
<B>CERTIFICATIONS<font size="2"> </font> </B></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table19">
	<tr>
		<td width="100%" valign="top" colspan="5"><font size="2">I, Siim A. Vanaselja, certify that:
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">
<font size="2">1.</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="98%" valign="top" colspan="3">
<P align="left">
<font size="2">I have reviewed this annual report on Form 40-F of BCE Inc.; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="1%" valign="top"><font size="2">2.</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="98%" valign="top" colspan="3"><font size="2">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">
<font size="2">3.</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="98%" valign="top" colspan="3"><font size="2">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the
periods presented in this report; <br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">
<font size="2">4.</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="98%" valign="top" colspan="3"><font size="2">The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">
<font size="2">a)</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="96%" valign="top"><font size="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top"><font size="2">b)</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="96%" valign="top"><font size="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top"><font size="2">c)</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="96%" valign="top">
		<P align="left">
<font size="2">Evaluated the
effectiveness of the issuer&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such
evaluation; and <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top"><font size="2">d)</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="96%" valign="top"><font size="2">Disclosed in this report any change in the issuer&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially
affect, the issuer&#146;s internal control over financial reporting; and <br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">
<font size="2">5.</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="98%" valign="top" colspan="3"><font size="2">The issuer&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the audit committee of the issuer&#146;s board of directors (or persons
performing the equivalent functions): <br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">
<font size="2">a)</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="96%" valign="top"><font size="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer&#146;s ability to record, process, summarize and report financial
information; and <br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="1%" valign="top"><font size="2">b)</font></td>
		<td width="1%" valign="top">&nbsp;</td>
		<td width="96%" valign="top">
		<P align="left">
<font size="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&#146;s internal control over financial reporting.
</font> </P></td>
	</tr>
</table>
<P align="left">
<font size="2">&nbsp;Date: March 12, 2008 &nbsp;</font></P>
<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table20">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<I><font size="2">(signed) Siim A. Vanaselja</font></I></td>
	</tr>
	<tr>
		<td>
<font size="2">Siim A. Vanaselja <br>
		Chief Financial Officer <br>
		BCE Inc. </font> </td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.32
<SEQUENCE>9
<FILENAME>certexhibit9932.htm
<DESCRIPTION>CEO/CFO CERTIFICATIONS PURSUANT TO USC SECTION 1350
<TEXT>

<HTML>
<HEAD>
   <TITLE>Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<body>

<P align="right">
<B><font size="2">Exhibit 99.32 </font> </B></P>
<P align="center">
<B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT
<br>
TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
</B></P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. Section 1350), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of BCE Inc.
(the &#147;Company&#148;), does hereby certify that: </font> </P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the annual report on Form 40-F for the year ended December 31, 2007 of the Company (the &#147;Form 40-F&#148;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and
the information contained in the Form 40-F fairly presents, in all material respects, the financial condition and results of operations of the Company.
</font> </P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table19">
	<tr>
		<td width="50%"><font size="2">Date: March 12, 2008</font></td>
		<td width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<I><font size="2">(signed) Michael J. Sabia </font> </I></td>
	</tr>
	<tr>
		<td width="50%">&nbsp;</td>
		<td width="50%">
 <font size="2">Michael J. Sabia <br>
		President and Chief Executive Officer  <br>
		BCE Inc. </font></td>
	</tr>
</table>
<P align="left">
<font size="2">&nbsp;</font></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table20">
	<tr>
		<td width="50%"><font size="2">Date: March 12, 2008</font></td>
		<td width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
<I><font size="2">(signed) Siim A. Vanaselja </font> </I></td>
	</tr>
	<tr>
		<td width="50%">&nbsp;</td>
		<td width="50%">
 <font size="2">Siim A. Vanaselja  <br>
		Chief Financial Officer  <br>
		BCE Inc. </font> </td>
	</tr>
</table>
<P align="left">
 &nbsp;</P>
<P align="left">
 &nbsp;</P>
<P align="left">
<font size="2">362272 v25 </font> </P>

</body>

</html>
</TEXT>
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<TYPE>GRAPHIC
<SEQUENCE>10
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
