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<SEC-DOCUMENT>0000950123-09-042884.txt : 20090914
<SEC-HEADER>0000950123-09-042884.hdr.sgml : 20090914
<ACCEPTANCE-DATETIME>20090914103108
ACCESSION NUMBER:		0000950123-09-042884
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090909
FILED AS OF DATE:		20090914
DATE AS OF CHANGE:		20090914

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BCE INC
		CENTRAL INDEX KEY:			0000718940
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				99999999
		STATE OF INCORPORATION:			A8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08481
		FILM NUMBER:		091066683

	BUSINESS ADDRESS:	
		STREET 1:		1000 DE LA GAUCHETIERE OUEST
		STREET 2:		BUREAU 4100 MONTREAL
		CITY:			QUEBEC CANADA
		STATE:			A8
		ZIP:			H3B 4Y7
		BUSINESS PHONE:		5143977000

	MAIL ADDRESS:	
		STREET 1:		1000 DE LA GAUCHETIERE OUEST
		STREET 2:		BUREAU 4100 MONTREAL
		CITY:			QUEBEC CANADA
		STATE:			A8
		ZIP:			H3B 4Y7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BELL CANADA ENTERPRISES INC
		DATE OF NAME CHANGE:	19880111
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>m56897e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">

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

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


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

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

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


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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16 under<BR>
the Securities Exchange Act of 1934</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>For the month of: September&nbsp;2009</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Commission File Number: 1-8481</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>1, carrefour Alexander-Graham-Bell, Verdun, Qu&#233;bec H3E 3B3, (514)&nbsp;870-8777</B><BR>
<I>(Address of principal executive offices)</I></DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Form&nbsp;20-F&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1):&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7):&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b): 82-&#95;&#95;&#95;&#95;&#95;.
</DIV>

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

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


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

<!-- PAGEBREAK -->
<P><HR noshade><P>

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

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

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="m56897exv99w1.htm">EX-99.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BCE Inc.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"><I>(signed) Alain Dussault</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Alain Dussault&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD colspan="4">Date: September 14, 2009</TD>
</TR>
</TABLE>

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


<P align="right" style="font-size: 10pt"><!-- Folio -->Page 2<!-- /Folio -->
</DIV>

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

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



<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="001"></A></DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">1. Bell Canada Code of Business Conduct
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>m56897exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;1
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><B>DRAFT</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="m56897m5689701.gif" alt="(BELL LOGO)">

</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B><I>Bell Canada Code of Business Conduct</I></B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>What we do is who we are</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="m56897m5689702.gif" alt="(LOGO)">
</DIV>


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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Policy Contact: corporate.secretariat@bell.ca</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&#169;Bell Canada 2009. All Rights Reserved.
</DIV>


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

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


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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Code of Business Conduct</B>
</DIV>


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

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><B>1.</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>POLICY OVERVIEW</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>1.1.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Summary</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>1.2.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Scope</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>1.3.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Objectives</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>1.4.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Annual Reviews and Sign Off</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><B>2.</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>POLICY DETAILS</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.1.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Our Principles of Ethical Conduct</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.1.1.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Personal Integrity</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.1.2.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Getting Help with Ethical Issues
&#151; the Business Conduct Help Line</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.1.3.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reporting a Misconduct or Violation of the Code</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.2.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Responsibilities of Managers &#038; Executives</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.3.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Penalties for Violations</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.4.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Conflicts of Interest</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.4.1.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Overview</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.4.2.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Conflict of Interest Guidelines for Executives and External Directorships</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.4.2.1. Definition</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.4.2.2. External Directorships</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.4.3.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Conflicts of Interest Relating to Family and Personal Relationships</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.4.4.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Conflicts of Interest Relating to Supplier-Funded Incentive Programs</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.4.5.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Conflicts of Interest Arising from Outside Employment and Similar Activities</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.5.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Loans, Gifts and Entertainment</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.5.1.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Loans from the Company</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.5.2.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Business Gifts &#038; Entertainment</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.6.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Political Contributions</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.7.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Improper Influence on the Conduct of Audits</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.8.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Insider Trading</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.8.1.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Overview</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>8</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.8.2.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Material Information</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>8</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.8.3.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Trading and Tipping</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>9</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.8.4.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Recommended Time to Purchase Bell Securities</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>10</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.8.5.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Short Sales, Calls and Puts</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.9.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Public Disclosure of Material Information</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.10.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Confidentiality of Customer and Employee Information</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.10.1.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Customer Privacy</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.10.2.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Interception of Private Communications</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.10.3.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Customer Contracts &#038; Proposals</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.10.4.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>The Bell Code of Fair Information Practices</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.10.5.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Employee Privacy</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.11.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Sensitive Information</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.12.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Record Retention Policy</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.13.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Dealing with Customers, Suppliers &#038; Competitors</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.13.1.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Customer Relations</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.13.2.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Treating Competitors with Respect</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.13.3.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Obtaining Information about our Competitors</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.13.4.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>When a Competitor is a Customer</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.13.5.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Supplier Relations &#151; Reciprocity</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.14.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Safeguarding Company Assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.14.1.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Overview</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.14.2.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Corporate Credit Cards and Company Funds</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.14.3.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Hiring Consultants or Contractors</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.14.4.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Electronic Procurement and Electronic Processing of Expense Reports</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.14.5.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Business Records</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.14.6.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Standard Contracts and Agreements</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&#169; Bell Canada 2009. All Rights Reserved.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ii</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




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

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Code of Business Conduct</B>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.14.7.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>IS/IT and Network Security</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.14.8.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Personal Use of Company-Provided Internet Access and Other IT Resources</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.14.9.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Visible ID</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.15.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Blogging</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.16.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Intellectual Property</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.16.1.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Overview</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>20</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.16.2.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Ownership of Intellectual Property Developed While Working for the Company</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>21</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.16.3.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Benefits for Developing Patents and Other IP</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>21</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.17.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>A Work Environment Based on Trust and Mutual Respect</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.17.1.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Overview</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>21</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.17.2.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Diversity and Employment Equity</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>21</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.17.3.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Discrimination and Harassment</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>22</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.17.4.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reasonable Accommodation</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>22</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.17.5.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Health and Safety Policy</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>23</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.17.6.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Corporate Security - Emergency Management</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>23</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.17.7.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Alcohol, Drugs and Other Substances</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>23</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.17.8.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Involvement in a Legal Matter</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>24</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.17.9.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Workplace Violence</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>24</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>2.18.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Protecting the Environment</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.18.1.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Overview</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>24</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.18.2.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Managing Environmental Risks and Opportunities</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>24</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.18.3.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Environmental Training</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>25</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2.18.4.</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reporting Environmental Incidents</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>25</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><B>3.</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>ROLES AND RESPONSIBILITIES</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>3.1.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Annual Review</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>3.2.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Reporting Conflicts of Interest</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>3.3.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Business Unit Responsibility</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>3.4.</B></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Board of Directors, Corporate Governance Committee and the Audit Committee</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>3.5.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Corporate Secretary&#146;s Office</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><B>4.</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>APPENDICES</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>4.1.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Supporting procedures</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT style="font-variant: SMALL-CAPS"><B>4.2.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Reference to Attachments</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><B>5.</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>POLICY OR PRACTICE DETAILS</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32</B></TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>



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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&#169;Bell Canada 2009. All Rights Reserved.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iii</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>A Message from the President and Chief Executive Officer</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Bell, we are proud of our long-standing reputation for responsible and ethical business
practices. As one of only a few Canadian companies named to the North America Dow Jones
Sustainability Index, we are held to a very high standard of corporate excellence. We have a
responsibility to our many stakeholders, including customers, investors and employees to
demonstrate that we have earned that enviable reputation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our reputation is not only an advantage in our increasingly competitive marketplace. It also means
that we can take great pride in the way we conduct our business every day and in our company&#146;s
place in Canada&#146;s commercial world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A strong reputation takes years to earn, but can be lost in seconds. In today&#146;s environment, each
of us &#151; as individuals and as part of our team &#151; has a special obligation to demonstrate every
hour of every day that, while we compete vigorously, we always conduct ourselves and our business
in an exemplary manner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To maintain these high standards and our reputation, we cannot just read the Code and sign
compliance forms. We must live it and apply the Code to every action and decision we take.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD colspan="3" align="left">George A. Cope&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>

    <TD colspan="3" align="left">President and Chief Executive
Officer &#151;<BR> BCE Inc. and Bell Canada&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>









<DIV align="center">
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<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&#169; Bell Canada 2009. All Rights Reserved.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">iv</TD>
</TR>
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</TABLE>
</DIV>



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



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


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>POLICY OVERVIEW</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>1.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Summary</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bell Canada Code of Business Conduct (referred to as the &#147;Code&#148;) explains the fundamental
values and standards of behaviour that our shareholders, customers and suppliers expect from us in
all aspects of our business. The Code provides various rules and guidelines for ethical behaviour
based on Bell values, as well as applicable laws and regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These values and standards reinforce the commitment of Bell Canada for the highest levels of
customer service, a working environment in which performance is recognized and people are respected
and sensitivity to the needs of the community that the Company serves.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>1.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Scope</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While the Code, from time to time, refers to &#147;employees of the Company&#148; or &#147;employees of Bell&#148;, the
Code applies to all employees and executives of BCE Inc., Bell Canada and their subsidiaries that
are not public companies (collectively referred to as the employees of the &#147;Company&#148; or &#147;Bell&#148;), as
well as to all persons serving as members of the Board of Directors of BCE Inc. and Bell Canada.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>1.3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Objectives</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Code is intended for every employee, executives and Director of the Company. Collectively, we undertake to:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>perform our work duties and conduct our business relationships with integrity and in a dynamic,
straightforward, honest and fair manner</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>comply with applicable laws, regulations and Company policies and procedures</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>avoid conflicts of interest</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>foster a work environment based on mutual trust and respect and that encourages open communication</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintain a safe and secure workplace</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>protect the environment</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>support a culture in which ethical conduct is recognized, valued and exemplified</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly report issues relating to the Code, non-compliance with applicable laws, regulations or
company policies or procedures and any other emergencies.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>1.4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Annual Reviews and Sign Off</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To demonstrate our commitment to and support of these shared values and standards, all employees,
executives and members of the Board of Directors must certify annually that they have reviewed and
follow the Code. A copy of these certifications can be found at Attachments 1A.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>POLICY DETAILS</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Our Principles of Ethical Conduct</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.1.1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Personal Integrity</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ethical behaviour is an essential part of our job and is a personal responsibility we all share.
It means performing our job fully and competently and it also means being accountable for our
behaviour and for supporting the values, principals and standards upon which our reputation rests.
</DIV>

<DIV align="center">
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    <TD width="3%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169;  Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Many aspects of our business are governed by laws and regulations and compliance with such laws is
basic to ethical conduct. Ethical behaviour, however, goes beyond mere compliance with the law.
It involves thinking through the possible impact of our decisions on
all interested parties &#151; customers, employees, unions, business partners, suppliers, investors, government and the
communities in which we live and work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although the Code lays out the fundamental principles of ethical and legal conduct, it cannot
anticipate every ethical dilemma or situation we may encounter as we perform our jobs. This would
be impossible given that the communications industry is evolving so rapidly and so unpredictably.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Consequently, we may often find ourselves caught in a situation or facing an ethical problem not
explicitly covered in the Code. In this case, we must rely on our internal sense of what is right
&#151; our moral compass &#151; to guide us in making the right decision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When faced with a difficult or unclear situation, it may help to ask the following questions such
as:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>how would I feel if, rather than initiating this action, I was on the receiving end?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>how would my customer react if he/she knew I was breaking the rules or distorting the facts
to make a sale?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if I do this, how will I feel afterwards? Would I want my co-workers, friends or family to
find out?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if my actions became public, how would they be reported in the media?</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assuming personal responsibility for our actions means we can&#146;t blame someone else for our
behaviour. Conversely, no one &#151; not even a manager &#151; can force us to commit an illegal or
unethical act that may damage the Company&#146;s reputation, or our own.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It also means we have a duty to report illegal acts or violations of Company rules, policies or the
Code to management. Turning a blind eye to wrongdoing &#151; in effect condoning such behaviour &#151; is
itself unethical.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Any breach of the Code or Company policies or evidence of illegal behaviour will be taken very
seriously. Depending on the nature and severity of the case, employees who breach the Code,
violate Company policy or commit an illegal act will face immediate discipline, up to and including
dismissal, as well as possible civil or criminal prosecution.</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.1.2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Getting Help with Ethical Issues &#151; the Business Conduct Help Line</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Individual responsibility does not mean you are on your own when facing an ethical issue. Don&#146;t be
reluctant to ask any questions you might have on the Code or raise issues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Start by speaking with your manager. If this won&#146;t meet your needs you can contact our
<B>confidential and anonymous Business Conduct Help Line on a 24/7 basis at</B>
<B><U>www.clearviewconnects.com</U> or by calling 1-866-298-2942 (toll free)</B>.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.1.3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Reporting a Misconduct or Violation of the Code</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of the Company&#146;s commitment to the highest standards of ethics, employees are encouraged to
promptly report <U>any</U> actual or potential misconduct, malpractice, fraud, misappropriation of
business property or <u>any</u> other illegal or unethical act or behaviour, including but not limited to,
accounting, internal accounting controls or auditing matters by an employee of Bell or by any
Business Unit of Bell.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Business Conduct Help Line may be reached on an anonymous 24/7 basis at
<U>www.clearviewconnects.com</U> or by calling 1-866-298-2942 (toll free).</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>An unethical behaviour may also be reported to your immediate manager. However, if such reporting
is either inappropriate, does not provide the necessary level of confidentiality or if you
otherwise prefers, the unethical behaviour could be reported to the Executive Vice-President and
Chief Legal &#038; Regulatory Officer or to the Chair of the Audit Committee.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any submission made by an employee of the Company regarding an unethical behaviour shall be treated
on a <U><B>confidential</B></U> basis. The employee&#146;s identity shall be treated anonymously and
confidentially, unless specifically permitted to be disclosed by the employee or unless required by
law. Anonymous and confidential submissions shall only be disclosed to those persons who have a
need to know in order to properly carry out an investigation of the potential unethical behaviour.
Any employee who in good faith reports an unethical behaviour will be protected from threats of
retaliation, discharge or other types of sanctions, including but not limited to, lower
compensation or inferior terms and conditions of employment that are directly related to the
disclosure of such unethical behaviour.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please
also see the Complaint Procedures for Accounting and Auditing Matters on the <U>Corporate Policies &#038; Ethics Program</U> intranet
site.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No employee will be penalized for inquiring, in good faith, about apparently unethical behaviour or
for obtaining guidance on how to handle suspected illegal acts or policy violations. Further, the
Company will not allow retaliation for reports made in good faith.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Responsibilities of Managers &#038; Executives</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are all expected to perform our jobs with integrity and in a dynamic, straightforward, honest
and fair manner. However, managers and executives have an enhanced role. This means:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>setting an example by complying with the Code and all company policies at all times</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring that all employees have access to the Code (on-line or in paper format); that they know, understand
and comply with its provisions; and that they complete the annual review and sign off process</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complying with the Personnel Security Policy and the associated practices, procedures and standards including
Personnel Screening</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fostering an environment that encourages open communication and ethical behaviour</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately reporting violations of the Code or breaches of Company policies and taking prompt and decisive
disciplinary action when it has been established that the Code has been violated.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Penalties for Violations</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Disciplinary action up to and including dismissal will be taken should an employee, manager or executive:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>violate a Company policy; disregard proper procedures or ask others to violate Company policy</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deliberately fail to promptly report a violation or withhold relevant information concerning a violation</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fail to cooperate in the investigation of a known or suspected violation</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take action against an employee who reports a violation or breach of the Code or other policy.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Conflicts of Interest</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.4.1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Overview</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As employees, managers and Officers our business loyalty rests in placing the Company&#146;s interests
&#151; including those of its customers and shareholders &#151; before our personal interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A conflict of interest arises whenever we allow, or appear to allow, personal interests or
relationships to impair our judgment and ability to make decisions with integrity and honesty. By
thinking of ourselves first, we may act in a way that is damaging, or potentially damaging, to the
Company. We may also harm our personal reputation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We must not use our position to influence or bypass Company procedures for personal gain nor for
the benefit of our family, friends, colleagues or anyone else.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>How Can I Tell If I Am In a Conflict of Interest?</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If you are not sure about a particular situation obtain the guidance you
need (see below). Start by asking yourself the following questions:</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Am I following proper Company procedures?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Do I stand to potentially gain personally from my actions?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Can my actions potentially result in a financial or other advantage
for myself, a near relative (which would include, but is not limited to, a
spouse, sibling, parent, child, or in-law) or friend?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Am I uncomfortable discussing this with my manager or fellow
employees?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Would I act differently if a friend or near relative weren&#146;t involved?</TD>
</TR>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If you have any doubts about a possible conflict, raise the matter with your manager or contact the
Business Conduct Help Line at </B><U><B>www.clearviewconnects.com</B></U> <B>or by calling 1-866-298-2942 (toll
free).</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Where an actual or potential conflict of interest may exist employees <B>MUST </B>complete form BC3684A &#151;
&#147;<I>Disclosure of a Conflict of Interest or Potential Conflict of Interest&#148; </I>and provide a copy signed
by his/her manager to the Corporate Secretary&#146;s Office (see Attachment 2B).
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.4.2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Conflict of Interest Guidelines for Executives and External Directorships</I></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">2.4.2.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Definition</U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the conflict of interest guidelines and procedures noted above, in respect to all
persons who are executives (i.e. Vice-President and above), a conflict of interest may also arise:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when there is an outside interest which materially encroaches on time or attention which
should be devoted to the company&#146;s affairs or so affects the executive&#146;s energies as to
prevent him/her from devoting his/her full abilities to the performance of duties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where an executive or any of his/her near relatives, friends or cohabitants has a direct or
indirect interest in or relationship with any outsider, such as a supplier (whether of goods
or services), customer, agent or competitor of
the Company or its subsidiary and associated corporations, or with a person in a position to
influence the actions of an outsider, which is inherently unethical or which might be implied or
construed to:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>give rise to a possible personal gain or favour to the executive involved, or any of
his/her near relatives, friends or cohabitants due to the executive&#146;s actual or potential
power to influence dealings between the Company and the outsider,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>render the executive partial toward the outsider for personal reasons, or otherwise
inhibit the impartiality of the executive&#146;s business judgement or his/her desire to serve
only the Company&#146;s best interests in the performance of his/her functions as an executive,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>place the executive or the Company in an equivocal, embarrassing or ethically
questionable position in the eyes of the public or any external monitoring body, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reflect unfavourably on the integrity of the executive or the Company;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where an executive or any of his/her near relatives, friends or cohabitants makes use of
any non-public information, such as information of a confidential, proprietary, inside,
privileged or government classified nature or customer information, entrusted to or obtained
by the executive in the conduct of Company business to benefit himself/herself or any of
his/her near relatives, by selling or making available such information to interests outside
the Company, or uses the information in any other manner to further his/her interest(s), or
the interest(s) of any of his/her near relatives; and/or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where an executive or any of his/her near relatives, friends or cohabitants has any direct
or indirect interest or relationship which is actually or potentially harmful or detrimental
to the Company&#146;s best interests.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executives ARE REQUIRED to disclose any actual or potential conflicts of interest by providing
written notice to the Corporate Secretary at <B><U>corporate.secretariat@bell.ca</U></B>. The Corporate
Secretary is responsible for administering the Code and the Conflict of Interest Guidelines. If
the Corporate Secretary is unable to resolve an existing or potential conflict of interest with
the person involved, the matter will be discussed with the Executive Vice-President and Chief
Legal &#038; Regulatory Officer.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">2.4.2.2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>External</U> <U>Directorships</U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a general rule, executives are allowed to be appointed to an external board of directors
(&#147;external directorship&#148;), meaning joining the board of directors of a company other than BCE, Bell
Canada and their respective subsidiaries, other controlled entities and joint ventures (&#147;BCE group
companies&#148;) <U>provided </U>that such election:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will not create conflicts of interest either for the executive or for any BCE group
companies (see discussion above),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will contribute to the development of the executive or will benefit the BCE group companies
either directly or indirectly,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will not be at the expense of the executive&#146;s corporate responsibilities and will not
impose an undue burden on the executive.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Provided the above criteria are met, before accepting an external directorship appointment, an
executive shall, through his/her superior, seek and obtain clearance from the President and Chief
Executive Officer. If appointed, the executive must then disclose such fact to the Corporate
Secretary&#146;s Office promptly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Executives should however understand that the BCE group companies&#146; D&#038;O Insurance policy will NOT be
applicable unless the executive&#146;s appointment is made at the request of the Company.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.4.3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Conflicts of Interest Relating to Family and Personal Relationships</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each of us has a variety of personal relationships involving family and friends and sometimes our
work and personal lives intersect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We must disclose this relationship if it compromises, or threatens to compromise, our ability to
act in the Company&#146;s best interest. Speak to your manager or contact the Business Conduct Help
Line for further guidance. We should also be aware that bridging our personal and business lives
may cause our competitors or suppliers &#151; as well as colleagues within the Company &#151; to believe we
are in a conflict of interest. To avoid a conflict of interest, or prevent a situation from
developing into a conflict of interest, you must inform your manager if, for example:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>you are considering hiring a near relative, friend or co-habitant</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if you transact business on behalf of the Company with a near relative, friend or
co-habitant</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a near relative or co-habitant works for or has a financial interest in or is a major
shareholder of a supplier or competitor</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you are concerned that you may be in a conflict of interest, speak to your manager who may ask
you to complete form BC3684A, &#147;Disclosure of a Conflict of Interest or Potential Conflict of
Interest.&#148; This form <B>MUST </B>be signed by you and your manager and sent to the Corporate Secretary&#146;s
Office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For additional instructions or assistance please contact the Business Conduct Help Line, which can
be reached on a 24/7 basis at <U><B>www.clearviewconnects.com</B></U> or by calling <B>1-866-298-2942 </B>(toll
free).
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>My partner has just become an executive sales manager for a company that
services the computers in my department. Do I need to tell anyone about this?</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. Someone could claim that Bell is giving your partner business
because you are a Bell employee. You should notify your manager and make sure
you are not involved in any decisions regarding your partner&#146;s company. This
relationship should be noted in form BC3684A, &#147;Disclosure of a Conflict of
Interest or Potential Conflict of Interest.&#148;</TD>
</TR>

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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.4.4.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Conflicts of Interest Relating to Supplier-Funded Incentive Programs</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Supplier-funded incentive programs, often offered to sales employees by suppliers seeking to sell
their products, may only be arranged through an authorized program administrator who does not work
with the eligible employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It&#146;s up to the program administrator to ensure there is no conflict between the Company&#146;s marketing
strategy and the supplier&#146;s incentive program. For further information, please refer to the
Compensation &#038; Recognition Policy on the <U>Human Resources Policies</U> intranet site.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.4.5.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Conflicts of Interest Arising from Outside Employment and Similar Activities</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We all have a right to do what we want during our non-working hours. This could include holding
another job in which we use the skills and experience acquired through our work at the Company.
However, we must ensure that our outside employment or other activities do not conflict, or appear
to conflict, with the Company&#146;s business or with our ability to fulfill our duties as employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To avoid a conflict of interest, or even the appearance of such a conflict, you should discuss any
planned outside business activities with your manager. <B>As a general guideline, you may not</B>:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>work for an organization that competes with the Company or operate a business or promote a
third party&#146;s line of products or services that compete with those offered by the Company,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use the Company&#146;s time, materials and facilities in paid or unpaid work for other
organizations (for example, to support a charitable community project), unless specifically
authorized by senior management (Tier B or higher). Where such authorization has been
obtained, as per the Bell Community Investment policy, no company products or services (such
as wireline telecommunication services, Internet services, handsets, etc.) may be provided
in-kind,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accept outside employment or engage in any activity that may prevent you from performing
your job at the Company fully and competently,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contribute to or support any political group or political activity on behalf of the
Company, unless specifically authorized by the appropriate Company department responsible for
government relations.</TD>
</TR>

</TABLE>
</DIV>
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>I am a Bell technician who installs circuitry for small and medium-sized
business customers. With the growth of the Internet and other communications
services, demand for my expertise is booming. Can I take advantage of this
opportunity and start up an installation business on my own time?</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No.&nbsp;You cannot engage in any outside activity that might take business
away from Bell or any of its subsidiaries. Furthermore, as an employee, you
are expected to contribute your energy and ideas to your job as an installer
for Bell</TD>
</TR>

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



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Loans, Gifts and Entertainment</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.5.1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Loans from the Company</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We do not </B>accept, whether directly or indirectly, any loan or guarantee of obligations from the
Company that are for our personal benefit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>2.5.2. Business Gifts &#038; Entertainment</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Do not </B>solicit, accept or give gifts, gratuities, favours or unusual hospitality from or to
suppliers or customers, which may compromise &#151; or appear to compromise &#151; our ability to make fair,
objective, business decisions or may unfairly influence a business interaction.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Do not </B>solicit or encourage gifts, hospitality, entertainment or any other thing for personal use.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Do not </B>accept gifts having a monetary value; for example, gift certificates, cash, services,
discounts or loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>These guidelines do not change during traditional gift giving season.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We recognize, however, that building relationships with customers and suppliers is an integral part
of doing business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>You may </B>offer and accept reasonable hospitality in certain cases. You should consult your manager
or contact the Business Conduct Help Line when in doubt about the appropriateness of a particular
situation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>You may </B>participate in unsolicited business entertainment depending on the function or services you
perform for the Company and if the entertainment is clearly intended to facilitate business goals.
If for example, tickets to a sporting or cultural event are offered, then the person offering the
tickets should plan to attend the event as well.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>You may </B>sponsor events/activities for customers or potential customers where the purpose is to
strengthen business relationships; however it is your responsibility to know and be sensitive to
the customer&#146;s own code of conduct on these issues. Solicitation of modest gifts or prizes for
Company sponsored events which provide clear benefits to the sponsor and/or charitable organization
is permitted upon approval by your manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>You may </B>accept unsolicited, nominal value hospitality, gifts or mementos that are customary or
business related.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>You may </B>accept business entertainment in the form of meals as long as it is modest, infrequent, and
as far as possible on a reciprocal basis.
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Factors to Consider</B></U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Factors which you and your manager should consider when assessing the proper course of action include:</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Is the Company potentially involved in a major procurement activity with the company offering the
gift or entertainment?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Would the gift or entertainment be considered appropriate or customary, taking into account the
nature of the function or services you perform for the Company?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Would it be perceived as insulting or damaging to the business relationship to return the gift or
decline the hospitality?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Can the gift or hospitality be applied to benefit all team members rather than certain
individuals?</TD>
</TR>

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



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.6. Political Contributions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Political Contributions refer to any payment or donation to a recipient involved in federal,
provincial, territorial or municipal political process, such as a political party, an election or
leadership candidate, a riding association or an elected official.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s corporate policy generally prohibits political contributions without the express
prior consent of the SVP &#151; Regulatory &#038; Government Affairs. For further information, consult the
Political Contributions Policy available from the <U>Corporate Policies &#038; Ethics Program</U> intranet
site.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.7. Improper Influence on the Conduct of Audits</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees are prohibited from coercing, manipulating, misleading or fraudulently influencing the
Company&#146;s internal or external auditors at any time and especially when the employee knows or
should know that his/her action, if successful, could result in rendering the Company&#146;s financial
statements misleading in any way.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.8. Insider Trading</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>2.8.1. Overview</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities legislation imposes restrictions with respect to the purchase and sale of shares and
other securities, as well as &#147;tipping&#148;, when a person has knowledge of information not yet known to
the public and which generally could affect
the market price of the securities of a given company. Securities of a company include, for
example, equity securities such as common and preferred shares, debt securities such as debentures
and notes, and puts, calls and options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>It is illegal for you to buy or sell securities of BCE Inc., its subsidiaries and associated
companies or any other company that is a public company, with knowledge of undisclosed material
information obtained in the course of your employment or &#147;tip&#148; others concerning such information</B>.
<B>In particular, you should be careful to avoid inadvertently disclosing confidential information to
spouses, family members and others who live in your households, or to business partners, friends
and others as this could be considered &#147;tipping&#148;.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Directors and executives of BCE Inc. and Bell Canada should consult the &#147;Insider Trading and
Reporting Guidelines for Directors and Officers&#148; for additional information. A copy of these
guidelines can be obtained from the Corporate Secretary&#146;s Office.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>2.8.2. Material Information</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Undisclosed material information refers to information that, if disclosed, could affect the market
price of a company&#146;s securities or is likely to be considered important by investors in determining
whether to buy, sell or otherwise trade in such securities. For instance, such information could
be used by investors to buy, sell or otherwise trade in BCE Inc. shares, as well as the securities
of third parties with which the Company has dealings, to the unfair disadvantage of others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Examples of material information include (note: this list is not exhaustive and may include other
types of information which may be material at any particular time depending upon the
circumstances):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Corporate Structure and Acquisitions &#038; Dispositions
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>company restructuring plans</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>proposals, negotiations or agreements for acquisitions of other companies (including the
possibility of a takeover bid for or merger with another company) and dispositions of existing
investments</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in share ownership that may affect control of the company</TD>
</TR>

</TABLE>
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the possibility of a public offering of securities, stock splits or private sales of
securities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a change, or proposed or planned change, in dividend rates or dividend policy</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a planned or possible repurchase of securities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the possible initiation of a proxy fight</TD>
</TR>

</TABLE>
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actual or proposed capital expenditures which vary substantially from the levels projected
in the Company&#146;s latest report to shareholders</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annual and quarterly financial results</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>internal financial projections which vary from publicly stated financial projections, if
any</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a significant contingent liability</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>significant shifts in operating or financial circumstances, such as: cash-flow reductions,
major write-offs, work-force adjustments; or the proposed shutdown of any significant service
facility</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Business and Operations
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>business plans</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>senior management changes</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>significant litigation or litigation development, including disputes with customers,
suppliers or contractors</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>new products and services</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sales results</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>research and development of new technology</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>confidential information provided by third parties</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>significant new contracts or changes in existing contractual relationships or loss of
business</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a government investigation</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>negotiations with unions</TD>
</TR>

</TABLE>
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a default or expected default under a loan agreement, indenture or significant contract</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in rating agency decisions</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>borrowing a significant amount of funds</TD>
</TR>

</TABLE>
</DIV>
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Can I use information I obtain by accident or overheard?</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No.&nbsp;Even when you obtain material information by accident, such as by
over hearing a discussion of a planned acquisition, you are prohibited by law
from buying shares because the information is material and non-public.</TD>
</TR>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, you cannot suggest to your spouse, near relative or friend that they buy or sell
shares while in possession of such material confidential information as this would be considered
tantamount to divulging that confidential information to someone outside the Company for personal
gain or the gain of someone else. Shares could only be purchased when BCE Inc.&#146;s stake in the
target company becomes public knowledge through an official public announcement by BCE Inc. or the
company being acquired.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.8.3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Trading and Tipping</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>There are severe penalties provided by law that may be imposed against you personally, as well as
the potential for damage to the Company&#146;s good name, as a result of unlawful trading and tipping.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the course of business operations, you may become aware of undisclosed material information
about BCE/Bell or any other company. Unless you are certain that this information has been
officially disclosed, <B>you are prohibited from:</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>trading in securities of any company to which the information relates; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosing such information (otherwise than in the necessary course of business and on a
confidential basis) to another person &#151; a &#147;tippee&#148; &#151; regardless of whether the tippee is
related to you or is a friend or is an entity in which you or your friends or family have an
interest. <B>Note that trading or tipping by the tippee is also illegal</B>.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If undisclosed material information exists at the time you trade and subsequent disclosure of that
information affects the security&#146;s price, you may have to face the difficult task of proving you
were not aware of the information. In the case of trading by a family member, or other persons
close to you, you may have to prove that you did not disclose such information &#151; a very difficult
burden of proof!
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you were in possession of undisclosed material information at the time you or other persons
close to you traded, the fact that such trade was based on factors other than undisclosed material
information, or that you considered yourself under duty (as a trustee, for example) to trade or
disclose information, will not absolve you from liability, even in the absence of intent to defraud
or to take unfair advantage.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.8.4.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Recommended Time to Purchase Bell Securities</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assuming you are not otherwise aware of undisclosed material information, the <B>recommended time to
purchase or sell BCE securities is during the period beginning on the third business day following
the official release by BCE of its annual or quarterly earnings press release and ending on the
thirtieth calendar day following such release (sometimes called the &#147;Window Period&#148;). </B>This will
help minimize the risk of an unintentional violation of these prohibitions, and the appearance of a
violation (intentional or not). Such earnings press releases are generally issued on the fifth
Thursday following the end of a quarter. All employees are required to keep accurate records of
their securities transactions and may be asked to report to BCE Inc. or Bell Canada their holdings
and investment transactions.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.8.5.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Short Sales, Calls and Puts</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As an employee of the Company, you may not engage in the following activities with respect to BCE&#146;s
securities or the securities of any of its affiliates (such as Bell Canada or Bell Aliant): (a)
short sale; (b)&nbsp;sale of a call option and (c)&nbsp;purchase a put option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Short selling&#148; means selling shares you do not currently own and borrowing a third party&#146;s shares
in order to make delivery, the whole in expectation that the shares will decrease in value when you
will buy back the shares and return them to the owner. Such process is subject to undue
speculation and abuse and is therefore prohibited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Puts and calls are also subject to the same abuse and therefore similar restrictions also apply to
the sales of call options and purchases of put options in respect of securities of BCE Inc. and its
affiliates. For the purposes hereof, a &#147;call&#148; can be defined as an option to demand delivery of a
specified number or amount of securities at a fixed price within a specified time but does not
include an option or right to acquire securities of BCE Inc. or its affiliates where such were
granted by BCE Inc., Bell Canada or their affiliates (such as pursuant to BCE Inc.&#146;s Long-Term
Incentive (stock option) Programs). A &#147;put&#148; can be defined as an option to deliver a specified
number or amount of securities at a fixed price within a specified time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In summary, you cannot sell short securities of BCE Inc. or its affiliates, and you may not sell
call options or buy put options over the same securities. You must exercise great caution in your
trading in order to avoid inadvertent breaches of these restrictions.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Public Disclosure of Material Information</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Only authorized executives of Bell can decide the timing and content of public disclosures
regarding Bell. Examples include public filings with securities regulatory authorities, or
issuance of BCE Inc. news releases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information is deemed public when official announcements have been publicized and the public has
had the opportunity to evaluate the information. Even after the Company has officially released
material information, it is important to be sure that sufficient time has elapsed to enable the
information to be disseminated to, and considered by, investors. <B>As a rule of thumb, a period of
three business days is considered sufficient for this purpose. An employee must not attempt to
&#147;beat the market&#148; by trading simultaneously with, or shortly after, the official release of public
information</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you are not an authorized spokesperson, you must not respond under any circumstances (including
on a &#147;no-name basis&#148; or &#147;off the record&#148; basis) to inquiries from, or voluntarily provide
information to, the investment community or the media, unless specifically asked to do so by an
authorized spokesperson.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any inquiries need to be immediately referred to Bell&#146;s Communications Department or Investor
Relations Department. Contact information for spokespersons can be found in the Company&#146;s
Disclosure Policy available on the <U>Corporate Policies &#038; Ethics Program</U> intranet site.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Confidentiality of Customer and Employee Information</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.10.1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Customer Privacy</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has long been committed to maintaining the accuracy, confidentiality, security and
privacy of customer information. It is essential that we protect the confidentiality of all
non-public information entrusted to us by the Company or its customers, except when disclosure is
authorized or legally mandated. Even seemingly mundane information might be of use to competitors,
or harmful to the Company or its customers, if disclosed. Even unintentional disclosure can lead
to identity theft or financial gain by third parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>With the exception of listed name, address and telephone number, all information kept by the
Company about its residential and business customers is confidential and cannot be divulged or
used, directly or indirectly, except for business purposes. We may only use this information for
the purposes for which it was collected and that the customer would reasonably expect</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Recording, releasing or disclosing private customer information for personal gain or the benefit of
another will result in immediate discipline up to and including dismissal, and may include civil or
criminal prosecution. This may also expose the Company to substantive financial liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Where the customer is an identifiable individual, we are required to comply with the </B><B><I>Personal
Information Protection and Electronic Documents Act</I></B><B>, a federal law that requires us to identify the
purposes for which we collect personal information and obtain the consent of our customers before
collecting, using or disclosing this information</B>. Customers can also access all personal
information about them (including customer care logs and notes) that we may hold, subject only to
certain narrow exceptions, within 30&nbsp;days of a customer request. Accordingly, we should avoid
non-factual entries or inappropriate language or comments when creating such records.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bell and Bell Mobility are also subject to a CRTC restriction on the disclosure of confidential
customer information. This restriction applies to all telecommunications services, whether tariffed
or forborne, and all customers, whether they are individuals, corporations, or other business
entities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Unless a customer provides explicit consent</B>, or disclosure is pursuant to a legal power such as a
search warrant, the Company may not disclose a customer&#146;s confidential personal and business
information to anyone other than:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the customer <B>or </B>a person whom the Company reasonably
believes is acting on behalf of the customer (e.g. the executor
of a customer&#146;s estate),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>another telephone company, for the purpose of providing
the customer with efficient and cost-effective telephone
service, where the information is required only for that
purpose and will be kept confidential (e.g. the exchange of
call detail information for the settlement of inter-provincial
toll calls),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a company, for the purpose of supplying the customer
with telephone or telephone-directory related services, where
the information is required only for that purpose and will be
kept confidential (e.g. a firm retained by the Company to do
telephone installation on its behalf),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an agent retained by the Company to evaluate the
customer&#146;s creditworthiness or to collect the customer&#146;s
account, where the information is required for and will be used
only for that purpose, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a public authority, if there is imminent danger to life
or property which could be avoided or minimized by disclosure
of the information.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.10.2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Interception of Private Communications</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Communications between the Company and a customer may be monitored for quality assurance purposes,
with an appropriate advisory to the customer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The unlawful interception of a private communication is prohibited under the Criminal Code. </B>The
content of a customer&#146;s transmissions (including telephone and email) may not be monitored, nor may
the content, nature and existence of telephone calls and data transmissions be released to third
parties except as explicitly authorized by law.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Unintentional interceptions </B>of a call may occur when providing service, doing repairs or when
conducting quality control checks. In these instances, the employee must advise the persons on the
call of the unintended interruption and immediately disconnect from that call.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.10.3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Customer Contracts &#038; Proposals</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maintaining customer privacy is also crucial when dealing with contracts, proposals and quotations.
We must be vigilant to not share customer information &#151; such as business plans, names of telecom
representatives or information of a sensitive nature &#151; with other employees servicing a similar
market segment (for example, the banking industry). By doing so, we may inadvertently divulge
information about a customer to that customer&#146;s competitor. Also, unless a customer provides
explicit consent, we do not share information about customers with other affiliates or partners,
agents or subsidiaries of our group, except with those affiliate or partners or agents or
subsidiaries of a group, who are directly involved in the specific contract, proposals or
quotations.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.10.4.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>The Bell Code of Fair Information Practices</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To support our commitment to privacy we have developed policies and a formal privacy code &#151; the
<I>Bell Code of Fair Information Practices </I>- which spell out the commitments of Bell, its employees
and agents and the rights of customers and employees regarding personal information. They also
reflect the rights and obligations set out in the <I>Personal Information Protection and Electronic
Documents Act</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These documents state that the Company collects personal information <B>only </B>for the following
purposes:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to establish and maintain responsible commercial relations and provide ongoing service</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to understand customer needs and eligibility for products and services</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to recommend particular products and services to meet customer needs</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to develop, enhance, market or provide products and services</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to manage and develop Bell&#146;s business and operations, including personnel and employment
matters and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to meet legal and regulatory requirements.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Personal information must not be used for any other purpose without the consent of the customer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Bell Privacy Ombudsman oversees compliance with these privacy policies. </B>Contact:
<U>privacy@bell.ca</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The <I>Bell Code of Fair Information Practices </I>and other privacy-related documents are available by:
i) following the &#147;privacy&#148; link on www.bell.ca ii) on the Bellnet policies page <U>Corporate Policies
&#038; Ethics Program</U> or iii) through the Regulatory Affairs intranet site at <U>Legal and Regulatory &#151;
Regulatory Affairs &#151; Privacy</U>.
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>I am a customer service representative for the residential market. A caller
identifying himself as the spouse of a wireless customer requested billing
details for the spouse&#146;s account, indicating that he looked after bill payments
for the family. Should I provide the information?</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the caller is not explicitly listed on the account as an authorized
co-user, the information should not be provided. Account details, particularly
for wireless accounts, can be very sensitive information and is often sought in
the context of matrimonial disputes. Advise the caller to have the account
holder of record contact the Company to have the spouse added to the account as
an authorized co-user. This approach applies equally to wireline, Internet,
and satellite accounts.</TD>
</TR>

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



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.10.5.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Employee Privacy</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has also long been committed to protecting the personal information of its employees
which is collected only for purposes relevant to managing the employment relationship. The
obligations described in the <I>Personal Information Protection and Electronic Documents Act </I>also
apply to the collection, use, disclosure and protection of personal employee information.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
\
<DIV style="font-family: Helvetica,Arial,sans-serif">


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Personal information means information, in any format, about an identifiable individual, but does
not include the name, title or business address or telephone number of an employee. Employee
personal information refers to those records like the personnel files and other documents collected
and used to provide services or support such as pay or benefits information. Personal health
information is held separately by the Disability Management Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All personal information is protected by security safeguards appropriate to the sensitivity of the
information and may only be used for reasonable purposes relating to the management of the
employment relationship or for other purposes as may be required by law. All employees holding
personal employee information must handle it in accordance with privacy principles. Aside from
applying normal safeguards (i.e. locked cabinets and desks), employees should avoid discussing
personal employee information in public areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Notwithstanding the notion of employee personal information, there shall be no expectation of
privacy for communications made through the use of Company equipment (for example, e-mail,
internet/intranet activities, voice mail, computer files), as well as workspaces (for example,
desks, lockers, and vehicles).</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company reserves the right to monitor or search any and all Company property at any time, where
it determines on reasonable grounds that this is required; for example:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to evaluate and measure service quality</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the interests of the safety and protection of employees or the Company</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to search for specific business information</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to comply with legal warrants or other obligations, or,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to conduct security investigations such as in the event the Company suspects an employee of
fraud, theft, undeclared conflict of interest or other situation which may cause prejudice to
an employee or the Company or its reputation.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional information is available through the Human Resources intranet site at
<u>http://rhr.int.bell.ca</U> as well as in the Acceptable Use of IT Resources Policy available at:
<u>http://portmid.bellnet.bell.ca/portal/pls/portal/bellcms.bce_cms_item_util.display?p_master_id=2272028</u>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Sensitive Information</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is essential that we safeguard Company records and information (in any format) that contain
proprietary or confidential information, that is, highly sensitive information critical to the
conduct of the Company&#146;s business. Information entrusted to the Company by a third party may also
be identified as proprietary or confidential and must be handled according to instructions provided
by the information owner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unauthorized disclosure or misuse of sensitive information can have serious consequences for the
Company and should be reported immediately. Using this information for purposes other than
furthering the Company&#146;s best interests is not only unethical, it may be illegal if it involves the
disclosure of material non-public information. Using any confidential or privileged non-public
information about the Company for personal purposes, or failing to safeguard such information, is
strictly prohibited.
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>major reorganization plans</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>rate applications</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>information about new technology</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>marketing strategies, bids and proposals</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>legal proceedings</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>customer records</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sensitive human resources information</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>internal audit reports and significant corporate security matters</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>training material</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>passwords and encryption keys</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>computer software programs (even routine programs).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To protect sensitive information, whether originated by or entrusted to the Company, we must:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>classify and label records with the appropriate category of proprietary notice:
<B>Confidential, For Internal Use or Public. </B>For further information, see the Information
Security Classification and Labelling Policy available on the <U>Corporate Policies &#038; Ethics
Program</U> intranet site.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that sensitive information is stored and transmitted securely. Do not store
sensitive information on laptops, PDAs, etc. outside of secure company premises without
appropriate protection/encryption.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>avoid unauthorized disclosure of proprietary information by checking that computer
terminals, telephones and faxes are secure.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>avoid discussion of such information in public places (including taxis, trains and
airplanes), with family members or friends who might pass the information on to others
deliberately or unintentionally, or with business colleagues when our conversations might be
overheard. Remember that cellular telephones (when in analogue mode) do not provide a secure
method of communication.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>return all proprietary information and documents provided by the Company, including all
third party information entrusted to the Company, upon termination of employment or contract,
or reassignment.</TD>
</TR>

</TABLE>
</DIV>
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>How do I tell if a document (paper or electronic) is proprietary if it is not marked as such?</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You should begin by asking the person who issued the document (if known), as the
originator is the person who must determine the classification. If you can&#146;t find the
source of the information and the nature of the document does not make the classification
obvious (such as information that has been made public), the document should be treated as
Restricted until the proper classification is determined.</TD>
</TR>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The unauthorized disclosure of, or known failures in safeguards which protect, Confidential
information is to be reported to Corporate Security at 1-866-714-0911 or </I><U>security@bell.ca</U><I>.</I>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Record Retention Policy</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Record Retention Policy establishes a framework for the management, preservation, security,
accessibility, storage and destruction of records created or received in the course of day-to-day
operations. The policy provides minimum periods for record retention and destruction schedules.
The policy applies to all forms of records irrespective of who has prepared them; whether they are
in paper, electronic or other media format; and whether the records are kept on or off-site
(including at home offices, home computers, portable laptops, mobile telephones, personal digital
assistants or storage facilities) but does not apply to &#147;transitory records&#148; (those records that
exist only for a limited amount of time such as personal notes, telephone message slips, or draft
versions of records (such as draft agreements, documents, presentations, correspondence or
memoranda).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Generally, employees are responsible for:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>safekeeping and protection of records under their care in accordance with applicable
policies</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring that the official records they keep or generate are accurate and complete</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintaining the confidentiality and security of proprietary, confidential and commercially
sensitive information</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring compliance with business, legal and regulatory requirements with respect to record
retention</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>improving operational efficiencies, reducing space requirements and costs by eliminating
unnecessary records</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring the preservation and accessibility of relevant records to satisfy specific
operating needs and in the event of potential or actual litigation or internal or external
(including governmental) investigation.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bell&#146;s business and operational units are responsible for identifying records produced by their
departments and attributing a retention period to such records based on the Record Retention
Schedule found in the Record Retention Policy. Records that are not listed in the Record Retention
Schedule or that are not substantially similar to a category of record listed in the Record
Retention Schedule are not subject to a specific retention period and shall be retained according
to applicable records management guidelines for a duration that satisfies their legal requirements,
operating needs and corporate reporting obligations.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the complete policy and important restrictions, see the &#147;Record Retention Policy&#148; available on
the <u>Corporate Policies &#038; Ethics Program</u> intranet site and for the instructions about storing,
retrieving or deleting paper records, see the <U>Records Management</U> section available on the <U>Corporate
Security</U> intranet site.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Dealing with Customers, Suppliers &#038; Competitors</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We achieve an ongoing competitive advantage by ensuring that our reputation for quality, service
and integrity remains intact. Compete fairly but vigorously while complying with our legal and
ethical obligations.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.13.1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Customer Relations</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Customers and customer service are at the core of our business. To succeed, we have to be honest,
courteous, and respectful when dealing with our customers and their property whether visiting their
home or place of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our customers expect us to provide quality products and services, and be truthful when discussing
our advantages and benefits. To maintain that trust we should:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>offer customers only those services which we are legally allowed to provide and that they want or need</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promote our products and services accurately even when upselling</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>give customers the straight facts about their competitive choices</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>guide customers into asking the right questions about their competitive options</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>convince customers it&#146;s to their advantage to stay with Bell &#151; or come back from another carrier</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>don&#146;t offer to waive charges, cut special deals or grant discounts that are not authorized.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.13.2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Treating Competitors with Respect</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We welcome and encourage fair and open competition and we are committed to treating competitors
with due respect. By doing so, we honour the competitive spirit that motivates us to perform at
our best.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Behaving competitively means that we:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>do not portray a competitor to the public or to a customer in
an inaccurate, misleading, disparaging or unfair manner or in a way
contrary to laws that govern competitive business practices</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>do not state as a fact our understanding of a competitor&#146;s
price information as that information may be out of date and
incomplete</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise care when commenting publicly on such topics as a
competitor&#146;s financial situation, business practices, management or
network reliability, or foreign ownership</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>do not behave disrespectfully toward a customer who has
decided to purchase a competitor&#146;s products or services; rather we
rigorously promote and provide high-quality service for any other
product we may supply to this customer.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.13.3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Obtaining Information about our Competitors</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have every right to gather information about the marketplace in which we operate through legal
and ethical means. This includes information about our competitors, their products and services,
technology, prices, advertising, and so on.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>However, we do not engage in industrial espionage; buy proprietary information or induce employees
or former employees of our competitors to disclose proprietary or confidential information of
his/her former employer. </B>That person has an obligation to protect his former company&#146;s
confidential or proprietary information, just as you would be obliged to protect Bell&#146;s
confidential or proprietary information if you were to leave the Company.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our business unit recently hired someone who held an executive position with
one of our competitors. This person was deeply involved in planning the
competitor&#146;s expansion strategy, and he has information which would be very
valuable to us. Can we ask him to disclose this information?</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Absolutely not. The new employee has an obligation to protect his
former company&#146;s confidential or proprietary information, just as you would be
obliged to protect Bell&#146;s confidential or proprietary information if you were
to leave the Company. You must respect the employee&#146;s personal integrity as
well as his obligation to his former employer</TD>
</TR>

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



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.13.4.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>When a Competitor is a Customer</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When providing competitors with network facilities, access or other services we cannot use
information obtained as a result of that process in any manner which would give us an undue
competitive advantage. This includes ensuring that this information is not made available to those
within the Company or its affiliates who develop competitive service strategies. It also means
that we must not disclose a customer&#146;s choice of competitive carrier to anyone who does not clearly
require the information to provide service to the customer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For other precautions in dealing with competitors, see Bell&#146;s Competition Law Compliance Handbook
&#147;It&#146;s the Law&#148;, available from the HR Policies intranet site.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.13.5.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Supplier Relations &#151; Reciprocity</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Like many corporations, we purchase goods and services from thousands of suppliers, many of whom
are also our customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While we quite naturally want to do business with our customers, and will take advantage of every
opportunity to do so, we must keep in mind that this should not be done at the expense of price,
quality and service. These criteria, rather than the simple fact a supplier is or is not our
customer, should guide our purchasing decisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reciprocity is an arrangement where a purchaser gives business to a supplier because that supplier
is its customer for other products, in preference to another supplier. Reciprocity, whether it
originates with the buyer or the seller, should be handled with utmost care for a number of
financial, ethical and legal reasons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For example, we may lose the opportunity to save money on our purchases if we choose suppliers
solely because they are Bell customers and we may be accused of anti-competitive behaviour.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under certain circumstances, we may, for strategic marketing reasons, develop and contract services
exclusively with a given supplier. The Law Department must be consulted before such arrangements
are established.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our department is organizing a meeting at a hotel. Due to the large size of
our group, and the fact we don&#146;t want to travel far, we&#146;ve chosen a nearby
hotel serviced by a competitor&#146;s long distance network. Is this okay, or
should we find a hotel that uses Bell long distance?</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is not Bell policy to prohibit employees on Company business from
dealing with organizations that do not use Bell&#146;s services. While we actively
encourage everyone at Bell to do business with our customers, we must ensure
that this is not done at the expense of price, quality and service</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Although the hotel you&#146;ve chosen is not a Bell customer, you were right
to choose it if, in your judgment, it best meets the price-quality-service
criteria you are looking for: the hotel is located close to your office, it can
easily accommodate all the members of your department and, as a result, will
enable your group to save both time and traveling expenses.</TD>
</TR>

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



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Safeguarding Company Assets</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.14.1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Overview</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We all have a responsibility to be accountable for and safeguard Company assets from loss, damage,
theft, vandalism, sabotage or unauthorized use, copying, disclosure or disposal. The improper use
and/or reporting of assets could seriously undermine the Company&#146;s integrity, adversely affect our
business strategies and decisions and weaken investor confidence. It could also constitute a
criminal offence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s assets include: offices and office equipment, computers, art, telephone and video
equipment, vehicles, tools, materials, buildings, people, property, information, funds,
communication networks, information systems, and intellectual property. The vehicle related policy
and practice can be found at
<U>http://portmid.bellnet.bell.ca/portal/page/portal/BCE_RECR/HOME_PAGE/fleet</U> and covers both the use
of Company-owned vehicles and the use of Employee&#146;s vehicle for Company purposes. The Employee
using a vehicle for Company purposes must have a valid provincial driver&#146;s license as required by
law, and valid Company Driver&#146;s Authorization. In addition, it is mandatory that Employees have
appropriate automobile liability insurance when driving their vehicle on Company business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Access to and use of these assets must be authorized, adequately controlled and based on business
needs. We should not use Company assets for personal purposes, except where this use has been
authorized. Each of us must also take appropriate measures to prevent losses due to wilful action
by others, both outside and within the Company, which may result in personal injury, property
damage, theft, loss, abuse or unauthorized access to physical or logical assets, and intellectual
property (including data).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the course of protecting Company assets, all employees are required to read, be aware of and
comply with the Bell Information Security Charter and Corporate Security policies are available on
the <u>Corporate Policies &#038; Ethics Program</u> intranet site.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Loss or theft of company assets, property damage and malfunctioning doors and locks are to be
reported to Corporate Security at 1-866-714-0911 or
<u>security@bell.ca</u>.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.14.2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Corporate Credit Cards and Company Funds</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are personally responsible for funds, cash, cheques, postage, etc., over which we have control.
<B>Corporate credit cards are not to be used for personal cash withdrawals or purchases and other
charge cards are to be used only for business purposes. We must also ensure that all expense
vouchers, benefit claims and invoices are accurate and properly authorized.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Corporate policy regarding the use of corporate credit cards and corporate travel is detailed on
the Travel and Expense Management site at <U>http://travel.on.bell.ca</U>. We should, whenever
possible, use the services of suppliers with whom Bell has negotiated agreements (e.g. travel
agents, car-rental agencies, taxi companies, hotels).
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.14.3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Hiring Consultants or Contractors</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hiring of
contractors or consultants must follow the rules as outlined on the <u>Contractors and
Consultants Procurement Site</u> and hiring of external resources must also comply with Personnel
Security Policy available on the Corporate Policies &#038; Ethics Program intranet site.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.14.4.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Electronic Procurement and Electronic Processing of Expense Reports</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company electronically processes much of its procurement needs <B><I>including </I></B>employee expense
reports and accounting for corporate credit card payments. <B><I>All employee expense reports and credit
card payments must be approved by a Tier one level above the employee submitting the reports.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees are expected to safeguard Company assets and comply with Company policies, including the
Policy on Authorizations and the Company&#146;s policies on travel and credit card usage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Policy
on Authorizations is available at <u>Corporate Policies &#038; Ethics
Program</u> intranet site.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.14.5.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Business Records</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s books and records contain information essential to effective and efficient
operations. They form the basis upon which key decisions about the Company are made by our
executives, financial analysts, shareholders, investors, and regulators.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because they are so crucial to the Company meeting its legal, regulatory and financial obligations,
we must ensure that all documents, reports, plans and records falling under our responsibility are
accurate and complete. We must also ensure that all transactions are properly authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In preparing and maintaining our books and records, we must:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adhere to all accepted accounting standards and practices, rules, regulations and controls applicable to us</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that all entries are recorded accurately, on time, in the proper accounts, and are properly documented</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>record all funds, assets and transactions; we may not establish any undisclosed or unrecorded fund or assets for
any purpose</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>keep books and records which reflect fairly, accurately and in reasonable detail the Company&#146;s transactions,
acquisitions and disposal of assets and other relevant activities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sign only those documents we believe to be accurate and truthful</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>restrict access to sensitive or confidential information (such as financial records and customer information) to
ensure the information is not accidentally or intentionally disclosed, modified, misused or destroyed</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintain internal control processes to ensure that the Company meets its book and record keeping obligations.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.14.6.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Standard Contracts and Agreements</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Contracts and agreements represent some of the greatest exposures faced by the Company. If you are
in a position to develop or sign contracts you must take necessary steps to protect the interests
of the Company by ensuring that the contract is reviewed by appropriate departments such as, Legal,
Regulatory, Corporate Security and Risk Management. <B>Standard contracts must not be modified
without prior Law Department approval.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.14.7.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>IS/IT and Network Security</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Computers and computer networks form the backbone of our telecommunications network and operations
infrastructure. For this reason, every effort must be made to protect the Company&#146;s computer
systems and associated software from the various threats to their security, such as accidental or
deliberate destruction of data and equipment, interruption of service, disclosure of sensitive
information, theft and corruption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To maintain security:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>access to computer systems should only be granted to authorized users</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>users are accountable for use of computer systems and access codes and passwords must be
kept confidential</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the use of the Company&#146;s computer system or network for personal use or other non-Company
purposes is prohibited unless specifically authorized by the Company or a manager in direct
line of authority</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>follow Company rules regarding the purchase and use of computer software</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>guard against computer viruses that may damage the Company&#146;s computer systems</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>report any breach of computer security, policies and standards.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For further information on information security, malicious software, and other policies and
practices relevant to securing your computers, contact Corporate Security or visit the Corporate
Security web site at
<u>http://portmid.bellnet.bell.ca/portal/page/portal/BCE_CORPSEC/HOME_PAGE</u>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Computer security incidents, Virus, worms, spam or phishing using Bell&#146;s name, any other computer
or data network attacks, weaknesses in security systems, and unexplained systems changes are to be
reported to the Bell Customer Service Desk at 1-888-920-8888 or
<u>security@bell.ca</u>.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.14.8.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Personal Use of Company-Provided Internet Access and Other IT Resources</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Access to the Internet is primarily provided for business purposes. However, accommodating
employees&#146; development and awareness through personal use of Company-provided Internet access is
also encouraged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Personal use of the Internet and e-mail must be reasonable, i.e. it must not impede or reduce an
employee&#146;s ability to perform his/her duties, diminish productivity or effectiveness at work or
negatively impact the Company in any way. Abuse of Company-provided Internet or e-mail may result
in disciplinary action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The law strictly prohibits the use of software on unlicensed computers. You must verify and
respect the manufacturer&#146;s conditions of license or agreement under which the software was
acquired. Copying software onto your computer may be a violation of the software company&#146;s
licensing agreement as well as copyright laws, and placing the Company at risk of prosecution for
copyright infringement.
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>I&#146;m attending an important sales meeting next week and I have to prepare a
presentation using slides and fairly complicated charts. My friend has the
software I need to put the presentation together, and he&#146;s offered to lend me
his diskettes so I can install the program on my computer. Can I go ahead?</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No.&nbsp;The law strictly prohibits the use of software on unlicensed
computers. By copying your colleague&#146;s software into your computer, you may be
breaking the software company&#146;s licensing agreement as well as copyright laws,
and placing the Company at risk of prosecution for copyright infringement. You
should speak to your group&#146;s computer administrator to discuss your computer
needs.</TD>
</TR>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For
further details, the Acceptable Use of IT Resources Policy is
available on the <u>Corporate
Policies &#038; Ethics Program</u> intranet site.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Code of Business Conduct</B>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.14.9.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Visible ID</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All employees, consultants and contractors must wear a valid, designated ID card at all times while
on Company premises. Visitors must wear a valid, designated visitor&#146;s card while on Company
premises and employees should challenge anyone on Company premises not wearing one.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Blogging</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bell recognizes that blogging and similar forms of on-line communications are increasing among Bell
employees and are a legitimate form of self-expression and communication tool. Bell supports and
expects responsible use of these online postings for personal use, professional development or for
collaborative learning. However, employees have to be aware that what they post to the Internet is
publicly accessible and that they are personally responsible for what may be communicated or
accessed online. Employees must adhere to the Guidelines for Bell Employees regarding Blogging.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Confidential or proprietary information </B>&#151; you have a responsibility to not disclose any
confidential or proprietary information or trade secret of Bell, of any of its customers or
suppliers, its employees or third parties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Bell logos or trade-marks &#151; </B>logos and trade-marks are assets of the Company and <B>cannot </B>be
reproduced without the express consent of Bell.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Judgement </B>&#151; care needs to be taken not to use your web blog or similar online
communications to embarrass or harm Bell, its business interests, our customers or suppliers,
your co-workers or otherwise act in a manner contrary to the Bell Code of Business Conduct.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Personal responsibilities &#151; </B>various laws affect what you can and cannot write, post,
access or download. You can be held responsible for commentary that may be defamatory,
discriminatory, obscene, libellous, threatening, harassing or in violation of copyright,
trade-mark, privacy, disclosure, insider trading or securities legislation as outlined in this
Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Use of disclaimers </B>- when posting to your own blog or participating on someone else&#146;s forum
you are expressing only your views and unless otherwise specifically authorized by Bell, you
are not the Company&#146;s spokesperson and are not in a position to reflect the views of Bell or
its related companies. Use disclaimers or similar declarations to make it clear that the
views you express are yours alone.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Company provided equipment, networks or Internet access </B>&#151; use must be reasonable, must not
impede or reduce your ability to perform your duties, must not diminish productivity or
effectiveness at work or negatively impact the Company in any way. For more information,
refer to the Acceptable Use of IT Resources Policy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Be aware that the Company will not defend or indemnify
</B>&#151; any employee being sued or
prosecuted in connection with any illegal, unethical, prohibited or irresponsible use of their
Internet privileges will not be supported by the Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A complete
copy of the Blogging Guidelines is available from the <u>Corporate Policies and Ethics
Program</u> intranet site.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Intellectual Property</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.16.1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Overview</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Intellectual property such as patents, copyrights, trade-marks, domain names, inventions,
integrated circuit topographies, industrial designs, trade secrets and confidential information are
strategic assets of the Company and must not be disclosed to or used by third parties without first
ensuring that appropriate legal safeguards are in place. Failure to do so could result in the
Company losing its right in a trade secret or patent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Intellectual property rights also reside in and protect works like know-how, business methods and
processes, computer software, computer operating systems, written materials (including paper or
electronic form), inventions, graphics, photographs and audiovisual works.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Trade-marks, including the Company&#146;s logo and its various trade names, are among the Company&#146;s most
valuable assets. Every employee has a responsibility to preserve, protect and enhance the value of
these assets. You should
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">immediately report any infringement or misuse of such trade-marks or trade names to the <B>Branding
and Identity Hot Line </B>via <u>http://www.brand.int.bell.ca</u> or by calling <B>(514)&nbsp;870-2347.</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.16.2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Ownership of Intellectual Property Developed While Working for the Company</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All intellectual property conceived or made during or after working hours in the course of our
employment with the Company or which are within the scope of the Company&#146;s business interests, are
rightly the exclusive property of the Company. For additional information access the intranet site
at: <u>Intellectual Property Group</u>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees are prohibited from applying for patents or other intellectual property registrations in
regards to intellectual property that belongs to the Company, nor can the Company&#146;s intellectual
property be used for personal purposes or gain. Upon termination of employment or contract, or
reassignment, we must return all physical and intellectual property of the Company or entrusted to
the Company still in our possession or custody.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We must fully disclose to our managers and to the Intellectual Property Group all intellectual
property that we conceive or make during or after working hours in the course of our employment
with the Company or which is within the scope of the Company&#146;s business interests. All rights in
and to all such intellectual property or inventions, including rights under the <I>Copyright Act</I>, are
hereby assigned in their entirety, without limitations to the Company or BCE Inc. (or automatically
owned by the Company).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event the Company decides to use/sell or license any of its intellectual property assets or
to apply for protection, registration or enforcement of such rights, we would be expected to
co-operate in the preparation and execution of any related documentation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.16.3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Developing Patents and Other IP</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may apply to be released from your obligation to assign specific intellectual property rights
to the Company. Each case will be examined on its own merit by the IP Group. To avoid
misunderstandings, some employees working in certain departments may be required to sign a formal
Assignment of Rights Agreement as a reminder of their obligations. Failure to do so, however, does
not relieve you of the obligations towards the Company.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.17.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>A Work Environment Based on Trust and Mutual Respect</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.17.1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Overview</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing is more basic to ethical behaviour than trust and respect. These values enable us to build
and cultivate more meaningful, richer relationships with fellow employees, customers, suppliers and
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are committed to fostering a workplace which encourages open and honest communication,
recognizes the intrinsic dignity and worth of all employees and values the diversity of employees,
customers, suppliers and shareholders.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.17.2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Diversity and Employment Equity</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Diversity is defined as an unwavering respect for each other&#146;s uniqueness, including, but not
limited to: culture, ethnicity, gender, age, religion, disability, sexual orientation, education
and experiences. By valuing our differences, we can create an inclusive work environment based on
merit and fairness where all employees can contribute to their fullest potential.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employment Equity is an important aspect of our diversity strategy. While diversity encompasses
many different factors that make each of us unique, legislated employment equity programs focus on
four designated groups: women, visible minorities, Aboriginal Peoples and persons with
disabilities. The Company complies with employment equity requirements aimed at removing barriers
to recruiting, retaining and promoting members of these designated
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">groups. Employment Equity is not about hiring unqualified individuals but rather to ensure that
the qualified members of the designated groups are given equal employment opportunities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employment equity and diversity also makes business sense. A diverse workforce brings Bell closer
to its customers. By becoming the supplier of choice to a diverse customer base and the employer
of choice to our current and future employees, we further improve Bell&#146;s chances of success.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For an overview of our policies related to Human Rights and Diversity please consult the Bell Human
Resources intranet web site at the following address:
<u>http://rhr.int.bell.ca</u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition &#147;Respect in the Workplace&#148; training is available for groups through Shepell FGI.
Information is available at the following link: Diversity and Human Rights.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.17.3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Discrimination and Harassment</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We provide a workplace free of any type of personal harassment, including sexual harassment,
intimidation and violence and are committed to an environment in which all workers can work safely.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We prohibit all types of unlawful discrimination, including harassment, whether directed against an
individual or group, including employees, customers, suppliers and shareholders. <B>This specifically
includes discrimination based on race, national or ethnic origin, color, religion, age, sex
(including pregnancy or childbirth), sexual orientation, marital status, family status, physical or
mental disability, conviction for which a pardon has been granted. </B>Though the spirit of the law is
the same, some of the grounds for discrimination may slightly differ for companies that are subject
to provincial legislation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Harassment is defined as any behaviour, often repetitive in nature, which denies individuals the
dignity and respect to which they are entitled because the behaviour is offensive, embarrassing
and/or humiliating. It may include:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>threats, intimidation and/or verbal abuse, unwelcome remarks or jokes</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unnecessary physical contact, such as touching, patting, pinching or punching</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>displaying sexist, racist or other offensive pictures, posters, e-mails or screen displays</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other action that may reasonably be perceived as offensive or degrading.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sexual harassment includes offensive or humiliating behaviour that is related to a person&#146;s sex, as
well as behaviour of a sexual nature that creates an intimidating, unwelcome, hostile or offensive
work environment, or that could reasonably be thought to put sexual conditions on a person&#146;s job or
employment opportunities. A few examples are:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>questions and discussions about a person&#146;s sexual life</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>commenting on someone&#146;s sexual attractiveness or unattractiveness</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>displaying posters, calendars and/or screen displays of a sexual nature</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>writing notes, letters or e-mails of a sexually suggestive nature.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An employee who believes that he or she is being unlawfully discriminated against should tell the
person to stop immediately. If the behaviour or action persists, the employee should bring his or
her concern to the attention of his or her manager or to a more senior manager in the organization.
Unionized employees may elect to contact their union representative; management employees may
consult with their Human Resources Consultant.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.17.4.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Reasonable Accommodation</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accommodation is a part of a broader principle &#151; that our society should be structured and designed
for inclusiveness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An accommodation is considered reasonable if it does not result in undue hardship, such as:
significant impact on business operations, or risk to the health and safety of the employee
concerned or other employees. Examples of accommodation can include physical or technical
alterations to an employee&#146;s workspace (work station height, non-standard computer monitor,
telephone with amplifier or headset) and modification of work duties or conditions.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.17.5.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Health and Safety Policy</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bell regards health and safety as a corporate priority. Bell will ensure that effective policies
and practices are in place to protect the health and safety of its employees, contractors,
customers and the public. Reflecting the value Bell attaches to health and safety, this policy
statement outlines the company&#146;s commitment and how it will be met.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Where employees are concerned, Bell expects each person to take personal responsibility for their
health and safety by working safely at all times. To this end, Bell will:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide a healthy and safe work environment to reduce the risk of illness or injury;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>meet or exceed all health and safety legal requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide proper supervision, training and equipment; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>work with the joint union/management Health and Safety Committees to resolve issues at that
level.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mindful of the safety of its contractors, customers and the public, Bell will also:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure business decisions made at all levels of the organization take into account the
Company&#146;s health and safety commitments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cooperate with the government and various other organizations on health and safety matters;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that all contractors, sub-contractors and third parties that have been granted the
right to access Bell sites have received training on health and safety matters pertaining to
their job, use the proper equipment and follow the proper procedures. Bell will also ensure
that they follow all legal and contractual guidelines as outlined in their contracts and will
monitor them accordingly.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For additional information on occupational health and safety policies, programs, procedures, and
legislation (Canada Labour Code Part&nbsp;II and the Health and Safety regulations) consult the Human
Resources Web site at <u>http://rhr.int.bell.ca</u> and choose Health, Safety and Wellness.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.17.6.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Corporate Security &#151; Emergency Management</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees may encounter various emergency situations that can directly affect them or the Company.
To this end, the Company is committed to a level of preparedness and planning that is designed to
&#147;protect life and property&#148; through the development and implementation of Corporate Security&#146;s
Emergency Management (CS-EM) policies and procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Evidence of serious criminal activity such as evidence of child pornography or terrorism, found on
Bell or customer premises or systems, are to be reported to Corporate Security 1-866-714-0911 or
<u>security@bell.ca</u>, unless involving an imminent threat where 911 must be called.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of a life-threatening emergency begin by calling 911 (or local emergency service).
All emergencies and emergency conditions including unplanned evacuations, or potentially service
impacting situations in proximity to critical facilities are to be reported to Corporate Security
1-866-714-0911 or <u>security@bell.ca</u>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Significant facility or utility interruptions, surveillance, control systems or any service
failures that impact the telecommunication network are to be reported to 1-888-570-1091. For
information on policies and procedures, consult the <u>Emergency
Management</u> intranet site.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.17.7.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Alcohol, Drugs and Other Substances</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are required to be fit at all times to perform all assigned duties. While at work, we must not
be impaired by the use of alcohol, medication, or illicit drugs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The use, sale, unlawful possession, manufacture or distribution of alcohol and illicit drugs or
non-prescribed medications for which a prescription is legally required, whether on Company work
premises or other work locations, is strictly prohibited.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees have the responsibility to determine any potential adverse effects when using prescribed
or over-the-counter medications with the assistance of their doctor or pharmacist. Intentional
misuse of prescribed or over-the-counter medications is strictly prohibited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For further information consult the Alcohol and Drug Policy on the Human Resources Web site at:
link: <u>Health, Safety and Wellness</u>.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.17.8.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Involvement in a Legal Matter</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you are involved in a legal matter or police case you must immediately inform your manager if
this involvement has the potential to affect your ability to perform your job fully and
competently. Loss of a driver&#146;s license, for example, must be reported immediately if the affected
employee is required to drive a Company vehicle.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.17.9.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Workplace Violence</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We all have a right to work in an environment free from violence and threats. The Company
prohibits all acts of physical, verbal or written aggression or violence. This applies whether the
aggression is committed by one employee against another, or against anyone else an employee comes
in contact with when carrying out his or her responsibilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It&#146;s up to each employee to report any act, or threatened act, of violence to a manager or to
Corporate Security. In situations of imminent danger call the police and Corporate Security. If
the danger seems less imminent, take note of the facts: Who was involved? Where and when did the
incident take place? Were there any witnesses? Then report the incident to Corporate Security.
Corrective action will ensue as required.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.18.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Protecting the Environment</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.18.1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Overview</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company believes that environmental protection is an integral part of doing business and is
committed to minimizing, through a continuous improvement process, the impact that some of its
activities, products or services may have on the environment. It is also every employee&#146;s
responsibility to comply with our policies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In support of this commitment, we will:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise due diligence to meet or exceed the requirements of all applicable legislation and other requirements to
which it subscribes</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prevent, control and reduce releases into the environment and correct in a timely manner problem situations which
could not be prevented</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promote and support cost-effective resource and waste minimization initiatives</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deal with suppliers who seek to minimize their environmental impacts</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>develop and market telecommunications services aimed at providing people and organizations with innovative solutions
to their environmental challenges</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>participate with governments, businesses, the public and relevant interest groups to advance environmental protection</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>communicate its environmental initiatives and performance to stakeholders on a regular basis</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure that employees adhere to this policy and understand their responsibilities in putting it into practice.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.18.2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Managing Environmental Risks and Opportunities</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As per the Company&#146;s Environmental Policy, it is every employee&#146;s responsibility to make
environment an integral part of his daily decisions and actions. Whether it is through the
company&#146;s operations, through the provisioning of services to our clients, through commercial
agreements linking the Company to third parties, or through execution of daily administrative
functions, environmental aspects must be diligently addressed. This approach allows us to limit
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">our liabilities, to reduce operational costs and to contribute to improving the company&#146;s
reputation by exercising a leading position on issues that are increasingly important to the
general public.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporate Responsibility &#038; Environment (CR&#038;E) group has developed a series of policies,
programs, procedures and guidelines to support employees in their environmental duties. These
documents are available through your Enviro-web site at <U>http://enviro.intranet.bell.ca/</U>.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.18.3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Environmental Training</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Environmental training is mandatory for all employees directly involved in managing one of the
following environmental issues: Incidents, manhole effluents, network impacts, residual materials
(hazardous and non
hazardous), treated wood poles, petroleum products or ozone depleting substances. Training must be
completed before the employee is assigned to its operational duties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The training is available either face-to-face or on-line, depending on the employee&#146;s
organizational group and access to on-line training.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You can contact the Enviro-Line to know the name of your environmental coordinator, who will inform
you on required training based on your job responsibilities: <U>enviroline@bell.ca</U> or telephone:
1-877-235-5368
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The on-line training site is available at the following address: <u>http://formation.enviro.int.bell.ca/</U>.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><I>2.18.4.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Reporting Environmental Incidents</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An environmental incident is an unforeseen situation that can have a negative impact on the
environment and may need to be reported to the government authorities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Whether it is a small spill or leak, a fire in a hazardous material recovery warehouse or a
customer complaint, employees must report all environmental incidents no matter what type, cause or
seriousness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporate Responsibility and Environment group must be immediately notified of all
environmental incidents involving the company, whether or not they are an emergency and regardless
of where they occur. A member of the team will provide employees with the necessary guidance and
will ensure reporting to governmental authorities as required. T<B>he Enviro-Line at 1-877-235-5368
can be reached 24 hrs per day</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For inquiries, support, or to raise concerns with environmental issues, please contact your CR&#038;E
group via Enviro-Line (1-877-235-5368) or <u>enviroline@bell.ca</U>.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ROLES AND RESPONSIBILITIES</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>3.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Annual Review</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All employees are expected to review the Code at least once a year and certify that they have done
so by signing form BC3684, &#147;Code of Business Conduct/Annual Record of Review&#148; (attachment 2A). This
form is kept in every employee&#146;s personnel file.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Members of the Board of Directors of Bell Canada and BCE Inc., as well as all executives, are
expected to certify each year that they have reviewed, understand and comply with the Code
(attachment 1A).
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>3.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reporting Conflicts of Interest</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If there is an actual or potential conflict of interest, employees must also complete form
BC3684(A), &#147;<I>Disclosure of a Conflict of Interest or Potential Conflict of Interest&#148; </I>and forward it
to the Corporate Secretary&#146;s Office at
<u>corporate.secretariat@bell.ca</u>. Form&nbsp;3684(A) is found at
attachment 2B and is also available on the Human Resources intranet web site Your Workplace; Your
Workplace Values at address: <u>http://rhr.int.bell.ca</u>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>3.3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Business Unit Responsibility</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Managers are required to ensure that all employees have access to the Code either on-line or in a
paper format if required, and that they know, understand and comply with its provisions. To this
end, they should ensure that all employees review the <B>Code annually and comply with the annual
review process outlined </B>above.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>3.4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Board of Directors, Corporate Governance Committee and the Audit Committee</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors, with the recommendation of the Corporate Governance Committee, has the
authority to approve this policy. In addition, the Corporate Secretary&#146;s Office in conjunction
with Internal Audit, report quarterly to the Audit Committee on the number and scope of issues
brought via the Business Conduct Help Line.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>3.5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Corporate Secretary&#146;s Office</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporate Secretary&#146;s Office has the responsibility of administering the Code and managing the
Business Conduct Help Line, securing annual certification of all executives and members of the
Board of Directors under the Code, addressing conflict of interest issues and ensuring compliance
by all Business Units.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>APPENDICES</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>4.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Supporting procedures</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Code of Business Conduct annual review is included in the annual performance process. These
procedures are located in the Career &#038; Development Centre at <U>https://bce.technomedia.ca/</U> under
Objective Performance.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>4.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reference to Attachments</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attachment 1A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of the Members of the Boards of Directors of BCE Inc. and Bell Canada
and executives under the Code of Business Conduct;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attachment 2A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;BC 3684 &#151; Employee Annual Record of Review</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attachment 2B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;BC 3684A &#151; Disclosure of Conflict of Interest or Potential Conflict of Interest</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attachment 3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Additional Resources</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">General Circulars (GC)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Circulars provide detail for adherence to Bell policies, standards and
procedures. They can be ordered through Xerox by faxing your request to
1-418-692-0011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Code of Fair
Information Practices
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>Corporate Policies &#038; Ethics Program</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Canadian <BR>
Competition Law <BR>
Compliance Handbook
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Published by the Bell Law Department; available on the Human Resources intranet site
at link: <U>Code of Business Conduct</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Corporate Security
Policies and
Practices
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>Corporate Policies &#038; Ethics
Program</U> and the <U>Corporate Security Website</U></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Attachment 1A:</B>
</DIV>


<DIV style="width: 100%; border: 1px solid black; padding: 11px; margin-top: 6pt">
<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>CERTIFICATION OF DIRECTORS AND EXECUTIVES<BR>
UNDER THE CODE OF BUSINESS CONDUCT</B>
</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Boards of Directors of BCE Inc. and Bell Canada (in each case, the &#147;Company&#148;) and our
shareholders, expect all Directors and executives of the Company to follow the highest possible
standards of honest and ethical conduct and to encourage and promote a culture in which ethical
business conduct is recognized, valued and exemplified.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I certify that I have reviewed, understand and follow the Bell Canada Code of Business Conduct (the
&#147;Code&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, I support the setting of standards needed to discourage wrongdoing and to promote:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>honest and ethical conduct, including the ethical handling of actual or apparent conflicts
of interest between personal and professional relationships,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>full, fair, accurate and timely disclosure in reports and documents that the Company files
with, or submits to, securities regulators and in other public communications made by the
Company,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance with laws, rules and regulations of federal, provincial, state or local
governments, and other relevant private and public regulatory agencies in all jurisdictions in
which the Company operates,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prompt reporting of all material violations of the Code to the Chair of the Audit Committee
of the Board of Directors of the Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the best of my knowledge and ability, I will act in good faith, responsibly, with due care,
competence and diligence, without misrepresenting material facts or allowing my independent
judgement to be compromised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I acknowledge that I am accountable for following the Code and the responsibilities I have under
it. I also acknowledge that complying with the Code is a condition of my employment. If I do not
comply with it or applicable laws, rules or regulations, I may be subject to disciplinary measures,
which could include dismissal from the Company.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&#169; Bell Canada 2009. All Rights Reserved.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">28</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



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


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




<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Attachment 2A:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Form&nbsp;BC 3684</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employee Annual Record of Review</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Family name
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Given names
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Employee number</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Policy on conflict of interest
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees owe their first business allegiance to the Company, and therefore they must remain free
of interests or relationships which are harmful or detrimental to the Company&#146;s best interests.
Employees should avoid not only a real conflict of interest, but also the appearance of one which
could tarnish their own or the Company&#146;s image. Even though it is not always possible to avoid
relationships that could place you in a position of potential conflict, it is important to inform
your manager and avoid actions or decisions that would conflict with the Company&#146;s interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Conflict of interest can lead to disciplinary action, even to dismissal and/or prosecution. If you
are in doubt, you should discuss your specific situation with your manager, who will then advise
you as to the position of the Company with respect to the matter.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have reviewed and fully understand Bell Canada&#146;s &#147;Code of Business Conduct&#148; including the section
on Conflict of Interest. I have reported to my manager any relationship or other circumstances
that do or could place me in conflict with the interests of the Company. Any new situations will
be reported as they occur. I hereby certify that I have no real or potential conflict of interest,
except what is noted on Form&nbsp;BC 3684A. BC 3684A, Declaration of conflict of interest or potential
conflict of interest form is available as Attachment 2B of this Code.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Employee Signature
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Immediate Manager Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note to immediate Manager: This form is to be completed and signed each year and retained in
employee&#146;s personnel file.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&#169; Bell Canada 2009. All Rights Reserved.
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

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

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




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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Attachment 2B:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Form&nbsp;BC 3684A</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Disclosure of Conflict of Interest or Potential Conflict of Interest</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note to immediate manager: </B>Please file original in employee&#146;s personnel file. A copy should also
be sent to the Corporate Secretary&#146;s Office at <u>corporate.secretariat@bell.ca</u>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Family name
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Given names
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Employee number</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I am directly or indirectly involved in other business or employment, which may give rise to
or is at present in conflict with, or potential conflict with, the best interests of the
Company:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have direct or indirect investment, business involvements or relationships, which may give
rise to or is at present in conflict with, or potential conflict with, the best interests of
the Company:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


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

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

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Manager&#146;s signature:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Organization code:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Organization code:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phone number:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phone number:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&#169; Bell Canada 2009. All Rights Reserved.
</DIV>

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

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

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


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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Attachment 3:</B>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any questions regarding the issues raised in this document or any questions on the
Code, speak to your manager or call the Business Conduct Help Line at
<U>https://www.clearviewconnects.com/</U> or by calling <B>1-866-298-2942 </B>(toll free).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you wish to report <U>any</U> unethical or illegal behaviour such as corporate fraud, or to
raise any concerns regarding the Company&#146;s accounting, internal accounting controls or auditing
matters call the Business Conduct Help Line at <U>https://www.clearviewconnects.com/</U> or by
calling <B>1-866-298-2942 </B>(toll free).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may also contact the following resources:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The <u>Code of Business Conduct</u> or for additional information (forms, training) access the
Human Resources Intranet site at <U>http://rhr.int.bell.ca</U> (HR Policies &#151; Workplace)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Industrial Relations Consultants at <u>http://rhr.int.bell.ca</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><u>Corporate Security Website</u>:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Life-threatening emergencies call 911</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss or theft of company assets, internal fraud, criminal activity, property damage,
unauthorized disclosure of Confidential information, known failures in security safeguards,
malfunctioning doors and locks, emergency conditions and service impacting situations are
to be reported to Corporate Security 1-866-714-0911 or <u>security@bell.ca</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Computer security incidents, Virus, worms, spam or phishing using Bell&#146;s name, any other
computer or data network attacks, weaknesses in security systems, and unexplained systems
changes are to be reported to the CSD 1-888-920-8888 or <u>security@bell.ca</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Significant facility or utility interruptions, surveillance, control systems or any
service failures that impact the telecommunication network are to be reported to
1-888-570-1091</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Emergency Response System (non life-threatening emergencies) at <B>1-866-714-0911 </B>or at
<U>http://eop.qc.bell.ca</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corporate Responsibility at <B>1-877-235-5368 or </B><u>responsibility@bell.ca</u>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Enviro-Line Bell (environmental issues) at <B>1-877-235-5368 </B>or at
<u>http://enviro.int.bell.ca/Default.aspx?NavID=5&#038;CultureCode=en-CA</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Branding and Identity Line at <B>(514)&nbsp;870-2347 </B>or at <u>info.branding@bell.ca</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intellectual Property Policy Group at <u>http://mtrlpqdc990-d11/ip-group.intranet.bell.ca/</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><u>Corporate Secretary&#146;s Office web site</u> or at 514-786-8424</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Occupational Health and Safety at (<B>514) 870-5848</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Office of the Bell Privacy Ombudsman for Customer related privacy issues at <u>privacy@bell.ca</u>
or for additional privacy related information visit:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>External Privacy link on <u>www.bell.ca</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Internal Privacy related information on the Regulatory Website at
<u>http://portmid.bellnet.bell.ca/portal/page/portal/BCE_RA/HOME_PAGE/RegulatoryAffairs</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Privacy in the Workplace for Employees is available at link: <u>Privacy, Human Rights &#038;
Diversity</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Bell employees</B><br>
In Ontario, E-mail: privacy.coordinator@bell.ca<br>
In Qu&#233;bec, E-mail: coord.rens.pers@bell.ca</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Bell Mobility employees</B><BR>
E-mail: <u>Coordonateur-protectiondesrenseignementspersonnels@mobility.com</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Bell ExpressVu employees</B><BR>
E-mail: privacycoordinator@expressvu.com</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&#169; Bell Canada 2009. All Rights Reserved.
</DIV>

<P align="right" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

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

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


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



</TABLE>
</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>5. POLICY OR PRACTICE DETAILS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISSUING BU
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Law &#038; Regulatory Department</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">POLICY SPONSOR
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice-President and Chief Legal &#038; Regulatory Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">POLICY OWNER
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Secretary&#146;s Office</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PRIMARY CONTACT
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Secretary&#146;s Office</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">REQUIRED APPROVALS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Board of Directors, Corporate Governance Committee, Corporate Secretary</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISSUE DATE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1995</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">EFFECTIVE DATE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">REVIEW CYCLE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Annually</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Required Policy or Practice management elements checklist
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MONITORING COMPLIANCE PROCESSES DEFINED
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COMMUNICATION PLAN COMPLETE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COMMUNICATION MATERIALS COMPLETE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TRAINING PLAN COMPLETE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Revision history
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">CHANGE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">DATE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">OWNER</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">CHANGED BY</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VERSION</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">DESCRIPTION</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1995
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joan Grass
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joan Grass
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">first release</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1998
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joan Grass
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joan Grass
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">first update</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joan Grass
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joan Grass
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">second update</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2002
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joan Grass
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joan Grass
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">third update</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2003
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joan Grass
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joan Grass
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">annual update</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joan Grass
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joan Grass
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">annual update</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2005
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David Wolinsky
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joan Grass
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">conversion of Code to PMF
compliant template format</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2005
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David Wolinsky
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David Wolinsky
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">annual update</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2006
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David Wolinsky
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David Wolinsky
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Changes to references to new
Business Conduct Help Line and
annual update</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2008
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alain Dussault
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alain Dussault
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Changes to reflect 100 Day Plan</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alain Dussault
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alain Dussault
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">annual update</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&#169; Bell Canada 2009. All Rights Reserved.
</DIV>

<P align="right" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
