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<SEC-DOCUMENT>0000718940-10-000005.txt : 20100317
<SEC-HEADER>0000718940-10-000005.hdr.sgml : 20100317
<ACCEPTANCE-DATETIME>20100317104350
ACCESSION NUMBER:		0000718940-10-000005
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20100317
FILED AS OF DATE:		20100317
DATE AS OF CHANGE:		20100317

FILER:

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

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08481
		FILM NUMBER:		10687791

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BELL CANADA ENTERPRISES INC
		DATE OF NAME CHANGE:	19880111
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>form40f_ann09.htm
<DESCRIPTION>FORM 40-F
<TEXT>

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

</HEAD>

<BODY bgcolor="#ffffff">



<font size="2"></font>

<P align="center">
<B>UNITED STATES <br>
SECURITIES AND EXCHANGE COMMISSION<br>
WASHINGTON, D.C. 20549 </B></P>
<P align="center">
<B>FORM 40-F </B></P>
<div align="center">
	<table border="0" width="75%" cellpadding="0" style="border-collapse: collapse" id="table1">
		<tr>
			<td width="3%" style="border: 1px solid #000000">&nbsp;</td>
			<td width="3%">&nbsp;</td>
			<td width="94%" valign="top">
			<P align="left">
<B>REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT
OF 1934&nbsp; </B></P></td>
		</tr>
		<tr>
			<td width="3%">&nbsp;</td>
			<td width="3%">&nbsp;</td>
			<td width="94%" valign="top">
			<p align="center"><B><br>
			OR<br>
&nbsp;</B></td>
		</tr>
		<tr>
			<td width="3%" style="border: 1px solid #000000">
			<p align="center">X</td>
			<td width="3%">&nbsp;</td>
			<td width="94%" valign="top">
<P align="left">
<B>ANNUAL REPORT PURSUANT TO SECTION 13(A) OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
</B></P></td>
		</tr>
	</table>
</div>
<p align="left">&nbsp;</p>
<div align="center">
<TABLE border=0 width="75%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="50%">
<FONT size=2>For the fiscal year ended: </FONT><B><FONT size=2>&nbsp; December 31, 2009</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="50%">
<p align="right">
<FONT size=2>Commission File Number: </FONT><B><FONT size=2>&nbsp; 1-8481</FONT></B><font size="2">
</font>
	</TD>
</TR>
</TABLE></div>
&nbsp;<P align="center">
<B>BCE INC. </B><I><font size="2"><br>
(Exact name of Registrant as specified in its charter) </font> </I></P>
<P align="center">
<B>Canada </B><I><font size="2"><br>
(Province or other jurisdiction of incorporation or organization) </font> </I></P>
<P align="center">
<B>4813 </B><I><font size="2"><br>
(Primary Standard Industrial Classification Code Number (if applicable)) </font> </I></P>
<P align="center">
<B>98-0134477 </B><I><font size="2"><br>
(I.R.S. Employer Identification Number (if applicable)) </font> </I></P>
<P align="center">
<B>1, carrefour Alexander-Graham-Bell, Building A, 8<SUP>th</SUP> Floor, <br>
Verdun, Qu&eacute;bec, Canada H3E 3B3, (514) 870-8777 </B><I><font size="2"><br>
(Address and telephone number of Registrant&#146;s principal executive offices)
</font> </I></P>
<P align="center">
<B>CT Corporation System, 111 Eighth Avenue, 13th Floor, New York, N.Y. 10011, (212) 894-8940 </B>
<I><font size="2"><br>
(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)
</font> </I></P>
<P align="center">
<font size="2">Copies of all correspondence should be sent to: </font> </P>
<table border="0" width="75%" cellpadding="0" style="border-collapse: collapse" id="table2">
	<tr>
		<td width="50%" valign="top"><font size="2">Ildo Ricciuto <BR>
Assistant General Counsel, <BR>
Financings and Compliance <BR>
BCE Inc. <BR>
1, carrefour Alexander-Graham-Bell <BR>
Building A, 7<SUP>th</SUP> Floor <BR>
Verdun, Qu&eacute;bec H3E 3B3 <BR>
Canada <BR>
Tel: (514) 786-3931 </font></td>
		<td width="50%" valign="top"><font size="2">Donald R. Crawshaw <BR>
Sullivan &amp; Cromwell LLP <BR>
125 Broad Street <BR>
New York, New York 10004-2498 <BR>
Tel: (212) 558-4000 </font></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

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




<font size="2"></font>

<P align="center">
<font size="2">Securities registered pursuant to Section 12(b) of the Act:
</font> </P>
<div align="center">
<TABLE border=0 width="75%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=center width="50%">
<FONT size=2>Title of each class </FONT><B><FONT size=2><br>
Common shares</FONT></B><font size="2"> </font>
	</TD>
	<TD align=center width="50%">
<FONT size=2>Name of each exchange on which registered </FONT><B><FONT size=2>
<br>
New York Stock Exchange</FONT></B><font size="2"> </font>
	</TD>
</TR>
</TABLE></div>
<font size="2"><BR>
</font>
<P align="center">
<font size="2">Securities registered pursuant to Section 12(g) of the Act: <B>&nbsp; None</B>
</font> </P>
<P align="left">
<font size="2">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: <B>&nbsp; None</B>
</font> </P>
<P align="left">
<font size="2">For annual reports, indicate by check mark the information filed with this form:
</font> </P>
<div align="center">
<TABLE border=0 width="75%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="3%" style="border: 1px solid #000000">
<p align="center">X</TD>
	<TD align=left width="47%">
<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; Annual Information Form </FONT>
	</TD>
	<TD width="3%" style="border: 1px solid #000000">
<p align="center">X</TD>
	<TD align=left width="47%">
<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; Audited Annual Financial Statements </FONT>
	</TD>
</TR>
</TABLE></div>
<font size="2"><BR>
</font>
<P align="left">
<font size="2">Indicate the number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of the close of the period covered by the annual report:
</font> </P>
<div align="center">
<TABLE border=0 width="50%" cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Common Shares </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>767,180,429 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>First Preferred Shares </FONT>
	</TD>
	<TD align=left width="30%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series R </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>8,000,000 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series S </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>2,279,791 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series T </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>5,720,209 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series Y </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>8,126,330 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series Z </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>1,873,670 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series AA </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>10,081,586 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series AB </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>9,918,414 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series AC </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>9,244,555 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series AD </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>10,755,445 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series AE </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>1,914,218 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series AF </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>14,085,782 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series AG </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>10,051,751 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series AH </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>3,948,249 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2>Series AI </FONT>
	</TD>
	<TD align=right width="30%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>14,000,000 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2>Total First Preferred Shares </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2>110,000,000 </FONT>
	</TD>
</TR>
</TABLE></div>
<font size="2"><BR>
</font>
<P align="left">
<font size="2">Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the <I>Exchange Act</I> during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports); and (2) has been subject to such filing requirements for the past 90 days.
</font> </P>
<div align="center">
	<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table3">
		<tr>
			<td width="30%">
			<p align="right">YES:</td>
			<td width="2%">&nbsp;</td>
			<td width="5%" style="border: 1px solid #000000">
			<p align="center">X</td>
			<td width="26%">&nbsp;</td>
			<td width="30%">
			<p align="right">NO:</td>
			<td width="2%">&nbsp;</td>
			<td width="5%" style="border: 1px solid #000000">&nbsp;</td>
		</tr>
	</table>
</div>
<P align="center" style="margin-bottom: 0">
<font size="2">&nbsp; 2</font></P>

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




<font size="2"></font>

<P align="center">
<B>PRIOR FILINGS MODIFIED AND SUPERSEDED </B></P>
<P align="left">
<font size="2">The annual report on Form 40-F of BCE Inc. (&#147;BCE&#148;) for the year ended December 31, 2009, at the time of filing with the U.S. Securities and Exchange Commission (the &#147;SEC&#148; or &#147;Commission&#148;), modifies and supersedes all
prior documents filed pursuant to Sections 13, 14 and 15(d) of the <I>Exchange Act</I> for purposes of any offers or sales of any securities after the date of such filing pursuant to any registration statement or prospectus filed pursuant to the
<I>Securities Act of 1933</I> which incorporates by reference such annual report on Form 40-F.
</font> </P>
<P align="center">
<B>ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND <br>
MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></P>
<P align="left">
<B>A. Annual Audited Consolidated Financial Statements </B></P>
<P align="left">
<font size="2">For the BCE annual audited consolidated financial statements for the year ended December 31, 2009 (the &#147;BCE 2009 Financial Statements&#148;), see pages 82 to 122 of the BCE 2009 Annual Report to Shareholders (the &#147;BCE 2009 Annual
Report&#148;), which BCE 2009 Financial Statements are contained in Exhibit 99.2 and are incorporated herein by reference.
</font> </P>
<P align="left">
<B>B. Management&#146;s Discussion and Analysis </B></P>
<P align="left">
<font size="2">For the BCE management&#146;s discussion and analysis of financial condition and results of operations for the year ended December 31, 2009 (the &#147;BCE 2009 MD&amp;A&#148;), see pages 18 to 79 and page 123 of the BCE 2009 Annual Report, which BCE
2009 MD&amp;A is contained in Exhibit 99.2 and is incorporated herein by reference.
</font> </P>
<P align="center">
<B>RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP </B></P>
<P align="left">
<font size="2">Refer to the document entitled &#147;Reconciliation of Canadian GAAP to United States GAAP&#148; reconciling the significant differences between Canadian and United States generally accepted accounting principles attached hereto as Exhibit 99.5,
which is incorporated herein by reference, and to the external auditors&#146; report with respect thereto attached hereto as Exhibit 99.6, which is also incorporated herein by reference.
</font> </P>
<P align="center">
<B>DISCLOSURE CONTROLS AND PROCEDURES </B></P>
<P align="left">
<font size="2">Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us is recorded, processed, summarized and reported within the time periods specified under Canadian and U.S. securities
laws and include controls and procedures that are designed to ensure that the information is accumulated and communicated to management, including BCE Inc.&#146;s President and Chief Executive Officer (CEO) and Executive Vice-President and Chief
Financial Officer (CFO), to allow timely decisions regarding required disclosure.
</font> </P>
<P align="left">
<font size="2">As of December 31, 2009, management evaluated, under the supervision and with the participation of the CEO and the CFO, the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the <I>U.S. Securities Exchange
Act of 1934 </I>and under <I>National Instrument 52-109 &#150; Certification of Disclosure in Issuers&#146; Annual and Interim Filings. </I>The CEO and CFO have limited the scope of their design and evaluation of our disclosure controls and
procedures to exclude the disclosure controls and procedures of BCE Inc.&#146;s wholly-owned subsidiary The Source (Bell) Electronics Inc. (The Source). We acquired the assets held by The Source on July 1, 2009. The Source&#146;s contribution to our
consolidated financial statements for the year ended December 31, 2009 was less than 2% of consolidated revenues and less than 1% of consolidated earnings. Additionally, at December 31, 2009, The Source&#146;s current assets and current liabilities
were 7% and 2% of consolidated current assets and current liabilities, respectively, and its long-term assets and long-term liabilities were both less than 1% of consolidated long-term assets and long-term liabilities. Further details related to
acquisitions are disclosed in Note 13 entitled &#147;Goodwill&#148; of the BCE 2009 Financial
</font> </P>

<P align="center" style="margin-bottom: 0">
<font size="2">3</font></P>

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




<font size="2"></font>

<P align="left">
<font size="2">Statements contained in Exhibit 99.2 (which Note is incorporated by reference in this annual report on Form 40-F).
</font> </P>
<P align="left">
<font size="2">Based on that evaluation, which excluded The Source&#146;s disclosure controls and procedures, the CEO and CFO concluded that our disclosure controls and procedures were effective as of December 31, 2009.
</font> </P>
<P align="center">
<B>INTERNAL CONTROL OVER FINANCIAL REPORTING </B></P>
<P align="left">
<B>A. Management&#146;s report on internal control over financial reporting
</B></P>
<P align="left">
<font size="2">The report of BCE&#146;s management entitled &#147;Management&#146;s Report On Internal Control Over Financial Reporting&#148; appearing at page 80 of the BCE 2009 Annual Report, which report is contained in Exhibit 99.3, is incorporated herein by
reference. </font> </P>
<P align="left">
<B>B. Auditors&#146; report on internal control over financial reporting
</B></P>
<P align="left">
<font size="2">The report of BCE&#146;s external auditors concerning BCE&#146;s internal control over financial reporting appearing at page 81 of the BCE 2009 Annual Report, which report is contained in Exhibit 99.3, is incorporated herein by reference.</font></P>
<P align="left">
<B>C. Changes in internal control over financial reporting </B></P>
<P align="left">
<font size="2">No changes were made in our internal control over financial reporting during the year ended December 31, 2009 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
</font> </P>
<P align="center">
<B>STATEMENT REGARDING CONTROLS AND PROCEDURES </B></P>
<P align="left">
<font size="2">There can be no assurance that our disclosure controls and procedures will detect or uncover all failures to disclose all material information otherwise required to be set forth in our disclosure. Furthermore, a control system, no matter how well
designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation. Accordingly, BCE does not expect that BCE&#146;s internal control over financial
reporting will prevent or detect all errors and all fraud. BCE will continue to periodically review its disclosure controls and procedures and internal control over financial reporting and may make modifications from time to time as considered
necessary or desirable. </font> </P>
<P align="center">
<B>AUDIT COMMITTEE FINANCIAL EXPERT </B></P>
<P align="left">
<font size="2">In respect of the current members of the Audit Committee, the board determined that at least one of the members, being the current Chair of the Audit Committee, Mr. P.R. Weiss, is qualified as an &#147;audit committee financial expert&#148;, and that all
members of the audit committee are independent under the listing standards of the New York Stock Exchange.
</font> </P>
<P align="center">
<B>CODE OF ETHICS </B></P>
<P align="left">
<font size="2">All employees, directors and officers must follow Bell Canada&#146;s Code of Business Conduct (the &#147;Code of Conduct&#148;), which provides guidelines for ethical behaviour.  The Code of Conduct includes additional guidelines for executive
officers, including the CEO, CFO, Controller and Treasurer. The Code of Conduct is available in the governance section of BCE&#146;s website at <U>www.bce.ca</U>.
</font> </P>

<P align="center" style="margin-bottom: 0">
<font size="2">4</font></P>

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




<P align="center">
<B>PRINCIPAL ACCOUNTANT FEES AND SERVICES </B></P>
<P align="left">
<B>External auditors&#146; fees</B> </P>
<P align="left">
<font size="2">The table below shows the fees that BCE&#146;s external auditors, Deloitte &amp; Touche LLP, billed to BCE and its subsidiaries for various services in each of the past two fiscal years. Audit fees increased in 2009 due to services related to the
changeover to International Financial Reporting Standards and the review of securities offering documents. All other fees relate to BCE&#146;s program for compliance with the Payment Card Industry Data Security Standard.</font><B><font size="2">
</font> </B></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width=32% style="border: 1px solid #000000">
&nbsp;</TD>
	<TD align=center width=38% style="border: 1px solid #000000">
<FONT size=2>2009 <br>
(in $ millions) </FONT>
	</TD>
	<TD align=center width=25% style="border: 1px solid #000000">
<FONT size=2>2008<br>
(in &#36; millions) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% style="border:1px solid #000000; ">
<FONT size=2>Audit fees</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=center width=38% style="border:1px solid #000000; ">
<FONT size=2>&#36;9.2 </FONT>
	</TD>
	<TD align=center width=25% style="border:1px solid #000000; ">
<FONT size=2>&#36;8.4 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% style="border:1px solid #000000; ">
<FONT size=2>Audit-related fees</FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=center width=38% style="border:1px solid #000000; ">
<FONT size=2>&#36;3.0 </FONT>
	</TD>
	<TD align=center width=25% style="border:1px solid #000000; ">
<FONT size=2>&#36;3.2 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% style="border:1px solid #000000; ">
<FONT size=2>Tax fees</FONT><SUP><FONT size=2>(3)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=center width=38% style="border:1px solid #000000; ">
<FONT size=2>&#36;0.7 </FONT>
	</TD>
	<TD align=center width=25% style="border:1px solid #000000; ">
<FONT size=2>&#36;0.8 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% style="border:1px solid #000000; ">
<FONT size=2>All other fees</FONT><SUP><FONT size=2>(4)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=center width=38% style="border:1px solid #000000; ">
<FONT size=2>&#36;1.0 </FONT>
	</TD>
	<TD align=center width=25% style="border:1px solid #000000; ">
<FONT size=2>&#36;0.3 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% style="border:1px solid #000000; ">
<FONT size=2>Total </FONT>
	</TD>
	<TD align=center width=38% style="border:1px solid #000000; ">
<FONT size=2>&#36;13.9</FONT><SUP><FONT size=2>(5)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=center width=25% style="border:1px solid #000000; ">
<FONT size=2>&#36;12.7</FONT><SUP><FONT size=2>(5)</FONT></SUP><font size="2">
</font>
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table4">
	<tr>
		<td width="2%" valign="top"><font size="2">(1)</font></td>
		<td width="98%" valign="top">
		<P align="left">
<font size="2">These fees include professional services provided by the external auditors for statutory audits of the annual financial statements, the audit of the effectiveness of internal control over financial reporting, the review of interim financial
statements,<B> </B>the review of financial accounting and reporting matters, the review of securities offering documents, other regulatory audits and filings and translation services.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">(2)</font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">These fees relate to non-statutory audits, due diligence and the review of financial accounting and reporting matters.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">(3)</font></td>
		<td width="98%" valign="top"><font size="2">These fees include professional services for tax compliance, tax advice and assistance with tax audits and appeals.
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">(4)</font></td>
		<td width="98%" valign="top"><font size="2">These fees include any other fees for permitted services not included in any of the above-stated categories. In 2009 and 2008, the fees are solely for services related to compliance with the Payment Card Industry Data Security Standard.
		<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">(5)</font></td>
		<td width="98%" valign="top"><font size="2">The amounts of &#36;13.9 million for 2009 and &#36;12.7 million for 2008 reflect fees billed in those fiscal years without taking into account the year to which those services relate. Total fees for services provided for each fiscal year
amounted to &#36;12.8 million in 2009 and &#36;11.8 million in 2008. </font>
		</td>
	</tr>
</table>
<P align="left">
<B>Auditor Independence Policy</B> </P>
<P align="left">
<font size="2">BCE&#146;s Auditor Independence Policy is a comprehensive policy governing all aspects of BCE&#146;s relationship with the external auditors, including:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">establishing a process for determining whether various audit and other services provided by the external auditors affect their independence;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">identifying the services that the external auditors may and may not provide to BCE and its subsidiaries;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">pre-approving all services to be provided by the external auditors of BCE and its subsidiaries; and
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">establishing a process outlining procedures when hiring current or former personnel of the external auditors in a financial oversight role to ensure auditor independence is maintained.
	</font></P></li>
</ul>

<P align="center" style="margin-bottom: 0">
<font size="2">5</font></P>

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




<P align="left">
<font size="2">In particular, the policy specifies that:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">the external auditors cannot be hired to provide any services falling within the prohibited services category, such as bookkeeping, financial information system design and implementation and legal services;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">for all audit or non-audit services falling within the permitted services category (such as prospectus work, due diligence and non-statutory audits), a request for approval must be submitted to the audit committee prior to engaging the external
auditors; </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">specific permitted services however are pre-approved annually and quarterly by the audit committee and consequently only require approval by the CFO prior to engaging the external auditors; and
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">at each regularly scheduled audit committee meeting, a consolidated summary of all fees paid to the external auditors by service type is presented. This summary includes a breakout of fees incurred within the pre-approved amounts.
	</font></P></li>
</ul>
<P align="left">
<font size="2">The Auditor Independence Policy is available in the governance section of BCE&#146;s website at www.bce.ca.
</font> </P>
<P align="left">
<font size="2">In 2008 and 2009, BCE&#146;s audit committee did not approve any audit-related, tax or other services pursuant to paragraph (c) (7) (i) (C) of Rule 2-01 of Regulation S-X.</font></P>
<P align="center">
<B>OFF-BALANCE SHEET ARRANGEMENTS </B></P>
<P align="left">
<font size="2">Please see the section entitled &#147;Off-Balance Sheet Arrangements&#148; at page 54 of the BCE 2009 MD&amp;A contained in Exhibit 99.2 (which section is incorporated by reference in this annual report on Form 40-F), and Note 9 entitled
&#147;Accounts Receivable&#148; and Note 25 entitled &#147;Guarantees&#148; of the BCE 2009 Financial Statements contained in Exhibit 99.2 (which Notes are incorporated by reference in this annual report on Form 40-F), for a discussion of
off-balance sheet arrangements. </font> </P>
<P align="center">
<B>TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS </B></P>
<P align="left">
<font size="2">Please see the section entitled &#147;Contractual Obligations&#148; at page 54 of the BCE 2009 MD&amp;A contained in Exhibit 99.2 (which section is incorporated by reference in this annual report on Form 40-F), for a tabular disclosure and
discussion of contractual obligations. </font> </P>
<P align="center">
<B>IDENTIFICATION OF THE AUDIT COMMITTEE </B></P>
<P align="left">
<font size="2">BCE has a separately designated standing audit committee established in accordance with section 3(a)(58) (A) of the <I>Exchange Act</I>. BCE&#146;s audit committee is comprised of four independent members: Mr. P.R. Weiss (Chair), Mr. A.
B&eacute;rard, Mr. A.S. Fell, and Mr. V.L. Young.</font><B><font size="2">
</font> </B></P>
<P align="center">
<B>UNDERTAKING </B></P>
<P align="left">
<font size="2">BCE undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities in
relation to which the obligation to file this annual report on Form 40-F arises; or transactions in said securities.
</font> </P>
<P align="center" style="margin-bottom: 0">
<font size="2">6</font></P>

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




<P align="center">
<B>WEBSITE INFORMATION </B></P>
<P align="left">
<font size="2">Notwithstanding any reference to BCE&#146;s website or other websites on the World Wide Web in this annual report on Form 40-F or in the documents attached as Exhibits hereto, the information contained in BCE&#146;s
website or any other site on the World Wide Web referred to in this annual report on Form 40-F or in the documents attached as Exhibits hereto, or referred to in BCE&#146;s website, is not a part of this annual report on Form 40-F and, therefore, is
not filed with the Commission.
</font> </P>
<P align="center">
<B>STATEMENT REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P align="left">
<font size="2">BCE has made in the documents filed as part of this annual report on Form 40-F, and from time to time may otherwise make, forward-looking statements and related assumptions concerning its operations, economic performance and financial matters.
Except as may be required by Canadian securities laws, BCE does not undertake any obligation to update or revise any of these forward-looking statements or related assumptions whether as a result of new information, future events or otherwise.
Actual results or events could differ materially from those set forth in, or implied by, the forward-looking statements and the related assumptions due to a variety of risk factors. Reference is made to the various risk factors discussed throughout
the BCE 2009 MD&amp;A, contained in Exhibit 99.2, including, in particular, to the risk factors discussed in the sections of the BCE 2009 MD&amp;A entitled &#147;About Forward-Looking Statements&#148;, &#147;Our Competitive Environment&#148;,
&#147;Our Regulatory Environment&#148; and &#147;Risks that Could Affect Our Business and Results&#148;. Reference is also hereby made to the various assumptions discussed throughout the BCE 2009 MD&amp;A, including, in particular, to the
assumptions discussed in the section of the BCE 2009 MD&amp;A entitled &#147;Business Outlook and Assumptions&#148;.
</font> </P>
<P align="center">
<B>SUMMARY OF SIGNIFICANT DIFFERENCES FROM NYSE CORPORATE GOVERNANCE RULES
</B></P>
<P align="left">
<font size="2">A summary of significant differences between corporate governance practices followed by BCE and corporate governance practices required to be followed by U.S. domestic companies under the New York Stock Exchange&#146;s Listing Standards (disclosure
required by section 303A.11 of the NYSE Listed Company Manual) is available in the governance section of BCE&#146;s website at <U>www.bce.ca</U>.
</font> </P>

<P align="center" style="margin-bottom: 0">
<font size="2">7</font></P>

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




<P align="center">
<b>SIGNATURES </b></P>
<P align="left">
<font size="2">Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.
</font>
</P>
<div align="right">
	<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table5">
		<tr>
			<td width="100%" colspan="2">
			<P align="left">
<B>BCE Inc. <br>
<font size="2">&nbsp;</font></B></P></td>
		</tr>
		<tr>
			<td width="8%">
<font size="2">By:</font></td>
			<td width="92%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
			<font size="2"><I>(signed) Siim A. Vanaselja</I> </font> </td>
		</tr>
		<tr>
			<td width="8%">&nbsp;</td>
			<td width="92%"><font size="2">Siim A. Vanaselja <BR>
Executive Vice-President and Chief <BR>
Financial Officer <br>
&nbsp;</font></td>
		</tr>
		<tr>
			<td width="100%" colspan="2">
<font size="2">Date: March 17, 2010 </font> </td>
		</tr>
	</table>
</div>
<P align="center">
&nbsp;</P>

<P align="center" style="margin-bottom: 0">
<font size="2">8</font></P>

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




<P align="center">
<B>LIST OF EXHIBITS <br>
TO FORM 40-F </B></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table6">
	<tr>
		<td width="85%" valign="top">
		<P align="left">
<font size="2">Annual Information Form of BCE Inc. for the year ended December 31, 2009
<br>
&nbsp;</font></P></td>
		<td width="15%" valign="top">
		<P align="right">
<font size="2">Exhibit 99.1</font></P></td>
	</tr>
	<tr>
		<td width="85%" valign="top">
<font size="2">Annual audited consolidated financial statements of BCE Inc. for
		the year ended December 31, 2009 and the related management&#146;s discussion
		and analysis of financial condition and results of operations <br>
&nbsp;</font></td>
		<td width="15%" valign="top">
<P align="right">
<font size="2">Exhibit 99.2
</font> </P></td>
	</tr>
	<tr>
		<td width="85%" valign="top">
		<P align="left">
<font size="2">Reports of BCE Inc.&#146;s management and of BCE Inc.&#146;s external auditors concerning internal control over financial reporting
<br>
&nbsp;</font></P></td>
		<td width="15%" valign="top" align="right"><font size="2">Exhibit 99.3</font></td>
	</tr>
	<tr>
		<td width="85%" valign="top">
<P align="left">
<font size="2">Consent of Independent Registered Chartered Accountants <br>
&nbsp;</font></P></td>
		<td width="15%" valign="top" align="right">
<font size="2">Exhibit 99.4</font></td>
	</tr>
	<tr>
		<td width="85%" valign="top">
<P align="left">
<font size="2">Reconciliation of Canadian GAAP to United States GAAP <br>
&nbsp;</font></P></td>
		<td width="15%" valign="top" align="right">
<font size="2">Exhibit 99.5</font></td>
	</tr>
	<tr>
		<td width="85%" valign="top">
<P align="left">
<font size="2">Report of Independent Registered Chartered Accountants on Reconciliation of Canadian GAAP to United States GAAP
<br>
&nbsp;</font></P></td>
		<td width="15%" valign="top" align="right">
<font size="2">Exhibit 99.6</font></td>
	</tr>
	<tr>
		<td width="85%" valign="top">
<P align="left">
<font size="2">Certifications of the Chief Executive Officer and the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
<br>
&nbsp;</font></P></td>
		<td width="15%" valign="top" align="right">
<font size="2">Exhibit 99.31</font></td>
	</tr>
	<tr>
		<td width="85%" valign="top">
<P align="left">
<font size="2">Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
</font> </P></td>
		<td width="15%" valign="top" align="right">
<font size="2">Exhibit 99.32</font></td>
	</tr>
</table>




<font size="2"></font>




<font size="2"></font>

<P align="center" style="margin-bottom: 0">
&nbsp;</P>
<P align="center" style="margin-bottom: 0">
<font size="2">9</font></P>

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




</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>aif_ann09.htm
<DESCRIPTION>ANNUAL INFORMATION FORM OF BCE INC. FOR THE YEAR ENDED DECEMBER 31, 2009
<TEXT>

<HTML>
<HEAD>
   <TITLE>BCE - 2009 Annual Information Form </TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<BODY bgcolor="#ffffff">



<font face="Arial" size="2">




</font>

<P align="right">
<b><font face="Arial" size="2">Exhibit 99.1</font></b></P>
<P align="center">
<img border="0" src="aif_cover.jpg" width="1000" height="492"></P>
<P align="center">
&nbsp;</P>
<P align="center">
&nbsp;</P>
<P align="center">
<font face="Arial" size="2">
<font color="#0065A4"><B>BCE&nbsp;INC.</B></font><BR>
<BR>
For the year ended December&nbsp;31,&nbsp;2009<BR>
March&nbsp;11,&nbsp;2010</font></P>

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




<P align="left">
<font face="Arial" size="2">In this annual information form, we, us, our, company and BCE&#160;mean BCE&#160;Inc., its subsidiaries and joint ventures. Bell&#160;Canada is, unless otherwise indicated, referred to herein as Bell, and comprises our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments. Bell&nbsp;Aliant means Bell&nbsp;Aliant Regional Communications Income Fund and its subsidiaries.</font></P>
<P align="left">
<font face="Arial" size="2">All dollar figures are in Canadian dollars, unless stated otherwise. The information in this annual information form is as of March&nbsp;11,&nbsp;2010, unless stated otherwise, and except for information in documents incorporated by reference that have a
different date.</font></P>

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




<P align="left">
<font face="Arial">
<B>Table of Contents</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="50%">
&nbsp;</TD>
	<TD align=right width="20%">
<font face="Arial" size="1">ANNUAL<br>
INFORMATION<br>
FORM
	</font>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="28%">
<FONT size=1 face="Arial">PARTS OF MANAGEMENT&#146;S DISCUSSION<br>
&amp; ANALYSIS AND FINANCIAL STATEMENTS<br>
INCORPORATED BY REFERENCE<br>
(REFERENCE TO PAGES OF BCE&#160;INC.<br>
2009 ANNUAL REPORT) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="50%" align="left">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Caution Regarding Forward-Looking Statements </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<FONT size=2 face="Arial">28-30; 55-69 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Corporate Structure </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Incorporation and Registered Offices </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Subsidiaries </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Description of Our Business </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">General Summary </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">19-24; 30-31 </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Strategic Imperatives </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<FONT size=2 face="Arial">24-27 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Our Competitive Strengths </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Marketing and Distribution Channels </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Our Networks </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">10 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<FONT size=2 face="Arial">28-30; 55-69 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Our Employees </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">12 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<FONT size=2 face="Arial">24 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Corporate Responsibility </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Competitive Environment </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">15 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<FONT size=2 face="Arial">55-58 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Regulatory Environment </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">15 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">58-63&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">General Development of Our Business </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Three-Year History </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Key Transactions </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">17 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Our Capital Structure </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">BCE&#160;Inc. Securities </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<FONT size=2 face="Arial">58-63; 109-111 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&#160;Canada Debt Securities </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Ratings for BCE&#160;Inc. and Bell&#160;Canada Securities </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Ratings for Bell&#160;Canada Debt Securities </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Ratings for BCE&#160;Inc. Preferred Shares </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Outlook </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">21 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<FONT size=2 face="Arial">51-52 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">General Explanation </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">21 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Explanation of Rating Categories Received for our Securities </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Market for our Securities </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">23 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Trading of our Securities </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">23 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Our Dividend Policy </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">26 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Our Directors and Executive Officers </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Directors </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Executive Officers </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">29 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Directors&#146; and Executive Officers&#146; Share Ownership </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">30 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Legal Proceedings </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">31 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Lawsuits Related to BCE&#160;Inc. </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">31 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Lawsuits Related to Bell&#160;Canada </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">32 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Lawsuits Related to Teleglobe&#160;Inc. </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">35 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">37 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest of Management and Others in Material Transactions </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">38 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Experts </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">38 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Transfer Agent and Registrar </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">38 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">For More Information </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">39 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Documents You Can Request </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">39 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other Information About BCE&#160;Inc. </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">39 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Schedule 1 &#150; Audit Committee Information </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">40 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Schedule 1A &#150; Audit Committee Charter </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">43 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Schedule 2 &#150; Glossary </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">48 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Schedule 3 &#150; Trademarks </FONT>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>&nbsp;<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
<b>3</b></font></p>

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




<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table1">
	<tr>
		<td bgcolor="#808080">
		<P align="left">
<font face="Arial" size="4" color="#FFFFFF">
<B>Caution Regarding Forward-Looking Statements</B></font></P></td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">Certain statements made in this annual information form including, but not limited to, statements relating to BCE&#160;Inc.&#146;s dividend policy, our fibre-optic deployment plans, our plan to introduce Internet protocol television (IPTV) in the
course of&nbsp;2010, and other statements that are not historical facts, such as our objectives, plans and strategic priorities, are forward-looking statements. A statement we make is forward-looking when it uses what we know and expect today to make a
statement about the future. Forward-looking statements may include words such as <I>aim, anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, project, seek, should, strategy, strive, target
</I>and<I> will</I>. All such forward-looking statements are made pursuant to the &#145;safe harbour&#146; provisions of applicable Canadian securities laws and of the <I>United States Private Securities Litigation Reform Act of 1995</I>.
</font> </P>
<P align="left">
<font face="Arial" size="2">
<B>Unless otherwise indicated by us, forward-looking statements in this annual information form describe our expectations at March&#160;11,&#160;2010 and, accordingly, are subject to change after such date</B>. Except as may be required by Canadian
securities laws, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
</font> </P>
<P align="left">
<font face="Arial" size="2">Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results or events could differ materially from our expectations
expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking
statements are provided in this annual information form for the purpose of giving information about management&#146;s current strategic priorities, expectations and plans and allowing investors and others to get a better understanding of our
operating environment. Readers are cautioned, however, that such information may not be appropriate for other purposes.</font></P>
<P align="left">
<font face="Arial" size="2">Forward-looking statements made in this annual information form are based on a number of assumptions that we believed were reasonable on March&nbsp;11,&nbsp;2010. Refer, in particular, to the section of BCE&#160;Inc.&#146;s&nbsp;2009 management&#146;s discussion
and analysis (BCE&#160;2009 MD&amp;A) entitled <I>Business Outlook and Assumptions</I> at pages
28 to 30 of the BCE&#160;Inc.&nbsp;2009 annual report (BCE&#160;2009 Annual&#160;Report), for a discussion of certain key economic, market and operational assumptions we have used in making forward-looking statements, which section is incorporated by reference herein.
</font> </P>
<P align="left">
<font face="Arial" size="2">Important factors that could cause actual results or events to differ materially from those expressed in or implied by the above-mentioned forward-looking statements and other forward-looking statements contained in this annual information form
include, but are not limited to: the intensity of competitive activity, including the increase in wireless competitive activity that is expected to result from Industry&nbsp;Canada&#146;s licensing of advanced wireless services (AWS) spectrum to new
wireless entrants, and the resulting impact on our ability to retain existing, and attract new, customers, and on our pricing strategies and financial results; general economic and financial market conditions, the level of consumer confidence and
spending, and the demand for, and prices of, our products and services; our ability to implement our strategies and plans in order to produce the expected benefits; our ability to continue to implement our cost reduction initiatives and contain
capital intensity while seeking to improve customer service; our ability to respond to technological changes and rapidly offer new products and services; increased contributions to employee benefit plans; events affecting the functionality of, and
our ability to protect, maintain and replace, our networks, information technology systems and software; events affecting the ability of third-party suppliers to provide to us essential products and services; the quality of our network and customer
equipment and the extent to which they may be subject to manufacturing defects; labour disruptions; the potential adverse effects on our Internet and wireless businesses of the significant increase in broadband demand; our ability to raise the
capital we need to implement our business plan, including for BCE&nbsp;Inc.&#146;s share buy-back program and dividend payments and to fund capital and other expenditures and generally meet our financial obligations; our ability to discontinue certain
traditional services as necessary to improve capital and operating efficiencies; regulatory initiatives or proceedings, litigation and changes in laws or regulations; launch and in-orbit risks of satellites used by Bell&nbsp;ExpressVu Limited Partnership
(Bell&nbsp;TV); competition from unregulated U.S. direct-to-home (DTH) satellite television services sold illegally in&nbsp;Canada and the theft of our satellite television services; BCE&#160;Inc.&#146;s dependence on the ability of its subsidiaries, joint
ventures and other companies in which it has an interest to pay dividends and make other distributions; there can be no certainty that dividends will be declared by BCE&#160;Inc.&#146;s board of directors or that BCE&#160;Inc.&#146;s dividend policy
will be maintained; stock market volatility; our ability to maintain customer service and our networks operational in the event of the occurrence of epidemics, pandemics and other health risks; health concerns about radio frequency emissions from
wireless devices; and loss of key employees.</font></P>

<p style="margin-bottom: 0" align="left">
<font face="Arial" size="1"><b>4&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<P align="left">
<font face="Arial" size="2">These and other risk factors that could cause actual results or events to differ materially from our expectations expressed in or implied by our forward-looking statements are discussed throughout this annual information form and the BCE&#160;2009
MD&amp;A and, in particular, in the sections entitled <I>Our Competitive Environment, Our Regulatory Environment</I> and <I>Risks that Could Affect Our Business and Results</I>, in the BCE&#160;2009 MD&amp;A, at pages
55 to 58, pages 58 to 63 and pages 63 to 69, respectively, of the BCE&#160;2009 Annual Report, which sections are incorporated by reference herein.</font></P>
<P align="left">
<font face="Arial" size="2">We caution readers that the risks described above are not the only ones that could impact us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our
business, financial condition or results of operations.</font></P>
<P align="left">
<font face="Arial" size="2">Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other
transactions that may be announced or that may occur after March&nbsp;11,&nbsp;2010. The financial impact of these transactions and non-recurring and other special items can be complex and depends on the facts particular to each of them. We therefore cannot
describe the expected impact in a meaningful way or in the same way we present known risks affecting our business.</font></P>

<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
</font><b><font face="Arial" size="1">5</font></b></p>

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




<p style="margin-bottom: 0; margin-top:0" align="right">&nbsp;</p>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table2">
	<tr>
		<td bgcolor="#808080">
		<P align="left">
<font face="Arial" size="4" color="#FFFFFF">
<B>Corporate Structure</B></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial">
<B>INCORPORATION AND REGISTERED OFFICES</B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&#160;Inc. was incorporated in 1970 and was continued under the <I>Canada Business Corporations Act </I>in 1979. It is governed by a&#160;certificate and articles of amalgamation dated August&nbsp;1, 2004, by a certificate and articles of arrangement
dated July&nbsp;10,&nbsp;2006 and by a certificate and articles of amendment dated January&nbsp;25,&nbsp;2007. BCE&#160;Inc.&#146;s head and registered offices are at 1 Carrefour Alexander-Graham-Bell, Building A, 8th Floor, Verdun, Qu&eacute;bec H3E 3B3.
</font> </P>
<P align="left">
<font face="Arial">
<B>SUBSIDIARIES</B></font></P>
<P align="left">
<font face="Arial" size="2">The table below shows BCE&#160;Inc.&#146;s main subsidiaries, where they are incorporated or registered, and the percentage of voting and non-voting securities that BCE&#160;Inc. beneficially owns or directly or indirectly exercises control or
direction over. BCE&#160;Inc. has other subsidiaries, but they have not been included in the table because each represents 10% or less of our total consolidated assets and 10% or less of our total consolidated operating revenues. These other
subsidiaries together represented 20% or less of our total consolidated assets and 20% or less of our total consolidated operating revenues at December&nbsp;31,&nbsp;2009.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="36%">
<FONT size=1 face="Arial">SUBSIDIARY </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=1 face="Arial">WHERE IS IT INCORPORATED<br>
OR REGISTERED </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="30%">
<FONT size=1 face="Arial">PERCENTAGE OF VOTING SECURITIES THAT<br>
BCE&#160;INC. HELD AT DECEMBER 31,&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="2%">
<p align="left"><font face="Arial">
<SUP><FONT size=1>(1)</FONT></SUP></font><font size="1"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="36%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<FONT size=2 face="Arial">Bell&#160;Canada </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2 face="Arial">Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="30%">
<FONT size=2 face="Arial">100 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">%</FONT><font size="1"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<FONT size=2 face="Arial">Bell&nbsp;Mobility&#160;Inc. (Bell&nbsp;Mobility) </FONT>
	</TD>
	<TD align=right width="30%">
<FONT size=2 face="Arial">Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="30%">
<FONT size=2 face="Arial">100 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">%</FONT><font size="1"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="5">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE><font size="1">&nbsp;</font><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table3">
	<tr>
		<td width="2%">
<font face="Arial" size="1">
		(1)</font></td>
		<td width="98%">
<P align="left">
<font face="Arial" size="1">
BCE&#160;Inc. does not own any outstanding non-voting securities issued by these subsidiaries.</font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">As at December&nbsp;31,&nbsp;2009, BCE&#160;Inc. also owned 44.1% of the voting securities of Bell&nbsp;Aliant on a fully-diluted basis. For so long as BCE&#160;Inc. owns a 30% or greater interest in Bell&nbsp;Aliant and provided that certain major commercial
agreements are in place, BCE&#160;Inc. has the right to appoint a majority of the directors and to nominate a majority of the trustees of Bell&nbsp;Aliant. For so long as BCE&#160;Inc. owns a 20% or greater interest in Bell&nbsp;Aliant, BCE&#160;Inc. also has
the ability to veto certain actions of Bell&nbsp;Aliant (business plans, significant corporate transactions, material changes in business, leverage in excess of 2.5 times debt to earnings before interest, taxes, depreciation and amortization,
appointment and change of chief executive officer and entering into material commercial agreements with our competitors).
</font> </P>

<p style="margin-bottom: 0" align="left">
<font face="Arial" size="1"><b>6&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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<p style="margin-bottom: 0; margin-top:0" align="left">&nbsp;</p>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table4">
	<tr>
		<td bgcolor="#808080">

<P align="left">
<font face="Arial" size="4" color="#FFFFFF">
<B>Description of Our Business</B></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial">
<B>GENERAL SUMMARY</B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&nbsp;is&nbsp;Canada&#146;s largest communications company. We are a comprehensive provider of wireline voice and wireless communications services, Internet access, data services and video services to residential, business and wholesale customers. In&nbsp;2009,
we reported the results of our operations in three segments: Bell&nbsp;Wireline, Bell&nbsp;Wireless and Bell&nbsp;Aliant. Bell, which encompasses our core operations, is the largest local exchange carrier in Ontario and Qu&eacute;bec, and is comprised of our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments. We also own a 44.1% interest in, and control, Bell&nbsp;Aliant, the incumbent carrier in&nbsp;Canada&#146;s Atlantic Provinces and in rural and regional areas of Ontario and Qu&eacute;bec.
</font> </P>
<P align="left">
<font face="Arial" size="2">In addition to our operating segments we also hold minority equity interests in CTVglobemedia&#160;Inc. (CTVglobemedia), Skyterra Communications&#160;Inc. (DTC:SKYT.OB) and entities that operate the Montr&eacute;al Canadiens Hockey Club and the Bell&nbsp;Centre. </font> </P>
<P align="left">
<font face="Arial" size="2">For the year ended December&nbsp;31,&nbsp;2009, we generated consolidated operating revenues of &#36;17,735&nbsp;million and consolidated operating income of &#36;3,191&nbsp;million.</font></P>
<P align="left">
<font face="Arial" size="2">The table below shows the operating revenues that each segment contributed to total operating revenues for the years ended December&nbsp;31,&nbsp;2009 and&nbsp;2008.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px"><b>
<font face="Arial" size="1">&nbsp;
	</font>
	</b>
	</TD>
	<TD align=left width="22%" colspan="5">
<p align="right"><FONT size=1 face="Arial">OPERATING REVENUES (IN $ MILLIONS </FONT>
	</TD>
	<TD align=right width="2%">
<p align="left"><FONT size=1 face="Arial">)</FONT><b><font size="1"> </font></b>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%" valign="bottom">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px"><FONT size=1 face="Arial">SEGMENT </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=1>2009 </FONT></B></font>
	</TD>
	<TD width=2%>
<b>
<font face="Arial" size="1">&nbsp;	</font>	</b>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008<B> </B></FONT>
	</TD>
	<TD width=2%>
<b>
<font face="Arial" size="1">&nbsp;	</font>	</b>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=right width="2%">
<b><font size="1">&nbsp;</font></b></TD>
</TR>
<TR>
	<TD colspan=7 width="64%" valign="bottom">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Wireline </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>10,666</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,640 </FONT>
	</TD>
	<TD width=2% align="left">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.2 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Wireless </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>4,558</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,479 </FONT>
	</TD>
	<TD width=2% align="left">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.8 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>(204</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial">
<B><FONT size=2>)</FONT></B></font><font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(248 </FONT>
	</TD>
	<TD width=2% align="left">
<FONT size=2 face="Arial">)&nbsp;	</FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17.7 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;</FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>15,020</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,871 </FONT>
	</TD>
	<TD width=2% align="left">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.0 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>3,174</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,297 </FONT>
	</TD>
	<TD width=2% align="left">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3.7 </FONT>
	</TD>
	<TD align=center width="2%">
<p align="left">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>(459</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial">
<B><FONT size=2>)</FONT></B></font><font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(507 </FONT>
	</TD>
	<TD width=2% align="left">
<FONT size=2 face="Arial">)&nbsp;	</FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9.5 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%" valign="bottom">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total Operating Revenues </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>17,735</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,661 </FONT>
	</TD>
	<TD width=2% align="left">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.4 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" colspan="7">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE><P align="left">
<font face="Arial" size="2">Some of our segments&#146; revenues vary slightly by season. For more information, refer to the section entitled <I>2009 Operating Highlights </I>in the BCE&nbsp;2009 MD&amp;A, at pages
30 to 31 of the BCE&nbsp;2009 Annual Report, which section is incorporated by reference herein.</font></P>
<P align="left">
<font face="Arial" size="2">Additional information regarding our business operations and the products and services we provide can be found in the section
entitled <I>About Our Business </I>in the BCE&#160;2009 MD&amp;A, at pages 19 to
24 of the BCE&#160;2009 Annual Report, which section is incorporated by reference herein.</font></P>
<P align="left">
<font face="Arial">
<B>STRATEGIC IMPERATIVES</B></font></P>
<P align="left">
<font face="Arial" size="2">Our goal is to be recognized by customers as&nbsp;Canada&#146;s leading communications company. Our primary business objective is to maximize subscribers, revenues, operating profit, free cash flow and return on invested capital by further enhancing our
position as a foremost provider of comprehensive communication services to residential and business customers. We seek to take advantage of opportunities to leverage our networks, infrastructure, sales channels, and brand and marketing resources
across our various lines of business to create value for both our customers and other stakeholders.
</font> </P>
<P align="left">
<font face="Arial" size="2">Our strategy to deliver a better customer experience at every level is enabled by our five strategic imperatives:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Improve Customer Service</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Accelerate Wireless</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Leverage Wireline Momentum</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Invest in Broadband Networks and Services</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Achieve a Competitive Cost Structure</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">Additional information regarding our strategic imperatives can be found in the section entitled <I>Strategic Imperatives </I>in the
BCE&#160;2009 MD&amp;A, at pages 24 to 27 of the BCE&#160;2009 Annual Report, which section is incorporated by reference herein.</font></P><p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
<b>7</b></font></p>

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




<P align="left">
<font face="Arial">
<B>OUR COMPETITIVE STRENGTHS</B></font></P>
<P align="left">
<font face="Arial">
<B>Canada&#146;s Largest Communications Company</B></font></P>
<P align="left">
<font face="Arial" size="2">We are&nbsp;Canada&#146;s largest communications company offering a broad scope of products and services:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">We are the largest local exchange carrier in&nbsp;Canada. We operate an extensive local network in the urban areas of Ontario and Qu&eacute;bec, including in the greater metropolitan areas of Toronto and Montr&eacute;al, the two most populous
cities in the country. We offer a complete suite of wireline voice, wireless communication, Internet access, data and video product and service offerings for residential and business customers;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Bell&nbsp;operates 6.9&nbsp;million network access lines principally in Ontario and Qu&eacute;bec, for both residential and business customers and holds a 62% and 76% share of lines in the residential and business wireline voice market segments,
respectively, at December&#160;31,&nbsp;2009, in our incumbent territories;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">We are the second largest wireless operator in&nbsp;Canada based on the number of subscribers, providing more than 6.8&nbsp;million subscribers with nationwide wireless service at December&nbsp;31,&nbsp;2009;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">We are the largest digital television provider in&nbsp;Canada, nationally distributing more than 500 all-digital video and audio channels to over 1.9&nbsp;million subscribers at December&nbsp;31,&nbsp;2009 through our DTH satellite platform, Bell&nbsp;TV;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">We are the largest Internet service provider in&nbsp;Canada, providing over 2.0&nbsp;million customers at December&nbsp;31,&nbsp;2009 with Internet access through digital subscriber line (DSL), fibre-optic or wireless broadband;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Our Business Markets unit is a consistent market leader in serving the communications needs of Canadian businesses; and</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Bell&nbsp;Aliant, the incumbent local exchange carrier in Atlantic&nbsp;Canada and rural parts of Ontario and Qu&eacute;bec, operates approximately 2.9&nbsp;million network access lines at December&nbsp;31,&nbsp;2009.</font></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">Our large customer base and our ability to sell
through a variety of distribution channels, as discussed in more detail under <i>
Marketing and Distribution Channels</i>, are key competitive advantages.</font></P>
<P align="left">
<font face="Arial">
<B>Strong Operating Momentum in Wireless</B></font></P>
<P align="left">
<font face="Arial" size="2">Our wireless segment provides wireless services over a national network that is available to virtually all Canadians. We provide a full range of wireless services to residential and business customers through our portfolio of targeted brands,
including Bell, Solo Mobile and Virgin Mobile.</font></P>
<P align="left">
<font face="Arial" size="2">Wireless is a key growth segment for Bell&#160;Canada and we have established strategic priorities seeking to further enhance our offerings. Bell&nbsp;is focused on capturing an increasing share of new wireless customers through growing points of
presence, improved sales execution and increased value-added service offerings. We also believe our priorities for improved customer experience at all touch points, enhanced network quality and data speeds, and an expanded handset offering should
improve our ability to attract and maintain wireless customers. With the launch of a national high-speed packet access (HSPA)/HSPA+ network (the&#160;HSPA/HSPA+ network) in November&nbsp;2009, we have confirmed our position as the Canadian wireless
provider delivering the broadest range of choice in wireless smartphones and North American and international coverage. Furthermore, our acquisition of substantially all of the assets of national electronics retailer <I>The Source by Circuit
City</I> and its 750 retail stores nationally, gives us an increased presence in&nbsp;Canada&#146;s highest-traffic mall locations and effectively increases the number of places where customers can buy Bell&nbsp;products and services. We also believe that
full ownership of Virgin Mobile&nbsp;Canada (Virgin) enhances our competitive market position by allowing us to compete more effectively with the Canadian industry&#146;s other flanker brands.</font></P>
<P align="left">
<font face="Arial">
<B>Incumbent Service Provider with Market Leadership Position</B></font></P>
<P align="left">
<font face="Arial" size="2">We are the largest local exchange carrier in&nbsp;Canada, with a 62% and 76% share of lines in the residential and business wireline voice market segments, respectively, in Ontario and Qu&eacute;bec at December&nbsp;31,&nbsp;2009. Our market leadership position
represents the foundation for the other products and services we offer, providing us with a significant number of established customer connections that we can leverage to drive uptake of new products and services, either through bundled offerings or
on a stand-alone basis, and to improve customer retention.</font></P>
<P align="left">
<font face="Arial" size="2">Our long-standing ownership of our DTH satellite TV business sets us apart from other incumbent Canadian telecom providers that largely rely on resale agreements to provide video service. Our Business Markets unit is also a consistent market-leading
performer having established relationships with a majority of&nbsp;Canada&#146;s 800 largest corporations. Our Business Markets unit has demonstrated growth and improving profitability and, when combined with the success of our Internet and video
services, helps drive overall performance for Bell.</font></P>

<p style="margin-bottom: 0" align="left">
<b><font face="Arial" size="1">8</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<P align="left">
<font face="Arial" size="2">In the last few years, the number of residential line losses has slowed, year over year, due in part to regulatory changes that have substantially improved our ability to compete, on-going retention efforts, increased penetration of service bundles
and better overall service execution.</font></P>
<P align="left">
<font face="Arial">
<B>MARKETING AND DISTRIBUTION CHANNELS</B></font></P>
<P align="left">
<font face="Arial" size="2">The guiding principle driving our marketing strategy is to offer our clients the ultimate in reliable, simple and accessible telecommunications services. In doing so, our objective is to enhance customer retention and loyalty through multiple
service&#160;offerings.</font></P>
<P align="left">
<font face="Arial" size="2">Through the Bell&nbsp;Bundle, which combines wireline local voice and long distance, high-speed Internet, TV and wireless services, our goal is to use a quadruple play product offering to achieve competitive differentiation by offering a premium,
integrated set of services that provides customers more freedom, flexibility and choice. We also make use of limited-time promotional offers featuring discounted rate plans, special rates on wireless handsets and video receivers, as well as other
incentives, to stimulate customer acquisition and winbacks or to respond to competitive pressures in our markets. Very often, our promotional offers are structured around particular events, including the residential moving season, the back-to-school
period, and the December&nbsp;holiday season. Another key component of our pricing strategy is to minimize re-price, particularly in our legacy business, in order to preserve margins and optimize cash flow. We also look for opportunities within our
various product lines to implement price changes to reflect the value of the services we offer to our customers.</font></P>
<P align="left">
<font face="Arial" size="2">We focus our marketing efforts on a coordinated program of television, print, radio, Internet, outdoor signage, direct mail and point-of-sale media promotions. We engage in mass-market advertising in order to maintain our brand and support direct
and indirect distribution channels. Coordinated marketing efforts throughout our service area ensure that our marketing message is presented consistently across all of our markets. Promoting the Bell&nbsp;brand is complemented by the company&#146;s other
brand marketing efforts, reinforcing the awareness of all our services and capitalizing on the size and breadth of our customer base across all product lines.</font></P>
<P align="left">
<font face="Arial" size="2">The Bell&nbsp;brand plays a key role in product positioning. Our branding is straightforward and benefit-focused, and directly supports our strategy of delivering a better customer experience at every level.
</font> </P>
<P align="left">
<font face="Arial" size="2">Specifically for wireless, acquiring and retaining high-value postpaid subscribers is a key marketing focus, as we leverage our network advantage and suite of leading-edge devices and services to drive higher usage and increased adoption of data
services. We subsidize the sale of wireless handsets &#150; a practice also used by other Canadian wireless operators. Research has shown that a key driver of customer acquisition is handset selection and style. This factor is important as handset
life cycles shorten. Our current wireless device portfolio includes many leading-edge handsets, some launched as exclusive to Bell. As the Canadian wireless market further matures and competition intensifies as a result of Industry&nbsp;Canada&#146;s
licensing of AWS spectrum to new entrants, customer retention is becoming increasingly important. Accordingly, we employ customer retention initiatives aimed at increasing our customers&#146; level of satisfaction and loyalty.</font></P>
<P align="left">
<font face="Arial" size="2">Our acquisition on July&nbsp;1,&nbsp;2009, of substantially all of the assets of national electronics retailer <I>The Source by Circuit City</I>, which are now held by Bell&#160;Canada&#146;s wholly-owned subsidiary The Source (Bell) Electronics&#160;Inc.
(The Source), is adding 750 retail stores, most of them in high-traffic mall locations, increasing Bell&#146;s national distribution footprint.</font></P>
<P align="left">
<font face="Arial" size="2">Bell&nbsp;delivers its products and services to residential customers through:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">a network of corporate and dealer-owned Bell, Bell&nbsp;Mobility, Solo Mobile and Virgin Mobile retail locations;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">The Source&#146;s 750 retail locations;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">national retailers such as Future Shop, Best Buy, Wal-Mart, Wireless Wave, T-Booth, Wireless Etc., Loblaws and a network of regional and independent retailers in all regions;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">call centre representatives; and </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the bell.ca
website.</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">Residential customers can buy all or some of Bell&#146;s products and services through the call centres, retail stores, sales representatives and our web portals.</font></P>
<P align="left">
<font face="Arial" size="2">Bell&nbsp;also offers customers the convenience of &#147;One Bill&#148; for Home Phone, Internet, video and wireless services with a single point of contact.</font></P>

<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
</font><b><font face="Arial" size="1">9</font></b></p>

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




<P align="left">
<font face="Arial" size="2">Communications products and services, other than wireless, for Bell&#146;s business customers are delivered by the Bell&nbsp;Business Markets unit. Products and solutions are sold to mass and mid-sized business customers through web portals, call
centres, dedicated sales representatives, as well as select value-added resellers. We intend to continue to differentiate ourselves in the marketplace by enhancing our customer service levels and our offer breadth by introducing unique fee-based
service offerings in the market.</font></P>
<P align="left">
<font face="Arial" size="2">Communications products and services, other than wireless, for Bell&#146;s large business customers are also delivered by the Bell&#160;Business Markets unit. Products and solutions are sold through our call centres and dedicated sales
representatives. Much of the procurement of our customers in this segment is completed through competitive bids that we win. In addition to basic communications services, the large enterprise group bundles products, services and professional
services into fully managed, end-to-end, information and technology business solutions for its customers. It also partners with third parties to bid on and sell complex business solutions. We are focusing on increasing the number of customers and
the breadth of business solutions sold to these customers. The solutions offer more value and strengthen relationships with customers, thus helping to reduce churn.</font></P>
<P align="left">
<font face="Arial" size="2">Bell&#146;s wireless products and services are delivered to business customers by Bell&nbsp;Mobility through the same channels as those previously described for Bell&nbsp;Mobility services with respect to residential customers. In addition, Bell&#146;s
business customers are served by Bell&#146;s nationwide sales team responsible for the sale of wireless products and services to business customers as well as the execution of sales contracts.</font></P>
<P align="left">
<font face="Arial" size="2">Communications products and services for Bell&#146;s wholesale business are delivered by Bell&#146;s Wholesale unit. They are sold through our dedicated sales representatives, web portals and call centres.</font></P>
<P align="left">
<font face="Arial" size="2">Bell&nbsp;Aliant sells its products and services through call centre representatives, independent dealer stores (certain of which are full service and certain of which sell small and medium-sized business products), value-added resellers and the Bell&nbsp;Aliant website, www.bell.aliant.ca. In addition to these channels, Bell&nbsp;Aliant sells products and services to larger business customers through dedicated sales representatives and competitive bids. As well, Bell&nbsp;Aliant facilitates customer payments
through numerous payment agencies in New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador. During&nbsp;2009, Bell&#160;Aliant continued to implement measures to simplify and improve various types of customer interactions.</font></P>
<P align="left">
<font face="Arial">
<B>OUR NETWORKS</B></font></P>
<P align="left">
<font face="Arial" size="2">The telecommunications industry is evolving rapidly as the industry continues to move from multiple service-specific networks to Internet protocol (IP)-based integrated communications networks where voice, data and video traffic all travel on a
single network. Bell&nbsp;and Bell&nbsp;Aliant continue to work with key vendor partners to expand their national multi-services IP-enabled networks.</font></P>
<P align="left">
<font face="Arial" size="2">Bell&#146;s communications networks provide wireline and wireless, voice, data and video services to customers across&nbsp;Canada.</font></P>
<P align="left">
<font face="Arial" size="2">Bell&#146;s infrastructure includes:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">national transport networks for voice, data and video traffic, including Internet traffic;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">urban and rural access networks and infrastructures for delivering services to customers (for example, very high-speed digital subscriber line (VDSL) access networks for the delivery of video services); and
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">national wireless networks
that provide voice, data and video services.</font></P></li>
</ul>
<P align="left">
<font face="Arial">
<B>Wireline</B></font></P>
<P align="left">
<font face="Arial" size="2">Our national voice and data network consists of an optical fibre network, with built-in redundancy and fault protection. It reaches all major Canadian metropolitan centres, as well as New York, Chicago, Washington/Ashburn, Buffalo, San
Francisco/Palo Alto and Seattle in the United States.</font></P>
<P align="left">
<font face="Arial" size="2">Bell&#146;s networks in major Canadian cities provide state-of-the-art high-speed access at gigabit speeds based on IP technology. Bell&nbsp;and Bell&nbsp;Aliant operate a national IP/multi-protocol label switching (MPLS) network with international gateways
to the rest of the world. This network delivers next generation, business grade Internet protocol virtual private network (IPVPN) services that connect our customers&#146; offices and data centres throughout&nbsp;Canada and around the world. The IPVPN
service is the foundation platform required for the delivery of information and communications technology solutions that add value and efficiencies to customers&#146; businesses. These technology solutions include voice over Internet protocol
(VoIP)/IP Telephony, IP videoconferencing, IP call centre applications and other future IP-based applications. In addition, Bell&nbsp;and Bell&nbsp;Aliant maintain extensive copper and voice-switching networks that provide traditional local and interexchange
voice and data services to all business and residential customers in Ontario, Qu&eacute;bec and the Atlantic provinces.</font></P>

<p style="margin-bottom: 0" align="left">
<b><font face="Arial" size="1">10</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<P align="left">
<font face="Arial" size="2">Since 2004, Bell&nbsp;has been upgrading the access infrastructure by deploying fibre closer to its residential customers using fibre-to-the-node (FTTN) technology. In parallel, Bell&nbsp;has also been deploying high-speed fibre access directly to new
condominiums and other multiple-dwelling units (MDUs), throughout the Qu&eacute;bec-Windsor corridor under a fibre-to-the-building (FTTB) initiative.</font></P>
<P align="left">
<font face="Arial" size="2">On February&nbsp;4,&nbsp;2010, Bell&#160;Canada announced several initiatives supporting its strategic imperative to invest in broadband networks and services.</font></P>
<P align="left">
<font face="Arial" size="2">First, Bell&nbsp;Canada announced a three-year plan to deploy high-speed fibre-to-the-home (FTTH) technology across the Qu&eacute;bec City region. FTTH, in which optical fibre cables are used to connect each and every home, is the ideal network
architecture to address the growing needs of our customers, and to support future bandwidth-demanding IP services and applications. One of the first FTTH deployments in&nbsp;Canada, Bell&#160;Canada&#146;s Qu&eacute;bec City region initiative is the
largest city-wide FTTH rollout in the country to-date. Since the Qu&eacute;bec City region is served largely by &#147;aerial&#148; infrastructure, above-ground wiring on utility poles, these extensive fibre deployments can be accomplished much
faster and more economically than in centres with underground&#160;infrastructure.</font></P>
<P align="left">
<font face="Arial" size="2">Bell&#160;Canada also announced that it intends to deploy FTTH in all new urban and suburban housing developments in Ontario and Qu&eacute;bec beginning in the second half of&nbsp;2010. This is in addition to Bell&#160;Canada&#146;s deployment of FTTB
already under way to approximately 1,600 MDUs in Ontario and Qu&eacute;bec, which is expected to be complete by the end of&nbsp;2012.</font></P>
<P align="left">
<font face="Arial" size="2">On February&nbsp;4,&nbsp;2010, Bell&#160;Canada announced that its new Bell&nbsp;Fibe Internet service was available in the Montr&eacute;al and Greater Toronto areas, providing customers access to increased upload speeds of up to 7 megabits per second (Mbps) and
download speeds of up to 25 Mbps. Fibe Internet employs advanced tools to proactively monitor and optimize speed and offers comprehensive security features including parental controls, pop-up blocker, privacy control, Wi-Fi protection, fraud
protection and online storage.</font></P>
<P align="left">
<font face="Arial" size="2">Bell&#160;Canada currently offers IPTV service on a limited basis. On February&nbsp;4,&nbsp;2010, Bell&#160;Canada also announced that, using Bell&#160;Canada&#146;s advanced FTTN network, it intends to start offering IPTV service on a broader basis during
the course of&nbsp;2010, starting with the cities of Toronto and Montr&eacute;al. Bell&#160;Canada&#146;s IPTV service will be used as an urban complement to Bell&nbsp;TV&#146;s existing DTH service.</font></P>
<P align="left">
<font face="Arial" size="2">In 2005, Bell&nbsp;Aliant launched an IPTV service in the Halifax, Nova Scotia market, and in&nbsp;2006 continued to expand this service in St. John&#146;s, Newfoundland and Labrador, and in Moncton and Saint John, New Brunswick. This expansion continued in
2007 in Fredericton, New Brunswick. In&nbsp;2008, Bell&nbsp;Aliant continued to expand the IPTV footprint in these cities and introduced high definition (HD) capability to its IPTV service. In&nbsp;2009, Bell&nbsp;Aliant launched its personal video recorder (PVR)
service and added more HD channels.</font></P>
<P align="left">
<font face="Arial" size="2">On July&nbsp;6,&nbsp;2009, Bell&nbsp;Aliant, with the support of the Government of New Brunswick, announced a &#36;60&nbsp;million investment to fully deploy FTTH technology in Fredericton and Saint John by mid-2010. This investment will deploy an advanced broadband
network, delivered through 100% fibre-optic technology, directly to 70,000 homes and businesses, allowing Bell&nbsp;Aliant to deliver its new &#147;FibreOP&#148; branded FTTH broadband services. On February&nbsp;8,&nbsp;2010, Bell&nbsp;Aliant announced its&nbsp;2010 FibreOP
expansion plan, reporting that its FTTH network in New Brunswick would be extended to Bathurst, Miramichi, the Greater Moncton area (including Dieppe and Riverview), and the Greater Saint John area (including Rothesay, Quispamsis and Grand
Bay-Westfield). The virtually 100% aerial nature of Bell&nbsp;Aliant&#146;s network infrastructure and the relatively low population densities of these areas make the cost of FTTH and FTTN very similar in these markets.</font></P>
<P align="left">
<font face="Arial" size="2">As of the end of&nbsp;2009, Bell&nbsp;Aliant&#146;s IPTV service and other high-speed products were available to 262,000 homes in Atlantic&nbsp;Canada.</font></P>
<P align="left">
<font face="Arial" size="2">Our forward-looking statements referred to in this section relating to plans to deploy FTTH and FTTB and the anticipated launch of Bell&#146;s IPTV service assume, in particular, the availability of the required capital which, in turn, is based on
our ability to either generate cash flows from operations or raise financing. Our ability to generate cash flows from operations depends on our business performance which, in turn, is based on certain key economic, market and operational assumptions
that are discussed in the section entitled <I>Business Outlook and Assumptions </I>in the BCE&#160;2009 MD&amp;A, at pages
28 to 30 of the BCE&#160;2009 Annual Report, which section is incorporated by reference herein. Our ability to generate cash flows from operations is also subject to various risks, which could affect our business, including general economic, market, competitive, technological and
regulatory risks. Our ability to raise financing depends on our ability to access the public equity and debt capital markets and the bank credit market which, in turn, is based on prevailing market conditions and the outlook for our business and
credit ratings at the time the capital is raised. Refer to the sections entitled
<i>Our Competitive Environment, Our Regulatory Environment</i> and <I>Risks that Could Affect Our Business and Results</I>
in the BCE&nbsp;MD&amp;A, at pages 55 to 58, pages 58 to 63 and pages 63 to 69,
respectively, of the BCE&nbsp;2009 Annual Report, which sections are incorporated by
reference herein, for a description of risks that could affect our business and&nbsp;
</font> </P><p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
</font><b><font face="Arial" size="1">11</font></b></p>

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




<P align="left">
<font face="Arial" size="2">our ability to generate cash flows from operations, and to the risk entitled <I>If we are unable to raise the capital we need, we may need to limit our capital expenditures or our investments in new businesses, or try to raise capital by disposing of assets </I>for a
description of risks that could affect our ability to raise financing.</font></P>
<P align="left">
<font face="Arial">
<B>Wireless</B></font></P>
<P align="left">
<font face="Arial" size="2">Bell&#146;s wireless network consists of Bell&#146;s own wireless facilities as well as the facilities of other wireless carriers that Bell&nbsp;may access through contractual arrangements.
</font> </P>
<P align="left">
<font face="Arial" size="2">On November&nbsp;4,&nbsp;2009, we participated in the launch of the HSPA/HSPA+ network capable of delivering high-speed mobile access of up to 21 Mbps to 93% of the Canadian population and covering thousands of cities and towns in both urban and rural
locations. The HSPA/HSPA+ network supports full global roaming, as well as a wide range of new smartphones, wireless Internet sticks, and other leading-edge mobile devices. The HSPA/HSPA+ network also supports international roaming in more than 200
countries, including a preferred roaming agreement with AT&amp;T&nbsp;Inc., the largest HSPA operator in the United States. The vast majority of the site connectivity for the new HSPA/HSPA+ network was built with high-speed fibre and an all-IP
architecture for enhanced reliability. The HSPA/HSPA+ buildout leveraged our network sharing agreement with TELUS Communications Company. Each company built half of the new network&#146;s coverage across&nbsp;Canada, which reduced our overall deployment
cost and accelerated the launch of the new network. Moreover, our deployment of the new network well positions us to move to global Fourth Generation, or 4G (long-term evolution &#150; LTE), wireless in the coming years. The HSPA/HSPA+ network joins
our existing national 3G code division multiple access (CDMA)/evolution, data optimized (EVDO) network, which Bell&nbsp;currently plans to continue to operate alongside the HSPA/HSPA+ network.
</font> </P>
<P align="left">
<font face="Arial" size="2">In total, our CDMA/EVDO wireless network covers 99% of Ontario&#146;s and Qu&eacute;bec&#146;s population and approximately 97% of Atlantic&nbsp;Canada&#146;s population at December&nbsp;31,&nbsp;2009. Our wireless CDMA network also covers major cities in the
provinces of Alberta and British Columbia. In response to the proliferation of wireless data service, we continue to enhance our high-speed data, or EVDO network, launched in October&nbsp;2005. At December&nbsp;31,&nbsp;2009, Bell&#146;s EVDO network
covered approximately 90% of the Canadian population. EVDO delivers high-speed mobile services with data-rich content such as e-mail, video messaging, gaming, video conferencing, telematics and streaming entertainment.</font></P>
<P align="left">
<font face="Arial" size="2">In order to provide an expansion path for next-generation technologies and future services, we purchased new wireless licences in the AWS spectrum auction that concluded on July&nbsp;21,&nbsp;2008. We acquired 20 megahertz of spectrum in Ontario (including
Toronto and surrounding areas), in&nbsp;Canada&#146;s Atlantic Provinces, and in Northern&nbsp;Canada, as well as 10 megahertz in Qu&eacute;bec and in Western&nbsp;Canada, for a total investment of &#36;741&nbsp;million. This AWS spectrum will be utilized for 4G LTE
technology trial activities over the course of&nbsp;2010.</font></P>
<P align="left">
<font face="Arial">
<B>OUR EMPLOYEES</B></font></P>
<P align="left">
<font face="Arial" size="2">The table below shows the number of our employees as at December&nbsp;31,&nbsp;2009,&nbsp;2008 and&nbsp;2007.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px"><FONT size=1 face="Arial">NUMBER OF EMPLOYEES AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Wireline segment </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>34,599</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">32,357 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">35,748 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Wireless segment </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>7,998</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8,422 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,892 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant Segment </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>8,065</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8,757 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9,184 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total<b> </b> </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>50,662</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=center width="10%">
<p align="right">
<FONT size=2 face="Arial">49,536</FONT></TD>
	<TD width=2%>
<font face="Arial">
<SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">52,824 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
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<p style="margin-top: 0; margin-bottom: 0"><font size="1">&nbsp;</font></p>
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	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
		(1)</font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
On July&nbsp;28,&nbsp;2008, we announced a reduction in the size of our Bell&nbsp;Canada management team as part of an organizational restructuring focused on achieving a competitive cost structure. The number of management departures at
Bell&#160;Canada totalled approximately 2,500, representing approximately 6% of the total workforce or about 15% of management.</font></P>
		</td>
	</tr>
</table>
<p align="left" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-bottom: 0" align="left">
<b><font face="Arial" size="1">12</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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<P align="left">
<font face="Arial" size="2">Approximately 45% of BCE&#160;employees are represented by unions and are covered by collective agreements.</font></P>
<P align="left">
<font face="Arial" size="2">The following collective agreements were signed in&nbsp;2009 or&nbsp;2010:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">The Communications, Energy and Paperworkers&#146; Union of&nbsp;Canada (CEP) and Bell&#160;Canada signed a new collective agreement on April&nbsp;24,&nbsp;2009, covering approximately 190 operators. The new collective agreement will expire on November&nbsp;14,
2013.</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">The CEP and Bell&nbsp;Technical Solutions&nbsp;Inc. signed a new collective agreement on July&nbsp;20,&nbsp;2009, covering approximately 1,040 craft and services employees in Qu&eacute;bec. The new collective agreement will expire on May&nbsp;6, 2014.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">The CEP and Bell&nbsp;Technical Solutions&#160;Inc. signed a new collective agreement on July&nbsp;21,&nbsp;2009, covering approximately 1,720&#160;craft and services employees in Ontario. The new collective agreement will expire on May&nbsp;6, 2014.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">The CEP and Bell&#160;Canada signed a new collective agreement on January&nbsp;19,&nbsp;2010 covering approximately 7,900 clerical and associated employees. The new collective agreement will expire on May&nbsp;31,&nbsp;2013.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">The CEP and Bell&nbsp;Technical Solutions&#160;Inc. signed a new collective agreement on February&nbsp;24,&nbsp;2010 covering approximately 48&#160;clerical and associated employees in Qu&eacute;bec. The new collective agreement will expire on July&nbsp;6,
2014.</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">Bell&nbsp;Mobility was formally notified on October&nbsp;28,&nbsp;2009 that the CEP filed an application for certification to represent approximately 1,570 Bell&nbsp;Mobility client care employees working in the Mississauga region in Ontario. A&nbsp;Canada Labour Board vote
was conducted on December&nbsp;16 and 17,&nbsp;2009 where a majority of employees chose not to be represented by the CEP.</font></P>
<P align="left">
<font face="Arial" size="2">The following collective agreements will expire in&nbsp;2010:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">The collective agreement between the CEP and Bell&#160;Canada covering approximately 115 craft employees located in Western&nbsp;Canada will expire on May&nbsp;10,&nbsp;2010. Bargaining is scheduled to commence in May&nbsp;2010.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">The collective agreement between the CEP and Expertech Network Installation&#160;Inc. covering approximately 165 clerical employees will expire on November&nbsp;30,&nbsp;2010.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">The collective agreement between the CEP and Bell&#160;Canada covering approximately 770 communications sales employees will expire on December&nbsp;31,&nbsp;2010.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">In addition, negotiations with respect to a first collective agreement between the CEP and Bell&#160;Canada covering approximately 50 clerical employees located in Western&nbsp;Canada are scheduled to commence later this year.</font></P>
<P align="left">
<font face="Arial" size="2">Additional information regarding our employees can be found in the section entitled <I>About Our Business &#150; Employees</I> in the
BCE&#160;2009 MD&amp;A, at page 24 of the BCE&#160;2009 Annual Report, which section is incorporated by reference herein.</font></P>
<P align="left">
<font face="Arial">
<B>CORPORATE RESPONSIBILITY</B></font></P>
<P align="left">
<font face="Arial" size="2">We are committed to the highest standards of corporate responsibility and we seek to integrate environmental, social and economic considerations into our business decisions. We engage with stakeholders to identify opportunities to create benefits
for both society and BCE&#160;while minimizing, where we can, any negative impact our activities may generate. In line with this commitment, in&nbsp;2006, we adopted a resolution to support the United Nations Global Compact, a set of universal principles
addressing human rights, labour, environmental and anti-corruption issues.</font></P>
<P align="left">
<font face="Arial" size="2">BCE&#146;s corporate responsibility strategy and environmental risks and opportunities are overseen by the Corporate Responsibility Oversight Committee, an officer level committee chaired by the Executive Vice-President and Chief Legal and
Regulatory Officer. The committee&#146;s role is to ensure that BCE&#146;s corporate responsibility strategy is well integrated and aligned across all parts of its business, with the intent of minimizing financial and reputational risks and
maximizing business opportunities.</font></P>
<P align="left">
<font face="Arial" size="2">BCE&#160;has implemented a range of social and environmental policies which are supported by various programs and initiatives. The policies include:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Code of Business Conduct (signed by all employees)</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Bell&nbsp;Privacy Statement</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Bell&nbsp;Code of Fair Information Practices</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Environmental Policy</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Supplier Code of Conduct</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">BCE&#160;Inc. is part of socially responsible investment indices such as the Dow Jones Sustainability Index, the FTSE4 GOOD Index and the Jantzi Social Index.</font></P>

<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
</font><b><font face="Arial" size="1">13</font></b></p>

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<P align="left">
<font face="Arial" size="2">Bell&#160;Canada is an active member of the Global e-Sustainability Initiative (www.gesi.org), an international organization that promotes sustainable development in the information and communications technology (ICT) industry. Part of its
involvement includes the promotion of ICT as a solution to climate change by enabling travel reduction and dematerialization. Monitoring and reducing energy consumption is a key priority at Bell&#160;Canada because of its positive impact on the
environment and the economy. BCE&#160;was recognized in&nbsp;2009, and for a third year in a row, as a Climate Disclosure Leader by the Carbon Disclosure Project and The Conference Board of&nbsp;Canada.
</font> </P>
<P align="left">
<font face="Arial" size="2">Details of these policies, and performance of our programs and initiatives, can be found under the heading Responsibility on BCE&#160;Inc.&#146;s website at www.bce.ca.</font></P>
<P align="left">
<font face="Arial">
<B>Environment</B></font></P>
<P align="left">
<font face="Arial" size="2">On November&nbsp;2, 2004, BCE&#160;Inc. adopted an environmental policy that affirms: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">our commitment to environmental protection;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">our belief that environmental protection is an integral part of doing business, and needs to be managed systematically under a continuous improvement process.
	</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">The policy contains principles that support our goal, varying from exercising due diligence to meet or exceed the environmental legislation that applies to us, to prevent pollution and promote cost-effective initiatives that minimize resources and
waste.</font></P>
<P align="left">
<font face="Arial" size="2">We have instructed subsidiaries subject to this policy to support these principles, and have established a management-level committee to oversee the implementation of the policy.</font></P>
<P align="left">
<font face="Arial" size="2">Bell&#160;Canada monitors its operations to seek to ensure that it complies with environmental requirements and standards, and takes action to prevent and correct problems, when needed. It has had an environmental management and review system in
place since 1993, that:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">provides early warning of potential problems;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">identifies management and cost-saving opportunities;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">establishes a course of action; </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">ensures ongoing improvement through regular monitoring and
reporting.</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">On April&nbsp;14,&nbsp;2009, Bell&#160;Canada obtained the ISO 14001 certification for its environmental management system (Registration number: EMS 545955). The certification covers all of Bell&#160;Canada&#146;s businesses including landline, wireless,
television and Internet services in addition to related administrative functions.</font></P>
<P align="left">
<font face="Arial" size="2">One of its key tools is the corporate environmental action plan, which outlines the environmental activities of Bell&#160;Canada&#146;s various business units. The plan identifies funding requirements, accountabilities and deliverables, and monitors
Bell&#160;Canada&#146;s progress in meeting its objectives. </font> </P>
<P align="left">
<font face="Arial" size="2">For the year ended December&nbsp;31,&nbsp;2009, Bell&#160;Canada spent &#36;15.7&nbsp;million on environmental activities, 51% of this was expensed and 49% was for capital expenditures. For&nbsp;2010, Bell&#160;Canada has budgeted &#36;17.6&nbsp;million (42.3% for expenses
and 57.7% for capital expenditures) to seek to ensure that its environmental policy is applied properly and its environmental risks are minimized.</font></P>
<P align="left">
<font face="Arial" size="2">Bell&nbsp;Aliant adopted a comprehensive environmental policy for Atlantic&nbsp;Canada that was updated in&nbsp;2006 which affirms its goal to work to create a sustainable future by integrating long-term economic, environmental and social considerations into the
way the business is operated. The policy provides for the identification of activities and situations which may have potential to harm the environment, and the implementation of environmentally positive practices and preventive measures. Bell&nbsp;Aliant&#146;s program seeks to ensure that it complies with all environmental regulatory requirements and that its activities are carried out in a manner that minimizes risk to the environment through a continuous improvement process.</font></P>
<P align="left">
<font face="Arial" size="2">Bell&nbsp;Aliant manages its environment program through processes similar to those employed by Bell&#160;Canada, and collaborates on many levels to seek harmonization with Bell&#160;Canada&#146;s environment program. Bell&nbsp;Aliant has adopted an
environment action plan which sets out specific environmental goals for&nbsp;2010.</font></P>

<p style="margin-bottom: 0" align="left">
<b><font face="Arial" size="1">14</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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<P align="left">
<font face="Arial">
<B>Community</B></font></P>
<P align="left">
<font face="Arial" size="2">Bell&nbsp;invests in the local communities where our employees work and live. We support many youth focused charities like Kids Help Phone, the Canadian Centre for Child Protection and children&#146;s hospitals. Together with our employees, we have
helped raise over &#36;18&nbsp;million in eight years through the Walk for Kids Help Phone, providing critical funding for&nbsp;Canada&#146;s only toll-free, 24-hour bilingual phone and web counseling, referral and information service for young people.</font></P>
<P align="left">
<font face="Arial" size="2">
In&nbsp;2009, Bell&#160;Canada and Bell&nbsp;Aliant together contributed over &#36;13&nbsp;million in donations and local community sponsorships and their employees and pensioners committed over &#36;2.1&nbsp;million in charitable gifts and logged nearly 430,000 hours in volunteer time.
</font></P>
<P align="left">
<font face="Arial">
<B>COMPETITIVE ENVIRONMENT</B></font></P>
<P align="left">
<font face="Arial" size="2">A discussion of BCE&#146;s competitive environment can be found in the section entitled <I>Our Competitive Environment </I>in the BCE&#160;2009 MD&amp;A, at pages
55 to 58 of the BCE&#160;2009 Annual Report, which section is incorporated by reference herein.</font></P>
<P align="left">
<font face="Arial" size="2">See also <I>Description of Our Business &#150; Our Competitive Strengths </I>in this annual information form for more information concerning BCE&#146;s competitive position.</font></P>
<P align="left">
<font face="Arial">
<B>REGULATORY ENVIRONMENT</B></font></P>
<P align="left">
<font face="Arial" size="2">A discussion of the legislation that governs our business as well as government consultations and recent regulatory initiatives and proceedings affecting us can be found in the section entitled <I>Our Regulatory Environment </I>in the BCE&#160;2009
MD&amp;A, at pages&#160;58 to 63 of the BCE&#160;2009 Annual Report, which section is incorporated by reference herein.</font></P><p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
</font><b><font face="Arial" size="1">15</font></b></p>

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<P align="left" style="margin-top: 0; margin-bottom:0">
&nbsp;</P>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table6">
	<tr>
		<td bgcolor="#808080">

<P align="left">
<font face="Arial" size="4" color="#FFFFFF">
<B>General Development of Our Business</B></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial">
<B>THREE-YEAR HISTORY</B></font></P>
<P align="left">
<font face="Arial">
<B>Divestiture of Non-Core Assets and Other Key Transactions</B></font></P>
<P align="left">
<font face="Arial" size="2">Beginning in 2005, we announced a series of transactions to achieve the strategic objective of focusing BCE&#160;Inc. solely on Bell&#160;Canada and enhancing shareholder value. These actions included divesting BCE&#160;Inc.&#146;s interest in
non-core businesses. As part of this initiative, BCE&#160;Inc. sold its interest in its subsidiary Telesat&nbsp;Canada (Telesat) in October&nbsp;2007. More information with respect to this transaction can be found under <I>General Development of Our Business
&#150; Key Transactions</I>. All other significant dispositions carried out as part of this initiative took place prior to&nbsp;2007 and, accordingly, are not reported in this annual information form.
</font> </P>
<P align="left">
<font face="Arial" size="2">In line with our strategic imperatives stated under <I>Description of Our Business &#150; Strategic Imperatives</I>, during the course of&nbsp;2008 and&nbsp;2009, we have entered into certain other transactions that have influenced the general development of
our business. More information with respect to these transactions can be found under <I>General Development of Our Business &#150; Key Transactions</I>.
</font> </P>
<P align="left">
<font face="Arial">
<B>Proposed Privatization</B></font></P>
<P align="left">
<font face="Arial" size="2">Over the course of several months beginning in November&nbsp;2006, BCE&#160;Inc. was approached by Teachers&#146; Private Capital, the private investment arm of the Ontario Teachers&#146; Pension Plan (Teachers&#146;), and Providence Equity
Partners&#160;Inc. and certain of its affiliates, as well as certain other third parties, wishing to pursue the acquisition and privatization of BCE&#160;Inc.</font></P>
<P align="left">
<font face="Arial" size="2">In light of this activity, BCE&#160;Inc.&#146;s board of directors recognized that there was a real prospect of a privatization transaction involving BCE&#160;Inc., including a potential unsolicited offer and, in April&nbsp;2007, BCE&#160;Inc. announced
that it was reviewing its strategic alternatives with a view to further enhancing shareholder value. This strategic review process culminated in the announcement on June&nbsp;30,&nbsp;2007 that BCE&#160;Inc. had entered into a definitive agreement relating to
its privatization (the Privatization) through the proposed acquisition of all of BCE&#160;Inc.&#146;s outstanding common and preferred shares by a corporation (the Purchaser) owned by an investor group at that time led by Teachers&#146; and
affiliates of Providence Equity Partners&#160;Inc. and Madison Dearborn Partners,&#160;LLC and which, subsequently, also included Merrill Lynch Global Private Equity. The transaction was to be completed through a&#160;plan of arrangement (the
Arrangement). </font> </P>
<P align="left">
<font face="Arial" size="2">On July&nbsp;4,&nbsp;2008, BCE&#160;Inc. and the Purchaser entered into a final amending agreement (the Final Amending Agreement) further amending the definitive agreement of June&nbsp;29,&nbsp;2007, as amended (together with the Final Amending Agreement, the
Definitive Agreement). As a result of the execution of the Final Amending Agreement: (i) the purchase price remained &#36;42.75 per common share; (ii) the Purchaser and a group of lenders delivered fully negotiated and executed credit documents for
the purpose of funding the proposed acquisition of BCE&#160;Inc., including an executed credit agreement and certain other key financing documents; (iii) the reverse break fee payable by the Purchaser in the circumstances contemplated by the
Definitive Agreement was increased to &#36;1.2 billion; (iv) closing was to occur on or before December&nbsp;11,&nbsp;2008; and (v) prior to closing, BCE&#160;Inc. would not pay dividends on its common shares but would continue to pay dividends on its
preferred shares. On December&nbsp;12,&nbsp;2008, BCE&#160;Inc. terminated the Definitive Agreement in accordance with its terms. See <I>Legal Proceedings &#150; Lawsuits Related to BCE&nbsp;Inc. &#150; Privatization Transaction Lawsuit </I>for more information
concerning the termination of the Definitive Agreement and the related legal proceedings.</font></P>
<P align="left">
<font face="Arial" size="2">Under the terms of the Definitive Agreement, BCE&#160;Inc. agreed that prior to the consummation of the Privatization, it would conduct its business, and cause its subsidiaries to conduct their business, in the ordinary course consistent with past
practice and specifically agreed to restrict certain of its activities, including the entering into of certain transactions such as mergers, asset dispositions and acquisitions. As such, subject to limited exceptions, no such transactions were
entered into in the second half of&nbsp;2007 and in&nbsp;2008.</font></P>

<p style="margin-bottom: 0" align="left">
<b><font face="Arial" size="1">16</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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<P align="left">
<font face="Arial">
<B>Returning Value to Shareholders</B></font></P>
<P align="left">
<font face="Arial" size="2">Following the termination of the Definitive Agreement by BCE&#160;Inc. in accordance with its terms, BCE&#160;Inc. announced, on December&#160;12,&#160;2008, plans to return value to BCE&#160;Inc.&#146;s shareholders with a reinstated common share
dividend and a new normal course issuer bid common share buyback program (2008/2009 NCIB). Under the&nbsp;2008/2009 NCIB, BCE&#160;Inc. was entitled to repurchase for cancellation up to 40,000,000 common shares over the 12-month period starting on
December&nbsp;23,&nbsp;2008 and ending on December&nbsp;22,&nbsp;2009, representing approximately 5% of BCE&#160;Inc.&#146;s 807,049,958 issued and outstanding common shares as of December&nbsp;5,&nbsp;2008. On May&nbsp;5,&nbsp;2009, BCE&#160;Inc. completed the&nbsp;2008/2009 NICB ahead of
schedule at an average price of &#36;24.65 per share, including 10.3&nbsp;million common shares that BCE&#160;Inc. purchased for cancellation pursuant to private agreements with arm&#146;s length third-party sellers.
</font> </P>
<P align="left">
<font face="Arial" size="2">On December&nbsp;17,&nbsp;2009, BCE&nbsp;Inc. announced that the Toronto Stock Exchange approved a new normal course issuer bid common share buyback program (2010 NCIB). Under the&nbsp;2010 NCIB, BCE&#160;Inc. is entitled to repurchase for cancellation up to
20,000,000&#160;common shares (subject to a maximum aggregate purchase price of &#36;500&nbsp;million) over the 12-month period starting on December&nbsp;29,&nbsp;2009 and ending on December&nbsp;28,&nbsp;2010, representing approximately 2.6% of BCE&#160;Inc.&#146;s
767,166,281 issued and outstanding common shares as of December&nbsp;11,&nbsp;2009.</font></P>
<P align="left">
<font face="Arial">
<B>Bell&#160;Canada Plan of Arrangement</B></font></P>
<P align="left">
<font face="Arial" size="2">On January&nbsp;31,&nbsp;2007, we implemented a plan of arrangement approved by holders of Bell&#160;Canada preferred shares pursuant to which all such shares were exchanged for BCE&#160;Inc. preferred shares and, on February&nbsp;1,&nbsp;2007, BCE&#160;Inc. entered
into agreements to guarantee all of Bell&#160;Canada&#146;s public debt securities. As a result of such transactions, Bell&#160;Canada no longer prepares and files public disclosure documents separate from those of BCE&#160;Inc.</font></P>
<P align="left">
<font face="Arial">
<B>KEY TRANSACTIONS</B></font></P>
<P align="left">
<font face="Arial" size="2">The transactions that have influenced the general development of our business over the past three years are summarized in the following table:</font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bordercolor="#000000">
	<tr>
		<td width="48%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font face="Arial" size="1">TRANSACTION</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></td>
		<td width="50%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">KEY CHARACTERISTICS</font></td>
	</tr>
	<tr>
		<td width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<font face="Arial" size="2">Acquisition of minority interest in the Montr&eacute;al Canadiens Hockey Club and the Bell&nbsp;Centre as part of a consortium led by the Molson Family (2009)</font><p>
<font face="Arial" size="2">&#36;50&nbsp;million</font></td>
		<td width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">&nbsp;</td>
		<td width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
		<ul>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">On December&nbsp;1,&nbsp;2009, Bell&#160;Canada, as part of a consortium led by the Molson Family, acquired a minority participation in the Montr&eacute;al Canadiens Hockey Club and the Bell&nbsp;Centre. Bell&#160;Canada&#146;s investment was approximately
&#36;50&nbsp;million.</font></P></li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">Such investment is expected to enhance Bell&#160;Canada&#146;s marketing and promotional relationship with the Canadiens.</font></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<P align="left">
<font face="Arial" size="2">Acquisition of substantially all of the assets of
<I>The Source by Circuit</I> <I>City </I>(2009)
</font> </P>
		<p>
<font face="Arial" size="2">&#36;161&nbsp;million</font></td>
		<td width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">&nbsp;</td>
		<td width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
		<ul>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">On July&nbsp;1,&nbsp;2009, we acquired substantially all of the assets of national electronics retailer
			<I>The Source by Circuit City</I>. These assets are now held by our wholly-owned subsidiary, The Source.
			</font></P></li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">The Source began selling Bell&nbsp;TV services at the end of the second quarter of&nbsp;2009 and Bell&nbsp;Internet services in November&nbsp;2009. It offers Bell&nbsp;Mobility and Virgin Mobile wireless products since January&nbsp;2010. Other Bell&nbsp;services, such as Bell&nbsp;Home Phone, will be available at The Source at a later date.</font></P></li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<P align="left">
<font face="Arial" size="2">Acquisition of the remaining 50% of the equity of Virgin&#160;(2009)
</font> </P>
<P align="left">
<font face="Arial" size="2">&#36;161&nbsp;million</font></P>
		</td>
		<td width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">&nbsp;</td>
		<td width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
		<ul>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">On July&nbsp;1,&nbsp;2009, we acquired the remaining 50% of the equity of Virgin not already owned.</font></P>
			</li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">As part of this transaction, we entered into a long-term brand licensing agreement with the Virgin Group.</font></P>
			</li>
		</ul>
		</td>
	</tr>
</table>
<p align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
</font><b><font face="Arial" size="1">17</font></b></p>

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




<p style="margin-bottom: 0" align="right">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bordercolor="#000000">
	<tr>
		<td width="48%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font face="Arial" size="1">TRANSACTION</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></td>
		<td width="50%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">KEY CHARACTERISTICS</font></td>
	</tr>
	<tr>
		<td width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<P align="left">
<font face="Arial" size="2">Advanced Wireless Services Spectrum Auction (2008)</font></P>
<P align="left">
<font face="Arial" size="2">&#36;741&nbsp;million</font></P>
		</td>
		<td width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">&nbsp;</td>
		<td width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
		<ul>
			<li>
			<p style="margin-left: -20px">
<font face="Arial" size="2">In order to provide an expansion path for
			next-generation technologies and future services, we purchased new
			wireless licences in the AWS spectrum auction that concluded on July&nbsp;21,&nbsp;2008. BCE&nbsp;acquired 20 megahertz of spectrum in Ontario
(including Toronto and surrounding areas), in&nbsp;Canada&#146;s Atlantic Provinces, and in Northern&nbsp;Canada, as well as 10 megahertz in Qu&eacute;bec and in Western&nbsp;Canada, for a total investment of &#36;741&nbsp;million.</font></li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<P align="left">
<font face="Arial" size="2">Sale of Telesat (2007)</font></P>
<P align="left">
<font face="Arial" size="2">&#36;3.42 billion</font></P>
		</td>
		<td width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">&nbsp;</td>
		<td width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
		<ul>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">Telesat is&nbsp;Canada&#146;s leading satellite services provider. Following a strategic review of Telesat, we concluded in early&nbsp;2006 that BCE&#160;Inc.&#146;s public market valuation was not capturing Telesat&#146;s full value.</font></P>
			</li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">After an extensive auction process, we agreed to divest Telesat to a consortium including the Public Service Pension Fund and Loral Space Systems for a transaction value of &#36;3.42 billion. The transaction closed in October&nbsp;2007.</font></P>
			</li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">As part of this transaction, Bell&nbsp;TV executed commercial agreements with Telesat assuring Bell&nbsp;TV with continued access to satellite capacity.</font></P>
			</li>
		</ul>
		</td>
	</tr>
</table>
<p align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-bottom: 0" align="left">
<b><font face="Arial" size="1">18</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<P align=left style="margin-top: 0; margin-bottom:0">&nbsp;</P>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table7">
	<tr>
		<td bgcolor="#808080">

<P align="left">
<font face="Arial" size="4" color="#FFFFFF">
<B>Our Capital Structure</B></font></P>
		</td>
	</tr>
</table>
<P align=left><font face="Arial" size="2">This section describes BCE&nbsp;Inc.&#146;s securities, the trading of
certain of such securities on the Toronto Stock Exchange and the ratings that certain rating agencies have attributed to BCE&nbsp;Inc.&#146;s preferred shares and Bell&nbsp;Canada&#146;s public debt securities.</font></P>
<P align=left><font face="Arial"><B>BCE&nbsp;INC. SECURITIES</B></font></P>
<P align=left><font face="Arial"><B>BCE&nbsp;Inc. Preferred Shares, Common Shares and Class B Shares</B></font></P>
<P align=left><font face="Arial" size="2">BCE&nbsp;Inc.&#146;s articles of amalgamation, as amended, provide for an unlimited number of common shares, an unlimited number of first preferred shares issuable in series, an unlimited number of second preferred shares also issuable in series and an unlimited number of Class B shares.
</font> </P>
<P align=left><font face="Arial" size="2">Each common share entitles its holder to one vote at any meeting of shareholders. Additional information about the terms and conditions of the BCE&nbsp;Inc. preferred shares, common shares and Class B Shares can be found under note 20 &#150; <I>Share Capital </I>of the BCE&nbsp;Inc.&nbsp;2009 financial statements on pages
109 to 111 of the BCE&nbsp;2009 Annual Report, which note is incorporated by reference herein.</font></P>
<P align=left><font face="Arial" size="2">There are ownership constraints on BCE&nbsp;Inc.&#146;s common shares. A discussion of these ownership constraints can be found in the
section entitled <I>Our Regulatory Environment</I> in the BCE&nbsp;2009 MD&amp;A, on pages
58 to 63 of the BCE&nbsp;2009 Annual Report, which section is incorporated by reference herein.</font></P>
<P align=left><font face="Arial"><B>BCE&nbsp;Inc. Debt Securities</B></font></P>
<P align=left><font face="Arial" size="2">On June&nbsp;8,&nbsp;2009, BCE&nbsp;Inc. redeemed, prior to maturity, all of its outstanding $650&nbsp;million principal amount of 7.35% Series C notes due October&nbsp;30,&nbsp;2009. Accordingly, as of March&nbsp;11,&nbsp;2010, BCE&nbsp;Inc. no longer had any debt securities outstanding.</font></P>
<P align=left><font face="Arial"><B>BELL CANADA DEBT SECURITIES</B></font></P>
<P align=left><font face="Arial" size="2">Bell&nbsp;Canada has issued long-term debt securities as summarized in the table below.</font></P>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%">
<TR vAlign=bottom>
     <TD width="32%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="12%" align=right><FONT size=1 face="Arial">WEIGHTED<br>
		AVERAGE<br>
		INTEREST RATE </FONT> </TD>
     <TD width="2%"><font size="1">&nbsp;</font></TD>
     <TD width="12%" align=left>
		<p align="right"><FONT size=1 face="Arial">MATURITY </FONT> </TD>
     <TD width="2%"><font size="1">&nbsp;</font></TD>
     <TD width="12%" align=right><FONT size=1 face="Arial">AT<br>
		DECEMBER 31,&nbsp;2009<br>
		(IN $ MILLIONS) </FONT> </TD>
     <TD width="2%" align=right>
		<p align="left"><font size="1">&nbsp;</font></TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR SIZE=1 noShade color="#000000">
</TD></TR>
<TR vAlign=bottom>
     <TD width="32%" align=left><FONT size=2 face="Arial">Debentures </FONT> </TD>
     <TD width="12%" align=left><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="2%"><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="2%"><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp;</font></TD></TR>
<TR vAlign=bottom>
     <TD width="32%" align=left>
		<p style="margin-left: 24px"><FONT size=2 face="Arial">1997 trust indenture </FONT> </TD>
     <TD width="12%" align=right><FONT size=2 face="Arial">5.91% </FONT> </TD>
     <TD width="2%"><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="12%" align=right><FONT size=2 face="Arial">2011-2035 </FONT> </TD>
     <TD width="2%"><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="12%" align=right><FONT size=2 face="Arial">4,100 </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp;</font></TD></TR>
<TR vAlign=bottom>
     <TD width="32%" align=left>
		<p style="margin-left: 24px"><FONT size=2 face="Arial">1976 trust indenture </FONT> </TD>
     <TD width="12%" align=right><FONT size=2 face="Arial">9.73% </FONT> </TD>
     <TD width="2%"><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="12%" align=right><FONT size=2 face="Arial">2010-2054 </FONT> </TD>
     <TD width="2%"><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="12%" align=right><FONT size=2 face="Arial">1,584 </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp;</font></TD></TR>
<TR vAlign=bottom>
     <TD width="32%" align=left>
		<p style="margin-left: 24px"><FONT size=2 face="Arial">Subordinated debentures </FONT> </TD>
     <TD width="12%" align=right><FONT size=2 face="Arial">8.21% </FONT> </TD>
     <TD width="2%"><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="12%" align=right><FONT size=2 face="Arial">2026-2031 </FONT> </TD>
     <TD width="2%"><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="12%" align=right><FONT size=2 face="Arial">275 </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp;</font></TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR SIZE=1 noShade color="#000000"> </TD></TR>
<TR vAlign=bottom>
     <TD width="32%" align=left><FONT size=2 face="Arial">Total </FONT> </TD>
     <TD width="12%" align=left><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="2%"><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="2%"><font face="Arial" size="2">&nbsp; </font> </TD>
     <TD width="12%" align=right><FONT size=2 face="Arial">5,959 </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp;</font></TD></TR>
<TR>
     <TD width="60%" colspan="7">
<HR SIZE=1 noShade color="#000000"> 		</TD>
     </TR></TABLE>
<P align=left><font face="Arial" size="2">The Bell&nbsp;Canada debentures are unsecured and have been guaranteed by BCE&nbsp;Inc. They include US$200&nbsp;million maturing in&nbsp;2010, which has been swapped into Canadian dollars.</font></P>
<P align=left><font face="Arial" size="2">Bell&nbsp;Canada filed a shelf prospectus on September&nbsp;3,&nbsp;2009 and a prospectus supplement on September&nbsp;4,&nbsp;2009 providing for the issuance of up to $3.0 billion of unsecured medium-term debentures from time to time over a 25-month period. As of March&nbsp;11,&nbsp;2010, Bell&nbsp;Canada had no debt securities issued under such shelf prospectus.
</font> </P>
<P align=left><font face="Arial" size="2">Bell&nbsp;Canada may issue notes under its commercial paper program up to the amount of its supporting committed lines of credit. The total amount of its supporting committed lines of credit available at March&nbsp;11,&nbsp;2010 was $1,132&nbsp;million. Bell&nbsp;Canada had no commercial paper outstanding at March&nbsp;11,&nbsp;2010.</font></P>
<P align=left><font face="Arial" size="2">Certain of Bell&nbsp;Canada&#146;s trust indentures impose covenants which place limitations on the issuance of additional debt with a&nbsp;maturity date exceeding one year based on certain tests related to interest and asset coverage. In addition, Bell&nbsp;Canada is required, under certain conditions, to make an offer to repurchase all or, at the option of the holder thereof, any part of certain series of its debentures, upon the occurrence of both a &#147;Change of Control&#148; of BCE&nbsp;Inc. or Bell&nbsp;Canada and a &#147;Rating Event&#148; relating to the relevant series of debentures. &#147;Change of Control&#148; and &#147;Rating Event&#148; are defined in the terms and conditions attaching to the relevant series of debentures. Bell&nbsp;Canada is in compliance with all conditions and restrictions attaching to its debt securities.</font></P>
<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
</font><b><font face="Arial" size="1">19</font></b></p>

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




<P align="left">
<font face="Arial">
<B>RATINGS FOR BCE&#160;INC. AND BELL CANADA SECURITIES</B></font></P>
<P align="left">
<font face="Arial" size="2">Ratings generally address the ability of a company to repay principal and interest or dividends on issued and outstanding securities.</font></P>
<P align="left">
<font face="Arial" size="2">As of March&nbsp;11,&nbsp;2010, BCE&#160;Inc.&#146;s preferred shares and Bell&#160;Canada&#146;s debt securities are rated by the following rating agencies:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">DBRS Limited (DBRS)</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Moody&#146;s Investors Service,&#160;Inc. (Moody&#146;s)</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Standard &amp; Poor&#146;s Financial Services LLC, a subsidiary of The McGraw-Hill Companies,&#160;Inc. (S&amp;P).</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">This section describes the credit ratings, as of March&nbsp;11,&nbsp;2010, that BCE&#160;Inc. and Bell&#160;Canada have requested for certain of their securities. These ratings provide investors with an independent measure of credit quality of an issue of
securities. Each rating should be evaluated independently. </font> </P>
<P align="left">
<font face="Arial" size="2">These credit ratings are not recommendations to purchase, hold or sell any of the securities discussed above, or a comment on the market price or suitability for a particular investor. There is no assurance that any rating will remain in effect for
any given period of time or that any rating will not be revised or withdrawn in the future by a rating agency.</font></P>
<P align="left">
<font face="Arial">
<B>RATINGS FOR BELL CANADA DEBT SECURITIES</B></font></P>
<P align="left">
<font face="Arial">
<B>Short-Term Debt Securities</B></font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=1 face="Arial">SHORT-TERM DEBT SECURITIES </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">RATING AGENCY </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">RATING </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">RANK </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2 face="Arial">Bell&#160;Canada commercial paper </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">DBRS </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">R-1 (low) </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 out of 10 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Moody&#146;s </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">P-2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 out of 3 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">S&amp;P </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">A-2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 out of 8 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<p>
<font face="Arial">
<B>Long-Term Debt Securities</B>
</font>
	</p>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=1 face="Arial">LONG-TERM DEBT SECURITIES </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">RATING AGENCY </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">RATING </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">RANK </FONT>
	</TD>
	<TD align=right width="2%">
<p align="left">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2 face="Arial">Bell&#160;Canada unsubordinated long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">DBRS </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">A (low) </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7 out of 26 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Moody&#146;s </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Baa1 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8 out of 21 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">S&amp;P </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">BBB+ </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8 out of 22 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2 face="Arial">Bell&#160;Canada subordinated long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">DBRS </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">BBB </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9 out of 26 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Moody&#146;s </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Baa2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9 out of 21 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">S&amp;P </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">BBB </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9 out of 22 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="74%" colspan="7">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font face="Arial">
<B>RATINGS FOR BCE&#160;INC. PREFERRED SHARES</B></font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=1 face="Arial">PREFERRED SHARES </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">RATING AGENCY </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">RATING </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">RANK </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2 face="Arial">BCE&#160;Inc. preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">DBRS </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Pfd-3 (high) </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7 out of 16 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">S&amp;P </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">P-2 (low) </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 out of 18 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="7" width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE><p style="margin-bottom: 0" align="left">
<font face="Arial" size="1"><b>20&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<P align=left><font face="Arial"><B>OUTLOOK</B></font></P>
<P align=left><font face="Arial" size="2">As of March&nbsp;11,&nbsp;2010, BCE&nbsp;Inc. and Bell&nbsp;Canada have stable outlooks from DBRS, Moody&#146;s and S&amp;P.</font></P>
<P align=left><font face="Arial" size="2">Additional information can be found in the section entitled <I>Financial and Capital Management </I>&#150; <I>Credit Ratings </I>in the BCE&nbsp;2009 MD&amp;A, at pages
51 to 52 of the BCE&nbsp;2009 Annual Report, which section is incorporated by reference herein.</font></P>
<P align=left><font face="Arial"><B>GENERAL EXPLANATION</B></font></P>
<P align=left><font face="Arial"><B>Short-Term Debt Securities</B></font></P>
<P align=left><font face="Arial" size="2">The table below shows the range of credit ratings that each rating agency assigns to short-term debt instruments.</font></P>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%">
<TR vAlign=bottom>
     <TD width="32%" align=left><b><font face="Arial" size="1">&nbsp; </font>
		</b> </TD>
     <TD width="33%" align=right><font face="Arial"><FONT size=1>HIGHEST QUALITY OF SECURITIES RATED<B> </B></FONT></font> </TD>
     <TD width="33%" align=right><font face="Arial"><FONT size=1>LOWEST QUALITY OF SECURITIES RATED<B> </B></FONT></font> </TD>
     <TD width="2%" align=right><b><font size="1">&nbsp;</font></b></TD></TR>
<TR>
     <TD width="32%" colSpan=4>
<HR SIZE=1 noShade color="#000000"> </TD></TR>
<TR vAlign=bottom>
     <TD width="32%" align=left><FONT size=2 face="Arial">DBRS </FONT> </TD>
     <TD width="33%" align=right><FONT size=2 face="Arial">R-1(high) </FONT> </TD>
     <TD width="33%" align=right><FONT size=2 face="Arial">D </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD></TR>
<TR vAlign=bottom>
     <TD width="32%" align=left><FONT size=2 face="Arial">Moody&#146;s </FONT> </TD>
     <TD width="33%" align=right><FONT size=2 face="Arial">P-1 </FONT> </TD>
     <TD width="33%" align=right><FONT size=2 face="Arial">P-3 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD></TR>
<tr>
     <TD width="32%" align=left><FONT size=2 face="Arial">S&amp;P </FONT> </TD>
     <TD width="33%" align=right><FONT size=2 face="Arial">A-1(high) </FONT> </TD>
     <TD width="33%" align=right><FONT size=2 face="Arial">D </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
</tr>
<TR vAlign=bottom>
     <TD width="100%" align=left colspan="4">
<HR SIZE=1 noShade color="#000000"> 		</TD>
     </TR></TABLE>
<P align=left><font face="Arial" size="2">The DBRS short-term debt rating scale indicates DBRS&#146; assessment of the risk that a borrower will not fulfill its near-term debt obligation in a timely manner. Every DBRS rating is based on quantitative and qualitative considerations relevant to the borrowing entity.</font></P>
<P align=left><font face="Arial" size="2">Moody&#146;s short-term debt ratings indicate Moody&#146;s assessment of the ability of issuers to meet short-term financial obligations. It may assign ratings to issuers, short-term programs or to individual short-term debt instruments. These short-term obligations generally have an original maturity of 13 months or less, unless explicitly noted.</font></P>
<P align=left><font face="Arial" size="2">An S&amp;P short-term debt rating indicates S&amp;P&#146;s assessment of whether the company can meet the financial commitments of a&nbsp;specific commercial paper program or other short-term financial instrument, compared to the debt servicing and repayment capacity of other companies in&nbsp;Canada&#146;s financial markets.</font></P>
<P align=left><font face="Arial"><B>Long-Term Debt Securities</B></font></P>
<P align=left><font face="Arial" size="2">The table below shows the range of credit ratings that each rating agency assigns to long-term debt instruments.</font></P>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%">
<TR vAlign=bottom>
     <TD width="32%" align=left><b><font face="Arial" size="1">&nbsp; </font>
		</b> </TD>
     <TD width="33%" align=right><font face="Arial"><FONT size=1>HIGHEST QUALITY OF SECURITIES RATED<B> </B></FONT></font> </TD>
     <TD width="33%" align=right><font face="Arial"><FONT size=1>LOWEST QUALITY OF SECURITIES RATED<B> </B></FONT></font> </TD>
     <TD width="2%" align=right><b><font size="1">&nbsp;</font></b></TD></TR>
<TR>
     <TD width="32%" colSpan=4>
<HR SIZE=1 noShade color="#000000"> </TD></TR>
<TR vAlign=bottom>
     <TD width="32%" align=left><FONT size=2 face="Arial">DBRS </FONT> </TD>
     <TD width="33%" align=right><FONT size=2 face="Arial">AAA </FONT> </TD>
     <TD width="33%" align=right><FONT size=2 face="Arial">D </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD></TR>
<TR vAlign=bottom>
     <TD width="32%" align=left><FONT size=2 face="Arial">Moody&#146;s </FONT> </TD>
     <TD width="33%" align=right><FONT size=2 face="Arial">Aaa </FONT> </TD>
     <TD width="33%" align=right><FONT size=2 face="Arial">C </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD></TR>
<tr>
     <TD width="32%" align=left><FONT size=2 face="Arial">S&amp;P </FONT> </TD>
     <TD width="33%" align=right><FONT size=2 face="Arial">AAA </FONT> </TD>
     <TD width="33%" align=right><FONT size=2 face="Arial">D </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
</tr>
<TR vAlign=bottom>
     <TD width="100%" align=left colspan="4">
<HR SIZE=1 noShade color="#000000"> 		</TD>
     </TR></TABLE>
<P align=left><font face="Arial" size="2">The DBRS long-term debt rating scale indicates the risk that a company may not meet its obligations to pay interest and principal in a timely manner. Every DBRS rating is based on quantitative and qualitative considerations relevant to the borrowing entity.</font></P>
<P align=left><font face="Arial" size="2">Moody&#146;s long-term obligation ratings are an assessment of the relative credit risk of fixed-income obligations with an original maturity of one year or more. They address the possibility that a financial obligation will not be honoured as promised. Such ratings reflect both the likelihood of default and any financial loss suffered in the event of default.
</font> </P>
<P align=left><font face="Arial" size="2">S&amp;P&#146;s long-term debt credit rating scale provides
an assessment of the creditworthiness of a company in meeting a&nbsp;specific financial obligation, a specific class of financial obligations, or a specific financial program. It takes into consideration the likelihood of payment,<i> i.e.</i> capacity and willingness of the company in meeting its financial commitment on an obligation according to the terms of the obligation, among other factors.</font></P>
<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
</font><b><font face="Arial" size="1">21</font></b></p>

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




<P align="left">
<font face="Arial">
<B>Preferred Shares</B></font></P>
<P align="left">
<font face="Arial" size="2">The table below describes the range of credit ratings that each rating agency assigns to preferred shares.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="32%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="33%">
<FONT size=1 face="Arial">HIGHEST QUALITY OF SECURITIES RATED </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=1 face="Arial">LOWEST QUALITY OF SECURITIES RATED </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=4 width="32%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<FONT size=2 face="Arial">DBRS </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">Pfd-1(high) </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">D </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="32%">
<FONT size=2 face="Arial">S&amp;P </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">P-1(high) </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">D </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">The DBRS preferred share rating scale indicates its assessment of the risk that a borrower may not be able to meet its full obligation to pay dividends and principal in a timely manner. Every DBRS rating is based on quantitative and qualitative
considerations relevant to the borrowing entity.</font></P>
<P align="left">
<font face="Arial" size="2">S&amp;P&#146;s preferred share rating is an assessment of the creditworthiness of a company in meeting a specific preferred share obligation issued in the
Canadian market, compared to preferred shares issued by other issuers in the Canadian
market.</font></P>
<P align="left">
<font face="Arial">
<B>EXPLANATION OF RATING CATEGORIES RECEIVED FOR OUR SECURITIES</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="bottom" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<P align="left">
<font face="Arial" size="1">RATING AGENCY</font></P>
		</td>
		<td width="2%" valign="bottom" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></td>
		<td valign="bottom" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">DESCRIPTION OF SECURITIES</font></td>
		<td width="2%" valign="bottom" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></td>
		<td valign="bottom" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">RATING CATEGORY</font></td>
		<td width="2%" valign="bottom" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></td>
		<td valign="bottom" width="51%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">EXPLANATION OF RATING CATEGORY RECEIVED</font></td>
	</tr>
	<tr>
		<td valign="top" width="15%">
<font face="Arial" size="2">DBRS</font></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">Short-term debt</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left">
<font face="Arial" size="2">R-1(low)</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="51%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">satisfactory credit quality</font></P>
			</li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">respectable overall strength and outlook for key liquidity, debt and profitability ratios, but not as favourable as higher
			rating categories </font></P></li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">any qualifying negative factors that exist are considered manageable, and the company is
normally of sufficient size to have some influence in its industry.</font></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td valign="top" width="15%">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td valign="top" width="15%">
<P align="left">
<font face="Arial" size="2">Long-term debt</font></P>
		<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">A</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="51%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">satisfactory credit quality</font></P>
			</li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">protection of interest and principal is still substantial, but the degree of strength is less than that of AA rated entities
			</font></P></li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">while A is a respectable rating, companies that fall into this category are considered to be more susceptible
to adverse economic conditions and have greater cyclical tendencies than higher-rated securities.</font></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td valign="top" width="15%">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">BBB</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="51%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">adequate credit quality</font></P></li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">protection of interest and principal is acceptable, but the company is fairly susceptible to adverse changes in financial and economic conditions, or there may be other adverse conditions present which reduce the strength of the company and
its rated securities.</font></P></li>
		</ul>
		</td>
	</tr>
	<tr>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">Preferred Shares</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">Pfd-3</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="51%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">adequate credit quality</font></P></li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">protection of dividends and principal is still acceptable, but the company is more susceptible to adverse changes in financial and economic conditions, and there may be other adverse conditions present which detract from debt protection.Generally, companies with Pfd-3 ratings have senior bonds rated in the higher end of the BBB category.</font></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td valign="top" width="15%">
<font face="Arial" size="2">Moody&#146;s</font></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left">
<font face="Arial" size="2">Short-term debt</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">P-2</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="51%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<p style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">a strong ability to repay short-term debt obligations</font></li>
		</ul>
		</td>
	</tr>
	<tr>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">Long-term debt</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">Baa</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="51%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">subject to moderate credit risk</font></P>
			</li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">considered medium-grade and may have certain speculative characteristics</font></P>
			</li>
		</ul>
		</td>
	</tr>
</table>

<p style="margin-bottom: 0" align="left">
&nbsp;</p>
<p style="margin-bottom: 0" align="left">
<font face="Arial" size="1"><b>22&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<p style="margin-bottom: 0; margin-top:0" align="left">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="bottom" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<P align="left">
<font face="Arial" size="1">RATING AGENCY</font></P>
		</td>
		<td width="2%" valign="bottom" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></td>
		<td valign="bottom" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">DESCRIPTION OF SECURITIES</font></td>
		<td width="2%" valign="bottom" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></td>
		<td valign="bottom" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">RATING CATEGORY</font></td>
		<td width="2%" valign="bottom" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></td>
		<td valign="bottom" width="51%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">EXPLANATION OF RATING CATEGORY RECEIVED</font></td>
	</tr>
	<tr>
		<td valign="top" width="15%"><font face="Arial" size="2">S&amp;P</font></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left">
<font face="Arial" size="2">Short-term debt</font></P>
		<p>&nbsp;</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">A-2</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="51%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">satisfactory capacity of the company to fulfill its financial commitment on the obligation
			</font></P></li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">higher susceptibility to changing circumstances or economic conditions than obligations rated A-1 (low).</font></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td valign="top" width="15%">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left">
<font face="Arial" size="2">Long-term debt</font></P>
		<p>&nbsp;</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">BBB</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="51%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">adequate capacity to meet its financial commitments</font></P>
			</li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the company to meet its financial commitments</font></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">Preferred Shares</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">P-2</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td valign="top" width="51%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<ul>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">adequate protection parameters</font></P>
			</li>
			<li>
			<P align="left" style="margin-left: -20px; margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">adverse economic conditions or changing circumstances are more likely to weaken the company&#146;s ability to meet its financial commitment on the obligation</font></P>
			</li>
		</ul>
		</td>
	</tr>
</table>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<P align="left">
<font face="Arial">
<B>MARKET FOR OUR SECURITIES</B></font></P>
<P align="left">
<font face="Arial" size="2">The common and preferred shares of BCE&#160;Inc. are listed on the Toronto Stock Exchange. BCE&#160;Inc.&#146;s common shares are also listed on the New York Stock Exchange.</font></P>
<P align="left">
<font face="Arial">
<B>TRADING OF OUR SECURITIES</B></font></P>
<P align="left">
<font face="Arial" size="2">The tables below and on the next pages show the range in share price per month and volume traded on the Toronto Stock Exchange in&nbsp;2009 for each class of BCE&#160;Inc. shares.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="9%">
<p align="right"><FONT size=1 face="Arial">COMMON<br>
SHARES </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
SHARES <br>
SERIES R </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
SHARES <br>
SERIES S </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
SHARES <br>
SERIES T </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
SHARES<br>
SERIES Y </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
SHARES <br>
SERIES Z </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
SHARES <br>
SERIES AA </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
SHARES <br>
SERIES AB </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=18 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<font face="Arial">
<B><FONT size=2>January&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;25.69 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.87 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.35 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.51 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.96 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.99 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;23.70 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.89 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.09 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.65 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">96,049,662 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">108,055 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">112,165 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">127,700 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">132,958 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">187,507 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">797,981 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">222,800 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=18 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<font face="Arial">
<B><FONT size=2>February&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;26.38 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.95 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.99 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.49 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.55 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;24.44 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.30 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.06 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.01 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.81 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.31 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.00 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">73,688,146 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">124,260 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">71,315 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">40,580 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">186,089 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">94,279 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">101,740 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">106,500 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=18 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<font face="Arial">
<B><FONT size=2>March&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;25.37 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.65 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.99 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.24 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.45 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.50 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;23.15 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;12.35 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;12.66 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.60 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.00 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">104,048,027 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">45,902 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">27,235 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">42,445 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">23,221 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">17,765 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">129,469 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">60,450 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=18 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<font face="Arial">
<B><FONT size=2>April&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;26.95 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.94 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.49 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.30 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.58 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.28 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.47 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.93 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;25.05 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;12.72 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;12.67 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.24 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.70 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;12.90 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">67,569,988 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">59,015 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">107,475 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">140,825 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">209,291 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">125,509 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">547,734 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">382,700 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=18 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<font face="Arial">
<B><FONT size=2>May&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;26.45 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.74 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.63 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.70 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.73 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.97 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.85 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.75 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;22.94 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.66 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.02 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.45 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.54 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.84 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.25 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">111,372,082 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">111,304 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">189,138 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">291,313 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">106,965 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">122,641 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">621,002 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">59,394 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=18 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<font face="Arial">
<B><FONT size=2>June&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;25.15 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.05 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.48 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.79 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.60 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.49 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.40 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;23.38 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.81 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.13 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.47 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.85 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.35 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.19 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="10%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">79,847,371 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">94,899 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">142,045 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">145,215 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">91,981 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">105,023 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">197,944 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">152,393 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="18">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>&nbsp;<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
</font><b><font face="Arial" size="1">23</font></b></p>

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




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

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<font face="Arial" size="1">&nbsp;
	COMMON <br>
SHARES
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
SHARES <br>
SERIES R </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
SHARES <br>
SERIES S </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
SHARES<br>
SERIES T </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
SHARES <br>
SERIES Y </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
SHARES <br>
SERIES Z </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
SHARES <br>
SERIES AA </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED<br>
&nbsp;SHARES <br>
SERIES AB </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=18 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<font face="Arial">
<B><FONT size=2>July&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;24.94 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.76 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.96 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.99 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.60 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.00 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;23.28 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.45 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.68 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.97 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.74 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.70 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.00 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">68,109,325 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">71,231 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">28,014 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">49,845 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">90,257 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">47,048 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">325,801 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">38,680 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=18 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<font face="Arial">
<B><FONT size=2>August&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;27.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;20.70 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.06 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;20.35 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.98 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;20.59 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;20.67 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.09 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;24.40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.01 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.85 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.35 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.15 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">57,129,162 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">84,795 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">35,918 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">78,367 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">204,631 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">65,662 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">428,428 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">85,894 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=18 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<font face="Arial">
<B><FONT size=2>September&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;27.35 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;20.27 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;20.14 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.43 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.61 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;20.39 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.00 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;26.01 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.99 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.11 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.53 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.45 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">57,044,828 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">104,579 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">28,780 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">84,265 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">355,827 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">52,745 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">526,890 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">102,985 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=18 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<font face="Arial">
<B><FONT size=2>October&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;26.63 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.33 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.18 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.45 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;25.07 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.05 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.71 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.50 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">54,353,243 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">175,392 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">57,145 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">63,925 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">131,431 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">39,246 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">291,021 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">117,580 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=18 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<font face="Arial">
<B><FONT size=2>November&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;28.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.94 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.71 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.08 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.69 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.49 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.50 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp; </font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;25.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.85 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.80 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.66 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.80 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">39,737,900 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">473,707 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">68,000 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">422,788 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">52,113 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">56,105 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">298,491 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">28,989 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=18 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<font face="Arial">
<B><FONT size=2>December&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;29.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.45 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.39 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.65 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.39 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;20.40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.99 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="10%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;26.14 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.71 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.88 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.77 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.55 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.95 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="10%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">49,808,836 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">187,288 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">69,955 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">247,792 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">132,921 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">84,761 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">399,934 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">16,771 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="18">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="21%" rowspan="3">
<font size="1">&nbsp;</font></TD>
	<TD width=2% rowspan="3">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AC </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SERIES AD </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SERIES AE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SERIES AF </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SERIES AG </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SERIES AH </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AI </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=16 width="21%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<b><font face="Arial" size="2">January</font></b><font face="Arial"><B><FONT size=2>&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp; </font></TD>
	<TD align=right width="9%">
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width=9%>
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width=9%>
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width=9%>
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width=9%>
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width=9%>
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2">&nbsp;&nbsp;&nbsp; </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.74 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;14.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;15.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;15.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.82 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.01 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;14.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;14.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;15.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;15.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.02 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;13.95 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">251,637 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">1,900 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">6,050 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">242,021 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">88,602 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">227,934 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">312,859 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="21%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial">
<B><FONT size=2>February&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.35 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;14.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;15.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;15.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;15.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;14.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.45 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;14.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;14.20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;14.60 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.02 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">208,160 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">80,500 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">4,150 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">201,700 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">45,620 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">96,510 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">149,788 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=16 width="21%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial">
<B><FONT size=2>March&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.45 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.76 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;14.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;15.20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.34 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.35 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.95 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;12.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;12.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.03 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">154,830 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">6,100 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">24,325 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">87,268 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">29,350 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">77,850 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">167,537 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=16 width="21%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial">
<B><FONT size=2>April&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.90 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.45 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;14.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;15.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;15.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.24 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.16 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;12.90 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;14.35 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.91 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;12.60 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;14.40 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="21%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">435,215 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">422,100 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">27,518 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">255,293 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">153,028 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">772,268 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">273,381 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="21%" colspan="16">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<p style="margin-bottom: 0" align="left">
<font face="Arial" size="1"><b>24&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




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




<font face="Arial" size="2">





</font>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AC </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SERIES AD </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SERIES AE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SERIES AF </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SERIES AG </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">SERIES AH </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AI </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=16 width="21%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial">
<B><FONT size=2>May&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.74 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.34 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.50 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.89 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.65 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;14.80 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;14.70 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;13.10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;15.65 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">378,028 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">43,700 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">132,364 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">439,955 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">353,811 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">156,920 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">246,076 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=16 width="21%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial">
<B><FONT size=2>June&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.99 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.22 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.04 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;16.70 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.15 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.49 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;15.42 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.15 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">387,931 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">9,175 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">8,500 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">150,514 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">138,542 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">315,383 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">133,617 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=16 width="21%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial">
<B><FONT size=2>July&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.70 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.49 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.91 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.94 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.90 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.18 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.81 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.56 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.49 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.06 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">359,248 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">23,900 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">19,300 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">328,498 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">247,541 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">73,375 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">142,255 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=16 width="21%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial">
<B><FONT size=2>August&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;20.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;20.37 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;19.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;19.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;20.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;19.10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;20.75 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.92 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.65 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.99 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.99 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.59 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.57 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">281,156 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">104,050 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">8,275 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">352,202 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">123,816 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">91,980 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">147,302 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=16 width="21%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial">
<B><FONT size=2>September&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;20.30 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;19.95 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;19.05 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;19.49 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;20.40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.30 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;20.48 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.70 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.98 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.30 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">352,630 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">15,000 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">13,200 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">238,804 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">423,233 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">141,745 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">258,349 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=16 width="21%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial">
<B><FONT size=2>October&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.70 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.95 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.40 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.13 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.26 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.70 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.01 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">285,396 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">11,600 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">46,778 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">124,934 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">121,807 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">132,270 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">241,164 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=16 width="21%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial">
<B><FONT size=2>November&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.06 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.48 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.21 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.78 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.39 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.39 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.30 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.51 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.91 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.61 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;16.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;17.15 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">297,967 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">9,775 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">30,205 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">178,542 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">147,410 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">95,275 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">496,502 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=16 width="21%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<font face="Arial">
<B><FONT size=2>December&nbsp;2009</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.60 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;19.12 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.48 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.65 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.33 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;19.14 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.78 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;18.00 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.82 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.70 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">&#36;17.50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">&#36;18.31 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="21%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">254,943 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">15,370 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">95,210 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">202,773 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">221,995 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">245,910 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">361,901 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="16">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
</font><b><font face="Arial" size="1">25</font></b></p>

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




<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table8">
	<tr>
		<td bgcolor="#808080">

<P align="left">
<font face="Arial" size="4" color="#FFFFFF">
<B>Our Dividend Policy</B></font></P>
		</td>
	</tr>
</table>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<P align="left">
<font face="Arial" size="2">The board of directors of BCE&#160;Inc. reviews from time to time the adequacy of BCE&#160;Inc.&#146;s dividend policy. On February&nbsp;10,&nbsp;2009, the board of directors of BCE&#160;Inc. adopted a new common share dividend policy with a target dividend
payout ratio of 65% to 75% of earnings per share (EPS) before restructuring and other and net (gains) losses on investments (Adjusted EPS). This dividend policy was adopted with the objective of allowing sufficient financial flexibility to continue
investing in BCE&#146;s business while growing returns to shareholders. Under this dividend policy, increases in the common share dividend are directly linked to growth in BCE&#160;Inc.&#146;s Adjusted EPS. BCE&#160;Inc.&#146;s dividend policy and
the declaration of dividends are subject to the discretion of BCE&#160;Inc.&#146;s board of directors and, consequently, there can be no guarantee that BCE&#160;Inc.&#146;s dividend policy will be maintained or that dividends will be declared.</font></P>
<P align="left">
<font face="Arial" size="2">In the course of&nbsp;2009, BCE&#160;Inc. announced increases in the annual dividend payable on BCE&#160;Inc.&#146;s common shares, as indicated in the table below.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="32%">
<FONT size=1 face="Arial">DATE OF ANNOUNCEMENT </FONT>
	</TD>
	<TD align=left width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AMOUNT OF INCREASE </FONT>
	</TD>
	<TD align=left width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">EFFECTIVE TIME </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="100%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<FONT size=2 face="Arial">February&nbsp;11,&nbsp;2009 </FONT>
	</TD>
	<TD align=left width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">5% (from &#36;1.46 per share to &#36;1.54 per share) </FONT>
	</TD>
	<TD align=left width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Quarterly dividend payable on April&nbsp;15,&nbsp;2009 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<FONT size=2 face="Arial">August&nbsp;6,&nbsp;2009 </FONT>
	</TD>
	<TD align=left width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">5% (from &#36;1.54 per share to &#36;1.62 per share) </FONT>
	</TD>
	<TD align=left width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Quarterly dividend payable on October&nbsp;15,&nbsp;2009 </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="32%">
<FONT size=2 face="Arial">December&nbsp;17,&nbsp;2009 </FONT>
	</TD>
	<TD align=left width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">7% (from &#36;1.62 per share to &#36;1.74 per share) </FONT>
	</TD>
	<TD align=left width="33%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Quarterly dividend payable on April&nbsp;15,&nbsp;2010 </FONT>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="98%" colspan="3">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">In connection with the proposed Privatization, on July&nbsp;4,&nbsp;2008, BCE&#160;Inc. entered into the Final Amending Agreement under which BCE&#160;Inc. agreed that prior to the consummation of the proposed Privatization pursuant to the Definitive
Agreement, it would not pay dividends on its common shares but would continue to pay dividends on its preferred shares. Therefore, BCE&#160;Inc. did not declare or pay dividends on its common shares in respect of the second and third quarters of
2008.</font></P>
<P align="left">
<font face="Arial" size="2">Following the termination of the proposed Privatization, on December&nbsp;12,&nbsp;2008, BCE&#160;Inc. announced plans to return value to BCE&#160;Inc. shareholders with the&nbsp;2008/2009 NCIB and a reinstated common share dividend.</font></P>
<P align="left">
<font face="Arial" size="2">Dividends on BCE&#160;Inc.&#146;s preferred shares are, if declared, payable quarterly, except for dividends on Series S, Series Y, Series AB, Series AD, Series AE and Series AH preferred shares, which, if declared, are payable monthly.</font></P>
<P align="left">
<font face="Arial" size="2">The table below shows the amount of cash dividends declared per BCE&#160;Inc. common share and per Series R, Series S, Series T, Series Y, Series Z, Series AA, Series AB, Series AC and Series AD preferred share for&nbsp;2009,&nbsp;2008, and&nbsp;2007.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2 face="Arial">Common </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;1.58</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=center width="10%">
<p align="right">
<FONT size=2 face="Arial">&#36;0.73</FONT></TD>
	<TD width=2%>
<font face="Arial">
<SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.46 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=center width="64%">
<p align="left">
<FONT size=2 face="Arial">Preferred Shares </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Series R </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;1.135</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.135 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.135 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Series S </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;0.58802</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.15109 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.29394 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Series T </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;1.1255</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.1255 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.1255 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Series Y </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;0.58802</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.15109 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.23028 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Series Z </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;1.08275</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.08275 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.2680375 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Series AA </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;1.20</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.28125 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Series AB </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;0.58802</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.1487 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;0.55352 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Series AC </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;1.15</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.15 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.385 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Series AD </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;0.58802</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;0.96041 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%" colspan="7">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE><font size="1">&nbsp;</font><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table9">
	<tr>
		<td width="2%">
<font face="Arial" size="1">
		(1)</font></td>
		<td width="98%">
<font face="Arial" size="1">
BCE&#160;Inc. did not declare or pay dividends on its common shares in respect of the second and third quarters of&nbsp;2008.</font></td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">As previously discussed, effective January&nbsp;31,&nbsp;2007, the outstanding Bell&#160;Canada preferred shares were exchanged for equivalent BCE&#160;Inc. new preferred shares. The table below shows the amount of cash dividends declared in January&nbsp;2007 per
series of Bell&#160;Canada preferred shares or, starting February&nbsp;1,&nbsp;2007, the corresponding series of preferred shares of BCE&#160;Inc.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2 face="Arial">Series AE (old Bell&#160;Canada Series 15) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;0.58802</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.15109 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.25049 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2 face="Arial">Series AF (old Bell&#160;Canada Series 16) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;1.10</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.10 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2 face="Arial">Series AG (old Bell&#160;Canada Series 17) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;1.0875</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.0875 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.0875 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<FONT size=2 face="Arial">Series AH (old Bell&#160;Canada Series 18) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;0.58802</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.15109 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.31798 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="64%">
<FONT size=2 face="Arial">Series AI (old Bell&#160;Canada Series 19) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>&#36;1.1625</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.1625 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#36;1.1625 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="7">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE><p style="margin-bottom: 0" align="left">
<font face="Arial" size="1"><b>26&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<p style="margin-top: 0; margin-bottom: 0" align="left">&nbsp;</p>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table10">
	<tr>
		<td bgcolor="#808080">

<P align="left">
<font face="Arial" size="4" color="#FFFFFF">
<B>Our Directors and Executive Officers</B></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial">
<B>DIRECTORS</B></font></P>
<P align="left">
<font face="Arial" size="2">The table below lists BCE&#160;Inc.&#146;s directors, where they lived, the date they have been elected or appointed and their principal occupation on March&nbsp;11,&nbsp;2010.</font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="22%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font face="Arial" size="1">DIRECTORS</font></td>
		<td width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></td>
		<td width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></td>
		<td width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></td>
		<td width="59%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></td>
	</tr>
	<tr>
		<td width="22%" valign="bottom" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="1">NAME AND PROVINCE/STATE <br>
AND COUNTRY OF RESIDENCE</font></P>
		</td>
		<td width="2%" valign="bottom" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 0; margin-bottom: 0"><font size="1">&nbsp;</font></td>
		<td width="15%" valign="bottom" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="1">DATE ELECTED OR <br>
APPOINTED TO THE <br>
BCE&#160;INC. BOARD</font></P>
		</td>
		<td width="2%" valign="bottom" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 0; margin-bottom: 0"><font size="1">&nbsp;</font></td>
		<td width="59%" valign="bottom" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="1">PRINCIPAL OCCUPATION ON MARCH 11,&nbsp;2010</font></td>
	</tr>
	<tr>
		<td width="22%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Barry K. Allen, <br>
		Wisconsin, United States</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">May&nbsp;2009</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="59%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Senior advisor, Providence Equity Partners (private equity firm focused on media, entertainment, communications and information investments) since September&nbsp;2007</font></td>
	</tr>
	<tr>
		<td width="22%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Andr&eacute; B&eacute;rard, O.C., <br>
		Qu&eacute;bec,&nbsp;Canada</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">January&nbsp;2003</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="59%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Corporate director, since March&nbsp;2004</font></td>
	</tr>
	<tr>
		<td width="22%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Ronald A. Brenneman, <br>
		Alberta,&nbsp;Canada</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">November&nbsp;2003</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="59%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Corporate director, since March&nbsp;2010</font></td>
	</tr>
	<tr>
		<td width="22%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Robert E. Brown,<SUP>(1)(2)<br>
</SUP>Qu&eacute;bec,&nbsp;Canada</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">May&nbsp;2009</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="59%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Corporate director, since October&nbsp;2009</font></P>
		</td>
	</tr>
	<tr>
		<td width="22%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">George A. Cope, <br>
		Ontario,&nbsp;Canada</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">July&nbsp;2008</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="59%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">President and Chief Executive Officer, BCE&#160;Inc. and Bell&#160;Canada, since July&nbsp;2008</font></td>
	</tr>
	<tr>
		<td width="22%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Anthony S. Fell, O.C.,<SUP>(3)</SUP> <br>
		Ontario,&nbsp;Canada</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">January&nbsp;2002</font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="59%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Corporate director, since January&nbsp;2008</font></P>
		</td>
	</tr>
	<tr>
		<td width="22%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Donna Soble Kaufman, <br>
Ontario,&nbsp;Canada</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">June&nbsp;1998</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="59%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Corporate director, since July&nbsp;1997</font></P>
		</td>
	</tr>
	<tr>
		<td width="22%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Brian M. Levitt, <br>
Qu&eacute;bec,&nbsp;Canada</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">May&nbsp;1998</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="59%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Partner and Co-Chair, Osler, Hoskin &amp; Harcourt LLP (law firm), since January&nbsp;2001</font></td>
	</tr>
	<tr>
		<td width="22%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">The Honourable Edward C. Lumley, P.C.,<SUP>(1)</SUP>
<br>
Ontario,&nbsp;Canada</font></P></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">January&nbsp;2003</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="59%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Vice-Chairman, BMO Nesbitt Burns&#160;Inc. (investment bank), since&#160;December&nbsp;1991</font></P>
		</td>
	</tr>
	<tr>
		<td width="22%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Thomas C. O&#146;Neill, FCA, <br>
Ontario,&nbsp;Canada</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">January&nbsp;2003</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="59%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Chair of the Board of Directors, BCE&#160;Inc. and Bell&#160;Canada (since&#160;February&nbsp;2009) and chartered accountant</font></P>
		</td>
	</tr>
	<tr>
		<td width="22%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Paul M. Tellier, P.C., C.C., Q.C., <br>
Qu&eacute;bec,&nbsp;Canada</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">April&nbsp;1999</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="59%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Corporate director, since December&nbsp;2004</font></P>
		</td>
	</tr>
	<tr>
		<td width="22%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Paul R. Weiss, FCA, <br>
Ontario,&nbsp;Canada</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">May&nbsp;2009</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="59%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Corporate director, since April&nbsp;2008</font></P>
		</td>
	</tr>
	<tr>
		<td width="22%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Victor L. Young, O.C., <br>
Newfoundland and Labrador,&nbsp;Canada</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">May&nbsp;1995</font></P>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="59%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Corporate director, since May&nbsp;2001</font></P>
		</td>
	</tr>
</table>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="1">&nbsp;</font></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table11">
	<tr>
		<td width="2%">
<font face="Arial" size="1">
		(1)</font></td>
		<td width="98%">
<font face="Arial" size="1">
Was a director of Air&nbsp;Canada on, or during the year preceding, April&nbsp;1, 2003, the date when Air&nbsp;Canada filed for court protection under insolvency statutes.</font></td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table12">
	<tr>
		<td width="2%">
<font face="Arial" size="1">
		(2)</font></td>
		<td width="98%">
<font face="Arial" size="1">
Was also a director of Nortel Networks Corp. when, on or about May&nbsp;31, 2004, cease trade orders were issued against directors, officers and certain other current and former employees of Nortel Networks Corp. and Nortel Networks Ltd.
(collectively, Nortel Networks). The management cease trade orders were imposed in response to the failure by Nortel Networks to file certain financial statements with the Canadian securities regulators.</font></td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table13">
	<tr>
		<td width="2%">
<font face="Arial" size="1">
		(3)</font></td>
		<td width="98%">
<font face="Arial" size="1">
Was a director of Teleglobe&#160;Inc. until April&nbsp;2002. Teleglobe&#160;Inc. filed for court protection under insolvency statutes on May&nbsp;15, 2002.</font></td>
	</tr>
</table>
<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
</font><b><font face="Arial" size="1">27</font></b></p>

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




<P align="left">
<font face="Arial">
<B>Past occupation</B></font></P>
<P align="left">
<font face="Arial" size="2">Under BCE&#160;Inc.&#146;s by-laws, each director holds office until the next annual shareholder meeting or until their earlier resignation. All&#160;of BCE&#160;Inc.&#146;s directors have held the positions listed in the table above or other
executive positions with the same or associated firms or organizations during the past five years or more, except for the people listed in the table below.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=1 face="Arial">DIRECTOR </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=1 face="Arial">PAST OCCUPATION </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&#160;Allen </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Executive Vice-President of Operations of Qwest Communications International </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">(communications company) from 2004 to June&nbsp;2007 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&nbsp;Brenneman </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Executive Vice-Chairman of Suncor Energy&#160;Inc. (petroleum company) from August&nbsp;</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">2009 to February&nbsp;2010 and President and Chief Executive Officer of Petro-Canada </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">(petroleum company) from 2000 to July&nbsp;2009 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&#160;Brown </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">President and Chief Executive Officer of CAE&#160;Inc. (provider of simulation and </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">modeling technologies as well as integrated training service for both civil aviation </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">and defence customers) from 2004 to September&nbsp;2009 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&#160;Cope </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">President and Chief Executive Officer of TELUS Mobility (a business unit of </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">TELUS&#160;Corporation) from 2000 to November&nbsp;2005 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&#160;Fell </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Chairman of the board of RBC Capital Markets (investment bank) from 1999 to </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">December&nbsp;2007 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&#160;O&#146;Neill </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Corporate director from 2003 to February&nbsp;2009 when he was appointed Chair of </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">the board, BCE&nbsp;Inc. and Bell&#160;Canada </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<tr>
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&#160;Weiss </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Partner of KPMG LLP (accounting and audit firm) from 1977 until March&nbsp;2008 </FONT>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="3">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial">
<B>Committees of the board</B></font></P>
<P align="left">
<font face="Arial" size="2">The table below lists the committees of BCE&#160;Inc.&#146;s board of directors and their current members.
</font> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=1 face="Arial">COMMITTEES </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=1 face="Arial">MEMBERS </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Audit </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Paul R. Weiss (Chair) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Andr&eacute; B&eacute;rard </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Anthony S. Fell </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Victor L. Young </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Corporate Governance </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Robert E. Brown (Chair) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Barry K. Allen </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Andr&eacute; B&eacute;rard </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Donna Soble Kaufman </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Management Resources and </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Brian M. Levitt (Chair) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Compensation </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Barry K. Allen </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Ronald A. Brenneman </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Anthony S. Fell </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Pension Fund </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Paul M. Tellier (Chair) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Robert E. Brown </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Edward C. Lumley </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Paul R. Weiss </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Victor L. Young </FONT>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="3">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE><p style="margin-bottom: 0" align="left">
<font face="Arial" size="1"><b>28&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<P align="left">
<font face="Arial">
<B>EXECUTIVE OFFICERS</B></font></P>
<P align="left">
<font face="Arial" size="2">The table below lists BCE&#160;Inc.&#146;s and Bell&#160;Canada&#146;s executive officers, being the 12 members of the Executive Committee of BCE&#160;Inc. and Bell&#160;Canada, where they lived and the office that they held at BCE&#160;Inc. and/or
Bell&#160;Canada on March 11, 2010.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="12%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=1 face="Arial">PROVINCE AND COUNTRY </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=1 face="Arial">NAME </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=1 face="Arial">OF RESIDENCE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=1 face="Arial">OFFICE HELD AT BCE&#160;INC./BELL&#160;CANADA </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="12%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">J. Trevor Anderson </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President &#150; Network (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="12%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">St&eacute;phane Boisvert </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Qu&eacute;bec,&nbsp;Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">President &#150; Bell&nbsp;Business Markets (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="12%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font face="Arial">
<FONT size=2>Charles Brown</FONT><SUP><FONT size=2>(1)(2)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President &#150; Strategic Initiatives (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="12%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Michael Cole </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President and Chief Information Officer (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="12%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">George A. Cope </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">President and Chief Executive Officer (BCE&#160;Inc. and Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="12%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Kevin W. Crull </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">President &#150; Residential Services (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="12%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Wade Oosterman </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">President &#150; Bell&nbsp;Mobility and Chief Brand Officer (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="12%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">John Sweeney </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">President &#150; Wholesale (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="12%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Mary Ann Turcke </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President &#150; Field Services (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="12%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Martine Turcotte </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Qu&eacute;bec,&nbsp;Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President and Chief Legal &amp; Regulatory Officer </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">(BCE&#160;Inc. and Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="12%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Siim A. Vanaselja </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Qu&eacute;bec,&nbsp;Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President and Chief Financial Officer </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">(BCE&#160;Inc. and Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="12%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<tr>
	<TD align=left width="12%">
<FONT size=2 face="Arial">David Wells </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President &#150; Corporate Services (BCE&#160;Inc. and Bell&#160;Canada) </FONT>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="88%" colspan="5">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE><font size="1">&nbsp;</font><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table14">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
		(1)</font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
Was Vice-President, Sales and Marketing of Waverider Communications&#160;Inc. when, in April&nbsp;2002, Waverider Communications&#160;Inc. was delisted from the NASDAQ National&#160;Market as a result of its share price falling below
&#36;1.00 for a period of 30 days. Waverider Communications&#160;Inc. then began to trade on the Over The Counter Bulletin Board.
</font>
		</td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table15">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
		(2)</font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
Was a director and the Chief Executive Officer of Wave Wireless Corporation on, or during the year preceding, October&nbsp;31,&nbsp;2006, the date when Wave Wireless Corporation filed a voluntary petition for relief pursuant to Chapter 11 of
Title 11 of the United States Code in the United States Bankruptcy Court.</font></td>
	</tr>
</table>
<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;
</font><b><font face="Arial" size="1">29</font></b></p>

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




<P align="left">
<font face="Arial">
<B>Past Occupation</B></font></P>
<P align="left">
<font face="Arial" size="2">All of our executive officers have held their present positions or other executive positions with BCE&#160;Inc. or Bell&#160;Canada during the past five years or more, except for:</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=1 face="Arial">OFFICER </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=1 face="Arial">PAST OCCUPATION </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&#160;Boisvert </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Senior Vice-President, Global Client Solutions Sales &#150; Sun Microsystems&#160;Inc. before </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">June&nbsp;2006 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&#160;Brown </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Chief Executive Officer, Wave Wireless Corporation in&nbsp;2006 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Chief Executive Officer, WaveRider Communications&#160;Inc. from 2005 to&nbsp;2006 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Executive Vice-President, WaveRider Communications&#160;Inc. from 2002 to 2005 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&#160;Cope </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">President and Chief Executive Officer, TELUS Mobility before November&nbsp;2005 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&#160;Crull </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Senior Vice-President and General Manager &#150; AT&amp;T Mobility before March&nbsp;2005 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&#160;Oosterman </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Executive Vice-President, Sales and Marketing &#150; TELUS Mobility before December&nbsp;2005 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Chief Marketing Officer &#150; TELUS Corporation before December&nbsp;2005 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&#160;Sweeney </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">President, John Sweeney and Associates, LLC from June&nbsp;2005 to May&nbsp;2006 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">President of Kaval Wireless Solutions from March&nbsp;2002 to May&nbsp;2005 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Ms. Turcke </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Partner and Director of the Board, Codesta LLC, Toronto and Palo Alto, USA from </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">November&nbsp;2002 to January&nbsp;2005 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="28%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<FONT size=2 face="Arial">Mr.&#160;Wells </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">Executive Vice-President of Corporate Services, TELUS Mobility from October&nbsp;2000 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="70%">
<FONT size=2 face="Arial">to June&nbsp;2006 </FONT>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="3">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial">
<B>DIRECTORS&#146; AND EXECUTIVE OFFICERS&#146; SHARE OWNERSHIP</B></font></P>
<P align="left">
<font face="Arial" size="2">As at March&nbsp;11,&nbsp;2010, BCE&#160;Inc.&#146;s directors and executive officers as a group beneficially owned, or exercised control or direction
over, directly or indirectly, 567,480 common shares (or 0.07%) of BCE&#160;Inc.</font></P>
<p style="margin-bottom: 0" align="left">
<b><font face="Arial" size="1">30</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<p align="left" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table16">
	<tr>
		<td bgcolor="#808080">

<P align="left">
<font face="Arial" size="4" color="#FFFFFF">
<B>Legal Proceedings</B></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">We become involved in various claims and litigation as a part of our business. This section describes important legal proceedings. While we cannot predict the final outcome of the claims and litigation described below or of any other claims and
litigation pending at March&nbsp;11,&nbsp;2010, based on the information currently available and management&#146;s assessment of the merits of such claims and litigation, management believes that the resolution of these claims and litigation will not have a
material and negative effect on our consolidated financial position or results of operations. With regard to those claims and litigation where we are defendants, we believe that we have strong defences and we intend to vigorously defend our
position.</font></P>
<P align="left">
<font face="Arial">
<B>LAWSUITS RELATED TO BCE&#160;INC.</B></font></P>
<P align="left">
<font face="Arial">
<B>Privatization Transaction Lawsuit</B></font></P>
<P align="left">
<font face="Arial" size="2">On June&nbsp;30,&nbsp;2007, BCE&#160;Inc. announced that it had entered into a definitive agreement (subsequently amended on July&nbsp;4,&nbsp;2008), providing for the Privatization. For more information on the proposed Privatization, see <I>General Development of Our
Business &#150; Three-Year History</I>.</font></P>
<P align="left">
<font face="Arial" size="2">The closing of the Privatization was contingent upon the fulfillment of several closing conditions, including, pursuant to Section&#160;8.1(f) of the Definitive Agreement, the receipt at the effective time (on December&nbsp;11,&nbsp;2008, the outside date for
the closing of the Privatization) of a positive solvency opinion from KPMG LLP (KPMG) stating that BCE&#160;Inc. would be &#147;Solvent&#148; (in accordance with the solvency tests set out in the Definitive Agreement) as at the effective time and
immediately following the closing of the&#160;Privatization.</font></P>
<P align="left">
<font face="Arial" size="2">On November&nbsp;26,&nbsp;2008, BCE&nbsp;Inc. announced it had received a preliminary view from KPMG that, based on current market conditions, KPMG&#146;s analysis to date and the amount of indebtedness involved in the financing of the Privatization, KPMG did not
expect to be in a position to deliver at the effective time an opinion that BCE&#160;Inc. would meet, post-transaction, the solvency tests as defined in the Definitive Agreement. BCE&#160;Inc. disagreed that the addition of the financing debt would
result in BCE&#160;Inc. not meeting the technical solvency definition and continued to work with KPMG and the Purchaser to seek to satisfy all closing conditions.</font></P>
<P align="left">
<font face="Arial" size="2">On December&nbsp;11,&nbsp;2008, BCE&#160;Inc. announced that it had received from the Purchaser on December&nbsp;10,&nbsp;2008 a notice purporting to terminate the Definitive Agreement. BCE&#160;Inc. disputes that the Purchaser was entitled to terminate the Definitive
Agreement on December&nbsp;10,&nbsp;2008, as such notice was delivered prematurely, prior to the outside date for closing of the transaction (<i>i.e.</i>,&#160;December&#160;11,&nbsp;2008), and is therefore invalid. Also on December&nbsp;11,&nbsp;2008, BCE&#160;Inc. announced that
it had received confirmation from KPMG that it would not be able to deliver an opinion that BCE&#160;Inc. would meet, post-transaction, the solvency tests set out in the Definitive Agreement. All closing conditions had been satisfied by
BCE&#160;Inc., other than the solvency opinion, a condition to closing that was to be satisfied by its nature at the effective time.
</font> </P>
<P align="left">
<font face="Arial" size="2">In light of these developments, BCE&#160;Inc. terminated the Definitive Agreement in accordance with its terms on December&nbsp;12,&nbsp;2008, and demanded payment of the &#36;1.2 billion break-up fee from the Purchaser. The demand for payment was refused or
neglected by the Purchaser and its guarantors (the Ontario Teachers&#146; Pension Plan and affiliates of Providence Equity Partners&#160;Inc. and Madison Dearborn Partners, LLC (the Guarantors)).</font></P>
<P align="left">
<font face="Arial" size="2">On December&nbsp;17,&nbsp;2008, BCE&#160;Inc. filed a motion to institute legal proceedings against the Purchaser and the Guarantors in the Qu&eacute;bec Superior Court in respect of the payment of the &#36;1.2 billion break-up fee.
</font> </P>
<P align="left">
<font face="Arial" size="2">On October&nbsp;5,&nbsp;2009, the Purchaser and the Guarantors served their statement of defence alleging, among other things, that the solvency opinion is a mutual condition precedent that was not, by its nature, a condition to be satisfied at the effective
time.</font></P>
<P align="left">
<font face="Arial">
<B>Purported Class Action Concerning Dividends</B></font></P>
<P align="left">
<font face="Arial" size="2">On October&nbsp;24,&nbsp;2008, a statement of claim was filed under <I>The Class Actions Act</I> (Saskatchewan) in the Court of Queen&#146;s Bench, Judicial Centre of Regina, Saskatchewan against BCE&#160;Inc., the Purchaser and the Guarantors on behalf of
persons or entities who held common shares of BCE&#160;Inc. between August&nbsp;8,&nbsp;2007 and July&nbsp;4,&nbsp;2008.</font></P>

<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;<b>31</b></font></p>

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




<P align="left">
<font face="Arial" size="2">The plaintiffs allege, among other things, that by amending the June&nbsp;29,&nbsp;2007 definitive agreement on July&nbsp;4,&nbsp;2008 by the Final Amending Agreement without seeking the approval of the class members, BCE&#160;Inc. violated the terms, restrictions and
conditions of its by-laws, articles and dividend policy, and of the Definitive Agreement, the <I>Canada Business Corporations Act</I> and the March&nbsp;7,&nbsp;2008 order of the Qu&eacute;bec Superior Court approving the Arrangement. The plaintiffs also
allege that the Final Amending Agreement was oppressive to class members within the meaning of the <I>Canada Business Corporations Act </I>in that, among other things, the cancellation of BCE&#160;Inc.&#146;s common share dividends defeated the
reasonable expectations of class members in approving the Arrangement. </font> </P>
<P align="left">
<font face="Arial" size="2">The action seeks, among other things, the payment by BCE&#160;Inc. to class members of common share dividends in respect of the second and third quarters of&nbsp;2008.</font></P>
<P align="left">
<font face="Arial" size="2">On October&nbsp;15,&nbsp;2009, BCE&#160;Inc. served a motion to strike the statement of claim on the basis that it does not disclose a reasonable cause of action against BCE&#160;Inc.
</font> </P>
<P align="left">
<font face="Arial" size="2">On December&nbsp;23,&nbsp;2009, the plaintiffs filed an application seeking, among other things:</font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="4%">
		<p style="margin-left: 12px">
<font face="Arial" size="2">(a) </font></td>
		<td width="96%">
<font face="Arial" size="2">leave to amend the statement of claim to, among
		other things, substitute plaintiffs and add five individual defendants;</font></td>
	</tr>
	<tr>
		<td width="4%">
		<p style="margin-left: 12px"><font face="Arial" size="2">(b) </font></td>
		<td width="96%">
<font face="Arial" size="2">leave to commence a claim under the secondary market
		disclosure provisions of <I>The Securities Act</I> (Saskatchewan); and</font></td>
	</tr>
	<tr>
		<td width="4%">
		<p style="margin-left: 12px"><font face="Arial" size="2">(c) </font>
		</td>
		<td width="96%">
<font face="Arial" size="2">certification of the action as a
		multi-jurisdictional class action.</font></td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">On January&nbsp;26,&nbsp;2010, the court ordered, among other things, that the plaintiffs&#146; application to certify the action as a multi-jurisdictional class action will be adjourned to a date to be determined later to be brought back on 30 days&#146;
notice only after the plaintiffs&#146; motions for leave to amend and leave to proceed under the secondary market disclosure provisions of <I>The Securities Act</I> (Saskatchewan) and the motion brought by BCE&#160;Inc. to strike the claim will have
been heard and decided by the court.</font></P>
<P align="left">
<font face="Arial">
<B>LAWSUITS RELATED TO BELL CANADA</B></font></P>
<P align="left">
<font face="Arial">
<B>Independent Dealers&#146; Lawsuits</B></font></P>
<P align="left">
<font face="Arial" size="2">On October&nbsp;21,&nbsp;2008, two lawsuits were filed in Ontario and Qu&eacute;bec against Bell&nbsp;Distribution&#160;Inc. (Bell&nbsp;Distribution) by certain independent dealers. A statement of claim was filed in the Ontario Superior Court of Justice by 36
Ontario-based dealers and a&#160;motion to institute legal proceedings was filed in the Qu&eacute;bec Superior Court by 37 Qu&eacute;bec-based dealers.</font></P>
<P align="left">
<font face="Arial" size="2">The lawsuits allege that Bell&nbsp;Distribution breached its 2004 BDI Independent Dealer Agreement (Dealer Agreement), an associated settlement agreement which partly settled previous claims made by dealers in connection with the Dealer Agreement, and
Bell&#160;Distribution&#146;s contractual, statutory and common law duties of good faith and fair dealing by, among other things, unilaterally reducing certain commissions and unfairly competing with the dealers through other sales channels. The
plaintiffs are seeking a&#160;mandatory order compelling Bell&nbsp;Distribution to cancel and reverse the commission reductions, injunctive relief in Qu&eacute;bec and Ontario preventing further unilateral changes to commissions, declarations that the
dealers are not bound by the exclusivity and non-competition clauses in the Dealer Agreement and an accounting of all profits from sales made through other channels in breach of the Dealer Agreement. The plaintiffs are seeking damages, totaling
&#36;266&nbsp;million, for lost commissions (&#36;17&nbsp;million), diminution in the value of their businesses (&#36;219&nbsp;million) and punitive damages (&#36;30&nbsp;million).</font></P>
<P align="left">
<font face="Arial" size="2">In the Ontario action, Bell&nbsp;Distribution served a statement of defence on December&nbsp;1,&nbsp;2008 and, on June&nbsp;15,&nbsp;2009, the plaintiffs amended their statement of claim in Ontario and amended their motion to institute legal proceedings in Qu&eacute;bec on
August&nbsp;25,&nbsp;2009, to add allegations that Bell&nbsp;Distribution unilaterally adjusted commissions paid to the dealers on a retroactive basis, failed to provide adequate administrative support to the dealers and engaged in excessive pricing on
non-subsidized Bell&nbsp;Distribution products. In Ontario, Bell&nbsp;Distribution served an amended statement of defence in January&nbsp;2010.</font></P>

<p style="margin-bottom: 0" align="left">
<b><font face="Arial" size="1">32</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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<P align="left">
<font face="Arial">
<B>Purported Class Action Concerning 911 Fees</B></font></P>
<P align="left">
<font face="Arial" size="2">On June&nbsp;26,&nbsp;2008, a statement of claim was filed under <I>The Class Actions Act</I> (Saskatchewan) in the Court of Queen&#146;s Bench, Judicial Centre of Regina, Saskatchewan against communications service providers, including Bell&nbsp;Mobility and Bell&nbsp;Aliant Regional Communications, Limited Partnership, on behalf of certain alleged customers. The action also names BCE&#160;Inc. and Bell&#160;Canada as defendants.
</font> </P>
<P align="left">
<font face="Arial" size="2">The statement of claim alleges, among other things, breach of contract and duty to inform, deceit, misrepresentation and collusion, in connection with certain &#147;911 fees&#148; invoiced by communications service providers to their customers. The
plaintiffs seek unspecified damages and punitive damages. The action seeks certification of a national class encompassing all customers of communications service providers wherever resident in&nbsp;Canada. The lawsuit has not yet been authorized as a
class action.</font></P>
<P align="left">
<font face="Arial">
<B>Purported Class Action Concerning Bell&#160;Canada Internet Service Speed</B></font></P>
<P align="left">
<font face="Arial" size="2">On May&nbsp;29,&nbsp;2008, a motion to obtain the authorization to institute a class action was filed in the Qu&eacute;bec Superior Court against Bell&#160;Canada on behalf of all former and current Qu&eacute;bec residential customers of Bell&#160;Canada who
subscribed and subscribe, respectively, to Bell&#160;Canada&#146;s high-speed Internet service since October&nbsp;28,&nbsp;2007.
</font> </P>
<P align="left">
<font face="Arial" size="2">On July&nbsp;9,&nbsp;2008, plaintiffs served a motion to amend the initial proceeding to modify the class by including all Ontario residential customers. The plaintiffs allege that Bell&#160;Canada misrepresented the actual speed of its Internet service in
its contracts and its publicity and had no right to unilaterally reduce the speed of its Internet service. The plaintiffs also claim that Bell&#160;Canada breached the privacy of its customers by using the &#147;Deep Packet Inspection&#148;
technology on its Internet network. The action seeks the reimbursement of 80% of customers&#146; monthly fees for their high-speed Internet service and the payment of punitive damages. The lawsuit has not yet been authorized as a class action.
</font> </P>
<P align="left">
<font face="Arial">
<B>Class Action Concerning Bell&#160;Canada and Bell&nbsp;Mobility Late Payment
Charges</B></font></P>
<P align="left">
<font face="Arial" size="2">On June&nbsp;27,&nbsp;2006, a motion to obtain the authorization to institute a class action was filed in the Qu&eacute;bec Superior Court against Bell&#160;Canada and Bell&nbsp;Mobility on behalf of all physical persons and companies in&nbsp;Canada who were billed
late payment charges despite having allegedly paid on time. On September&nbsp;28,&nbsp;2007, the plaintiffs filed an amended motion to reduce the classes to Qu&eacute;bec customers only.</font></P>
<P align="left">
<font face="Arial" size="2">On January&nbsp;10,&nbsp;2008, the Qu&eacute;bec Superior Court granted the plaintiffs&#146; motion to be authorized to institute the class action and determined that members of the classes are all physical persons and companies in Qu&eacute;bec, of 50
employees or less, who were billed late payment charges since June&nbsp;21, 2003 after allegedly having made full payment of amounts owing to Bell&#160;Canada and/or Bell&nbsp;Mobility to a financial institution and/or, for Bell&nbsp;Mobility&#146;s customers
only, by cheque, within the payment period indicated on their bills. The class action seeks an order requiring Bell&#160;Canada and Bell&nbsp;Mobility to repay all late payment charges to the members of the classes. In addition to the reimbursement of
such amounts, the class action also seeks payment of punitive damages by Bell&#160;Canada and Bell&nbsp;Mobility.</font></P>
<P align="left">
<font face="Arial" size="2">On April&nbsp;11,&nbsp;2008, the plaintiffs filed their motion to institute the class action.</font></P>
<P align="left">
<font face="Arial">
<B>Wireless Income Fund Transaction Lawsuit</B></font></P>
<P align="left">
<font face="Arial" size="2">On March&nbsp;28,&nbsp;2006, a motion to institute legal proceedings was filed in the Qu&eacute;bec Superior Court against Bell&nbsp;Distribution by 50 independent dealers that own 78 Bell&nbsp;World retail stores.
</font> </P>
<P align="left">
<font face="Arial" size="2">The plaintiffs allege that Bell&nbsp;Distribution agreed to proceed with a transaction pursuant to which the independent dealer retail stores and Bell&nbsp;Distribution-owned retail stores would be sold to a Wireless Distribution Income Fund (WDIF) and that
Bell&nbsp;Distribution subsequently reneged on this agreement causing damages to the independent dealers; and alternatively, that Bell&nbsp;Distribution&#146;s refusal to allow the independent dealers to proceed to sell their stores and assign the dealer
agreements to the WDIF constitutes an abuse of right and is contrary to Bell&nbsp;Distribution&#146;s obligations to act fairly and in accordance with reasonable commercial standards. The plaintiffs seek damages against Bell&nbsp;Distribution in an amount of
&#36;135&nbsp;million. </font> </P>
<P align="left">
<font face="Arial" size="2">Bell&nbsp;Distribution filed its defence in late fall&nbsp;2006.
</font> </P>

<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;<b>&nbsp;33</b></font></p>

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<P align="left">
<font face="Arial">
<B>Class Action Concerning Bell&nbsp;TV Late Payment Charges</B></font></P>
<P align="left">
<font face="Arial" size="2">On September&nbsp;29, 2005, a statement of claim was filed under the <I>Class Proceedings Act, 1992</I> (Ontario) in the Ontario Superior Court of Justice against Bell&nbsp;TV on behalf of certain alleged customers.
</font> </P>
<P align="left">
<font face="Arial" size="2">The statement of claim alleges that the interest and late payment fees charged by Bell&nbsp;TV to customers whose accounts are in arrears are in excess of the effective annual rate of interest permitted by certain provisions of the <I>Criminal Code</I>
(Canada). The plaintiff seeks an order requiring Bell&nbsp;TV to repay all interest and late payment fees paid to Bell&nbsp;TV by the members of the class. In addition to the reimbursement of such amounts, the class action also seeks payment of punitive
damages in the amount of &#36;10&nbsp;million.</font></P>
<P align="left">
<font face="Arial" size="2">On February&nbsp;12,&nbsp;2008, the court granted the plaintiff&#146;s motion to certify the action as a class proceeding and certified as a&#160;class all former and current customers of Bell&nbsp;TV who have been charged one or more administrative fees (the fees
of &#36;19 and &#36;25&#160;charged by Bell&nbsp;TV beginning January&nbsp;1, 2003 for the payment of an account after the due date) and have paid those fees up to the date of certification of the proceeding.</font></P>
<P align="left">
<font face="Arial" size="2">On September&nbsp;15,&nbsp;2008, the court ruled as a preliminary matter that the administrative fees charged by Bell&nbsp;TV were &#147;interest&#148; as defined in the <I>Criminal Code</I> (Canada). Bell&nbsp;TV appealed this preliminary ruling and, on September&nbsp;11,
2009, the Ontario Court of Appeal allowed Bell&nbsp;TV&#146;s appeal and found that the administrative fees were not &#147;interest&#148; as defined in the <I>Criminal Code </I>(Canada). On November&nbsp;10,&nbsp;2009, Bell&nbsp;TV was served with the plaintiff&#146;s
application for leave to appeal to the Supreme Court of&nbsp;Canada. </font> </P>
<P align="left">
<font face="Arial">
<B>Vid&eacute;otron Lawsuit</B></font></P>
<P align="left">
<font face="Arial" size="2">On August&nbsp;31, 2005, a motion to institute legal proceedings was filed in the Qu&eacute;bec Superior Court against Bell&nbsp;TV by Vid&eacute;otron&#160;lt&eacute;e, Vid&eacute;otron (R&eacute;gional) lt&eacute;e and CF Cable TV&#160;Inc. (a subsidiary of
Vid&eacute;otron lt&eacute;e). </font> </P>
<P align="left">
<font face="Arial" size="2">In the statement of claim, the plaintiffs allege that Bell&nbsp;TV has failed to adequately protect its system against signal piracy, thereby depriving the plaintiffs of subscribers who, but for their alleged ability to pirate Bell&nbsp;TV&#146;s signal,
would be subscribing to plaintiffs&#146; services. </font> </P>
<P align="left">
<font face="Arial" size="2">On November&nbsp;4, 2005, the plaintiffs amended their statement of claim to increase the amount of damages claimed from &#36;1&#160;million to approximately &#36;49.5&nbsp;million for profits allegedly lost over a three-year period, &#36;314.7&nbsp;million for
alleged future losses and &#36;10&#160;million in punitive damages. </font> </P>
<P align="left">
<font face="Arial" size="2">Bell&nbsp;TV filed its defence in November&nbsp;2006.</font></P>
<P align="left">
<font face="Arial">
<B>Purported Class Action Concerning Bell&nbsp;Mobility Billing System</B></font></P>
<P align="left">
<font face="Arial" size="2">On October&nbsp;28, 2004, a motion to obtain the authorization to institute a class action was filed in the Qu&eacute;bec Superior Court against Bell&nbsp;Mobility on behalf of any person who entered into a contract with Bell&nbsp;Mobility. Identical motions were
filed in Ontario, Alberta and British Columbia in December&nbsp;2006.</font></P>
<P align="left">
<font face="Arial" size="2">The lawsuits allege that such persons have unjustly incurred expenses as a result of billing errors made by Bell&nbsp;Mobility following the change of its billing platform. In addition to the reimbursement of such expenses, the class actions seek payment
in the amount of &#36;100 per class member for inconvenience as well as punitive damages in the amount of &#36;200 per class member in Qu&eacute;bec, general damages in the amount of &#36;500&nbsp;million with no precise amount claimed as punitive
damages in Ontario, and damages with no precise amount in Alberta and British Columbia.</font></P>
<P align="left">
<font face="Arial" size="2">On July&nbsp;20,&nbsp;2007, the Qu&eacute;bec Superior Court dismissed the motion to obtain the authorization to institute a class action. On&#160;August&nbsp;16,&nbsp;2007, the plaintiff filed a notice of appeal and in December&nbsp;2007 filed a motion to amend the class
description. On November&nbsp;19,&nbsp;2008, the Qu&eacute;bec Court of Appeal dismissed the plaintiff&#146;s motion to amend the class description and dismissed the appeal, with costs. The plaintiff did not file a motion for leave to appeal to the Supreme
Court of&nbsp;Canada. </font> </P>
<P align="left">
<font face="Arial" size="2">The motions seeking certification to proceed as class actions in Ontario, Alberta and British Columbia have been dormant since they were filed in&nbsp;2006.</font></P>

<p style="margin-bottom: 0" align="left">
<b><font face="Arial" size="1">34</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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<P align="left">
<font face="Arial">
<B>Class Action Concerning Wireless Access Charges</B></font></P>
<P align="left">
<font face="Arial" size="2">On August&nbsp;9, 2004, a statement of claim was filed under
<i>The Class Actions Act</i> (Saskatchewan) in the Court of Queen&#146;s Bench, Judicial Centre of Regina, Saskatchewan against wireless communications service providers, including Bell&nbsp;Mobility and Aliant Telecom&#160;Inc., on behalf of certain alleged customers (Initial Action).</font></P>
<P align="left">
<font face="Arial" size="2">The statement of claim for the Initial Action alleges, among other things, breach of contract and duty to inform, deceit, misrepresentation, unjust enrichment and collusion, in connection with certain &#147;system access fees&#148; and &#147;system
licensing charges&#148; invoiced by wireless communications service providers to their customers. The plaintiff is seeking unspecified damages and punitive damages. The Initial Action is seeking certification of a national class encompassing all
customers of wireless communications service providers wherever resident in&nbsp;Canada.</font></P>
<P align="left">
<font face="Arial" size="2">On July&nbsp;18,&nbsp;2006, the Saskatchewan Court of Queen&#146;s Bench rendered its judgment on the motion for certification, refusing to certify the action against all defendant Bell&nbsp;Canada companies except Bell&nbsp;Mobility. With respect to Bell&nbsp;Mobility, the
court refused to certify the lawsuit on all grounds except for the claim for unjust enrichment. However, the court refused to grant certification at that point on the basis that there was no appropriate representative plaintiff. The court gave the
plaintiff leave to re-apply for certification. The continuation of the certification application was heard on June&nbsp;18 and 19,&nbsp;2007.</font></P>
<P align="left">
<font face="Arial" size="2">On September&nbsp;17,&nbsp;2007, the court granted certification of the Initial Action finding that there was a proper representative plaintiff. On May&nbsp;9,&nbsp;2008, the plaintiff filed motions to convert the certified Initial Action from a national opt-in class
to a national opt-out class and to add BCE&#160;Inc. and Bell&#160;Canada as defendants. The court dismissed plaintiff&#146;s motions on May&nbsp;7,&nbsp;2009.</font></P>
<P align="left">
<font face="Arial" size="2">On July&nbsp;27,&nbsp;2009, a new statement of claim was filed under <I>The Class Actions Act</I> (Saskatchewan) in the Court of Queen&#146;s Bench, Judicial Centre of Regina, Saskatchewan against wireless service providers, including Bell&nbsp;Mobility and
members of the Bell&nbsp;Aliant group, on behalf of certain alleged customers (Second Action).
</font> </P>
<P align="left">
<font face="Arial" size="2">The statement of claim for the Second Action is based on alleged facts similar to those in the Initial Action. The causes of action alleged in the Second Action are misrepresentation, breach of the <I>Competition Act</I>, conspiracy and unjust
enrichment. The Second Action also alleges that the government charges for spectrum licenses and the CRTC rural contribution obligation constitute less than what Bell&nbsp;Mobility collected for the system access fees (SAF). As such, the plaintiff is
seeking either a reimbursement of the full amount of the SAF or, in the alternative, the difference between the SAF charged and the government spectrum and CRTC charges.</font></P>
<P align="left">
<font face="Arial" size="2">On August&nbsp;13,&nbsp;2009, the plaintiff in the Initial Action filed a notice of discontinuance in order to allow the Second Action to proceed. Bell&nbsp;Mobility and the other defendants filed a motion to strike the Second Action as an abuse of process. On
December&nbsp;7,&nbsp;2009, the plaintiff withdrew its motion for discontinuance of the Initial Action.
</font> </P>
<P align="left">
<font face="Arial" size="2">On December&nbsp;22,&nbsp;2009, the court stayed the Second Action as an abuse of process.
</font> </P>
<P align="left">
<font face="Arial" size="2">On February&nbsp;24,&nbsp;2010, the Saskatchewan Court of Appeal heard the defendants&#146; leave to appeal applications regarding the July&nbsp;18,&nbsp;2006 and September&nbsp;17,&nbsp;2007 certification decisions as well as Bell&nbsp;Mobility&#146;s leave to appeal application
regarding a February&nbsp;20,&nbsp;2008 decision concerning proper forum for the Initial Action. In addition, the Court of Appeal heard the plaintiff&#146;s leave to appeal applications of the May&nbsp;7,&nbsp;2009 decision in the Initial Action regarding the national
opt-in class and the addition of BCE&#160;Inc. and Bell&#160;Canada as defendants. The Court of Appeal reserved its decision on all of the leave to appeal applications.
</font></P>
<P align="left">
<font face="Arial" size="2">On March&nbsp;9,&nbsp;2010, the plaintiff filed a motion for leave to appeal to the
Saskatchewan Court of Appeal the December&nbsp;22,&nbsp;2009 decision that stayed the
Second Action as an abuse of process.</font></P>
<P align="left">
<font face="Arial">
<B>LAWSUITS RELATED TO TELEGLOBE INC.</B></font></P>
<P align="left">
<font face="Arial">
<B>Teleglobe Plan Administrator Lawsuit</B></font></P>
<P align="left">
<font face="Arial" size="2">On November&nbsp;16, 2005, Kathy Morgan, in her capacity as plan administrator for Teleglobe&#160;Inc., filed a lawsuit in the Ontario Superior Court of Justice against BCE&#160;Inc. and seven former directors of Teleglobe&#160;Inc.
</font> </P>
<P align="left">
<font face="Arial" size="2">The plaintiff is seeking a declaration that Teleglobe&#160;Inc. and its creditors have been oppressed by the former directors of Teleglobe&nbsp;Inc. and by BCE&nbsp;Inc. within the meaning of the <I>Canada Business Corporations Act</I>. The plaintiff is also
seeking a declaration that the former directors of Teleglobe&#160;Inc. breached their fiduciary duty to Teleglobe&#160;Inc. and failed to act in accordance with the standard of care prescribed under the <I>Canada Business Corporations Act</I>.</font></P>

<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;<b>35</b></font></p>

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




<P align="left">
<font face="Arial" size="2">The plaintiff is seeking compensation for oppression in the amount of &#36;3 billion and damages for breach of fiduciary duty in the amount of &#36;3 billion, in each case plus interest and costs.</font></P>
<P align="left">
<font face="Arial" size="2">Teleglobe&#160;Inc. was at the relevant time a subsidiary of BCE&#160;Inc. Pursuant to standard policies and subject to applicable laws, the seven former directors are entitled to seek indemnification from BCE&#160;Inc. in connection with this
lawsuit.</font></P>
<P align="left">
<font face="Arial">
<B>BNP Paribas (Canada) Lawsuit</B></font></P>
<P align="left">
<font face="Arial" size="2">On December&nbsp;23, 2004, BNP Paribas (Canada), a former plaintiff in the Teleglobe lending syndicate lawsuit described below, filed a statement of claim in the Ontario Superior Court of Justice against BCE&#160;Inc. and five former directors of
Teleglobe&#160;Inc. </font> </P>
<P align="left">
<font face="Arial" size="2">The statement of claim is based on several allegations, including: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">oppression against the former directors; and
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">breach of contract against BCE&#160;Inc.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">BNP Paribas (Canada) seeks U.S.&#36;50&nbsp;million in damages.
</font> </P>
<P align="left">
<font face="Arial" size="2">Teleglobe&#160;Inc. was at the relevant time a subsidiary of BCE&#160;Inc. Pursuant to standard policies and subject to applicable laws, the five former directors of Teleglobe&#160;Inc. are entitled to seek indemnification from BCE&#160;Inc. in
connection with this lawsuit.</font></P>
<P align="left">
<font face="Arial" size="2">On November&nbsp;20,&nbsp;2007, the defendants filed their statement of defence. On March&nbsp;20,&nbsp;2008, the plaintiff delivered its reply.</font></P>
<P align="left">
<font face="Arial">
<B>Teleglobe Unsecured Creditor Lawsuit</B></font></P>
<P align="left">
<font face="Arial" size="2">On May&nbsp;26, 2004, a lawsuit was filed in the United States Bankruptcy Court for the District of Delaware by Teleglobe Communications Corporation, certain of its affiliated U.S. debtors and debtors in possession, and the Official Committee of
Unsecured Creditors of these debtors against BCE&#160;Inc. and 10 former directors and officers of Teleglobe&#160;Inc. and certain of its subsidiaries.
</font> </P>
<P align="left">
<font face="Arial" size="2">The lawsuit is based on several allegations, including:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">breach of an alleged funding commitment of BCE&#160;Inc. towards the debtors;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">misrepresentation by BCE&#160;Inc.; and </font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">breach and aiding and abetting breaches of fiduciary duty by the defendants.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">The plaintiffs seek an unspecified amount of damages against the defendants.</font></P>
<P align="left">
<font face="Arial" size="2">In March&nbsp;2006, the plaintiffs filed an amended complaint to add certain factual allegations.</font></P>
<P align="left">
<font face="Arial" size="2">On June&nbsp;19,&nbsp;2009, BCE&nbsp;Inc. and the individual defendants filed a motion for summary judgment regarding all claims brought against them. On August&nbsp;21,&nbsp;2009, plaintiffs filed an opposition to such motion and filed a motion for leave to amend the
complaint to add a claim against the individual defendants.</font></P>
<P align="left">
<font face="Arial">
<B>Kroll Restructuring Lawsuit</B></font></P>
<P align="left">
<font face="Arial" size="2">On February&nbsp;26, 2003, BCE&#160;Inc. was informed that Kroll Restructuring Ltd., in its capacity as interim receiver of Teleglobe&#160;Inc., had filed a notice of action in the Ontario Superior Court of Justice against five former directors of
Teleglobe&#160;Inc. The statement of claim was filed on March&nbsp;26, 2003 and was served to each of the directors in August&nbsp;and September&nbsp;2003.
</font> </P>
<P align="left">
<font face="Arial" size="2">The plaintiff, now Kathy Morgan, in her capacity as plan administrator for Teleglobe&#160;Inc., is seeking a declaration that the redemption by Teleglobe&#160;Inc. of its third series preferred shares in April&nbsp;2001 and the retraction of its fifth
series preferred shares in March&nbsp;2001 were prohibited under the <I>Canada Business Corporations Act </I>and that the five former directors should be held jointly and severally liable to restore to Teleglobe&#160;Inc. all amounts paid or distributed
on these transactions. These amounts total approximately &#36;661&nbsp;million, plus interest.</font></P>
<P align="left">
<font face="Arial" size="2">On April&nbsp;16, 2004, the defendants filed their statement of defence.</font></P>
<P align="left">
<font face="Arial" size="2">On February&nbsp;26,&nbsp;2007, the five former directors filed a third party claim in the Ontario Superior Court of Justice against the former third series preferred shareholders of Teleglobe&#160;Inc. As provided by the <I>Canada Business Corporations
Act</I>, the third party claim seeks to recover from those former third series preferred shareholders any amounts the former directors may have to restore to Teleglobe&#160;Inc. as a result of this lawsuit, on account of the redemption of the third
series preferred shares.</font></P>

<p style="margin-bottom: 0" align="left">
<b><font face="Arial" size="1">36</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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<P align="left">
<font face="Arial" size="2">While BCE&#160;Inc. is not a defendant in this lawsuit, Teleglobe&#160;Inc. was at the relevant time a subsidiary of BCE&#160;Inc. Pursuant to standard policies and subject to applicable laws, the five former directors are entitled to seek
indemnification from BCE&#160;Inc. in connection with this lawsuit.</font></P>
<P align="left">
<font face="Arial">
<B>Teleglobe Lending Syndicate Lawsuit</B></font></P>
<P align="left">
<font face="Arial" size="2">On July&nbsp;12, 2002, a statement of claim was filed in the Ontario Superior Court of Justice by ABN AMRO Bank N.V., Bank of Montreal, Bank of Tokyo-Mitsubishi (Canada), Bayerische Landesbank Girozentrale, BNP Paribas (Canada), La Caisse Centrale
Desjardins du Qu&eacute;bec, Canadian Imperial Bank of Commerce, Canadian Imperial Bank of Commerce, N.Y. Agency, Citibank, N.A., Credit Suisse First Boston&nbsp;Canada, Credit Suisse First Boston, Export Development&nbsp;Canada, HSBC Bank&nbsp;Canada, JPMorgan
Chase Bank, Laurentian Bank of&nbsp;Canada, Merrill Lynch Capital (Canada)&#160;Inc., Merrill Lynch Capital Corporation, National Bank of&nbsp;Canada, Royal Bank of&nbsp;Canada, Soci&eacute;t&eacute; G&eacute;n&eacute;rale, The Bank of Nova Scotia, and The
Toronto-Dominion Bank against BCE&#160;Inc.</font></P>
<P align="left">
<font face="Arial" size="2">The plaintiffs sought damages of U.S.&#36;1.19 billion, plus interest and costs, from BCE&#160;Inc. They alleged that these damages were equal to the amount they advanced as members of the Teleglobe&#160;Inc. and Teleglobe Holdings (U.S.)
Corporation lending syndicate. The plaintiffs represented approximately 95.2% of the U.S.&#36;1.25 billion that the members of that lending syndicate advanced.</font></P>
<P align="left">
<font face="Arial" size="2">The plaintiffs&#146; claim is based on several allegations, including that:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the actions and representations of BCE&#160;Inc. and its management, in effect, amounted to a legal commitment that BCE&#160;Inc. would repay the advances; and
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the court should disregard Teleglobe&#160;Inc. as a corporate entity and
hold BCE&#160;Inc. responsible to repay the advances as Teleglobe&#160;Inc.&#146;s and Teleglobe Holdings (U.S.) Corporation&#146;s alter ego.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">On September&nbsp;16, 2003, BCE&#160;Inc. filed its statement of defence relating to this action.</font></P>
<P align="left">
<font face="Arial" size="2">On November&nbsp;2, 2004, two of the plaintiffs, Canadian Imperial Bank of Commerce and Canadian Imperial Bank of Commerce, N.Y. Agency, which had advanced approximately U.S.&#36;104&nbsp;million to Teleglobe&#160;Inc. and Teleglobe Holdings (U.S.)
Corporation, filed a notice of discontinuance with the court and are therefore no longer plaintiffs in this action.</font></P>
<P align="left">
<font face="Arial" size="2">On May&nbsp;3, 2005, following the launch of the BNP Paribas (Canada) lawsuit described above, BNP Paribas (Canada), which had advanced approximately U.S.&#36;50&nbsp;million to Teleglobe&nbsp;Inc. and Teleglobe Holdings (U.S.) Corporation, filed a notice of
discontinuance with the court and is therefore no longer a plaintiff in this action.</font></P>
<P align="left">
<font face="Arial" size="2">Following these discontinuances, the damages sought by the remaining plaintiffs would now amount to approximately U.S.&#36;1.04 billion, plus interest and costs, representing approximately 83% of the U.S.&#36;1.25&nbsp;billion that the members of
the lending syndicate advanced to Teleglobe&#160;Inc. and Teleglobe Holdings (U.S.) Corporation.</font></P>
<P align="left">
<font face="Arial" size="2">On June&nbsp;29,&nbsp;2006, the plaintiffs filed an amended statement of claim to add certain allegations of material misrepresentations regarding Teleglobe&#160;Inc.&#146;s and Teleglobe Holdings (U.S.) Corporation&#146;s business plan.</font></P>
<P align="left">
<font face="Arial" size="2">Trial is scheduled to commence on February&nbsp;7,&nbsp;2011.</font></P>
<P align="left">
<font face="Arial">
<B>OTHER</B></font></P>
<P align="left">
<font face="Arial" size="2">We are subject to other claims and a number of judicial and administrative proceedings considered normal in the ordinary course of our current and past operations, including employment-related disputes, contract disputes, intellectual property
disputes and customer disputes. In some proceedings, the claimant seeks damages as well as other relief, which, if granted, would require substantial expenditures on our part.</font></P>

<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;<b>37</b></font></p>

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<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table17">
	<tr>
		<td bgcolor="#808080">

<P align="left">
<font face="Arial" size="4" color="#FFFFFF">
<B>Interest of Management and Others in Material Transactions</B></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">Except as previously disclosed in respect of the proposed Privatization in the Notice of Special Shareholder Meeting and Management Proxy Circular of BCE&#160;Inc. dated August&nbsp;7,&nbsp;2007 in the section entitled <I>Interests of Senior Management and
Others in the Arrangement</I>, as updated in the BCE&#160;Inc.&nbsp;2007 annual information form dated March&nbsp;5,&nbsp;2008 in the section entitled <I>Interest of Management and Others in Material Transactions</I>, to the best of our knowledge, there
were no directors or executive officers or any associate or affiliate of a director or executive officer with a material interest in any transaction within the three most recently completed financial years or during the current financial year that
has materially affected us or is reasonably expected to materially affect us.</font></P>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table18">
	<tr>
		<td bgcolor="#808080">

<P align="left">
<font face="Arial" size="4" color="#FFFFFF">
<B>Experts</B></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">Deloitte &amp; Touche LLP prepared the Report of Independent Registered Chartered Accountants in respect of our audited consolidated financial statements and the Report of Independent Registered Chartered Accountants in respect of our internal
control over financial reporting. Deloitte &amp; Touche LLP is independent of BCE&#160;Inc. within the meaning of the Code of Ethics of the <I>Ordre des comptables agr&eacute;&eacute;s du Qu&eacute;bec</I> and the United States <I>Securities Act of
1933</I> and the applicable rules and regulations thereunder.</font></P>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table19">
	<tr>
		<td bgcolor="#808080">

<P align="left">
<font face="Arial" size="4" color="#FFFFFF">
<B>Transfer Agent and Registrar</B></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">The transfer agent and registrar for the common shares and preferred shares of BCE&#160;Inc. in&nbsp;Canada is Computershare Trust Company of&nbsp;Canada (Computershare) at its principal offices in Montr&eacute;al, Qu&eacute;bec; Halifax, Nova Scotia;
Toronto, Ontario; Calgary, Alberta; and Vancouver, British Columbia and in the United States is Computershare Trust Company, N.A. at its principal offices in Edison, New Jersey and New York, New York.</font></P>
<P align="left">
<font face="Arial" size="2">The register for Bell&#160;Canada&#146;s debentures is kept at the principal office of CIBC Mellon Trust Company (CIBC Mellon), in Montr&eacute;al, and facilities for registration, exchange and transfer of the debentures are maintained at the
principal offices of CIBC Mellon in Halifax, Montr&eacute;al, Toronto, Calgary and Vancouver. The co-registrar for Bell&#160;Canada&#146;s series ES debentures is Bank of Montreal Trust Company, in New York, and the series ES debentures may be
presented for registration, transfer or exchange at the office of the Bank of Montreal Trust Company in New York.</font></P>
<P align="left">
<font face="Arial" size="2">The register for Bell&#160;Canada&#146;s subordinated debentures is kept at the principal office of Computershare, in Montr&eacute;al, and facilities for registration, exchange and transfer of the subordinated debentures are maintained at the
principal offices of Computershare in Halifax, Montr&eacute;al, Toronto, Calgary and Vancouver.</font></P>

<p style="margin-bottom: 0" align="left">
<b><font face="Arial" size="1">38</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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&nbsp;</P>
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	<tr>
		<td bgcolor="#808080">

<P align="left">
<font face="Arial" size="4" color="#FFFFFF">
<B>For More Information</B></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial">
<B>DOCUMENTS YOU CAN REQUEST</B></font></P>
<P align="left">
<font face="Arial" size="2">You can ask us for a copy of any of the following documents:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">this annual information form, together with any document, or the relevant pages of any document, incorporated by reference into it;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">BCE&#160;Inc.&#146;s most recent annual report, which includes the
	audited consolidated financial statements and management&#146;s discussion and analysis for the most recently completed financial year together with the accompanying auditors&#146;
report; </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">any interim financial statements that were filed after the financial statements for the most recently completed financial year;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">any other documents that are incorporated by reference into a preliminary short form prospectus or
a short form prospectus and are not listed above.</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">Please send your request to the Corporate Secretary of BCE&#160;Inc., at 1 Carrefour Alexander-Graham-Bell, Building A, 7th floor, Verdun, Qu&eacute;bec H3E 3B3.</font></P>
<P align="left">
<font face="Arial" size="2">We will send you the documents at no charge when our securities are being distributed under a preliminary short form prospectus or short form prospectus.</font></P>
<P align="left">
<font face="Arial" size="2">At any other time, we may charge you a reasonable fee if you or the company you work for is not a security holder of BCE&#160;Inc.</font></P>
<P align="left">
<font face="Arial" size="2">You can also ask us for a copy of the annual and quarterly management&#146;s discussion and analysis of BCE&#160;Inc. by contacting the Investor Relations group of BCE&#160;Inc., at 1 Carrefour Alexander-Graham-Bell, Building A, 6th Floor, Verdun,
Qu&eacute;bec H3E 3B3 or by sending an e-mail to investor.relations@bce.ca.</font></P>
<P align="left">
<font face="Arial">
<B>OTHER INFORMATION ABOUT BCE&#160;INC.</B></font></P>
<P align="left">
<font face="Arial" size="2">The above documents, as well as BCE&#160;Inc.&#146;s annual and quarterly reports and news releases, are also available on BCE&#160;Inc.&#146;s website at www.bce.ca.</font></P>
<P align="left">
<font face="Arial" size="2">Additional information, including information as to directors&#146; and officers&#146; remuneration securities and securities authorized for issuance under equity compensation plans, is contained in BCE&#160;Inc.&#146;s management proxy circular for its most recent annual meeting of the securityholders that involved the election of&#160;directors.</font></P>
<P align="left">
<font face="Arial" size="2">Additional information relating to BCE&#160;Inc. is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Additional financial information is provided in
BCE&nbsp;Inc.&#146;s audited consolidated financial statements and related management
discussion and analysis for BCE&nbsp;Inc.&#146;s most recently completed financial year
contained in the BCE&#160;2009 Annual Report.</font></P>
<table border="0" width="50%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="50%" valign="top"><font face="Arial" size="2">Shareholder inquiries</font></td>
		<td width="50%" valign="top"><font face="Arial" size="2">1-800-561-0934</font></td>
	</tr>
	<tr>
		<td width="50%" valign="top">
<font face="Arial" size="2">Investor relations</font></td>
		<td width="50%" valign="top"><font face="Arial" size="2">1-800-339-6353</font></td>
	</tr>
</table>
<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;<b>39</b></font></p>

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&nbsp;</P>
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	<tr>
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<P align="left">
<font face="Arial" size="4" color="#FFFFFF">
<B>Schedule 1 &#150; Audit Committee Information<SUP>(1)</SUP></B></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">The purpose of BCE&#160;Inc.&#146;s audit committee (Audit Committee) is to assist the board in its oversight of: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the integrity of BCE&#160;Inc.&#146;s financial statements and related information;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">BCE&#160;Inc.&#146;s compliance with applicable legal and regulatory requirements;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the independence, qualifications and appointment of the external auditors;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the performance of both the external and internal auditors;</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">BCE&#160;Inc.&#146;s management&#146;s responsibility for assessing and reporting on the effectiveness of internal controls and reporting on risk
	management.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial">
<B>Members&#146; Financial Literacy, Expertise and Simultaneous Service</B></font></P>
<P align="left">
<font face="Arial" size="2">Under the <I>Sarbanes-Oxley Act </I>and related United States Securities and Exchange Commission rules, BCE&#160;Inc. is required to disclose whether its Audit Committee members include at least one &#147;audit committee financial expert,&#148; as
defined by these rules. In addition, National Instrument 52-110 &#150; <I>Audit Committees </I>and the New York Stock Exchange governance rules followed by BCE&#160;Inc. require that all audit committee members be &#147;financially literate&#148;
and &#147;independent&#148;.</font></P>
<P align="left">
<font face="Arial" size="2">The board has determined that all the members of the Audit Committee during&nbsp;2009 were, and all current members of the Audit Committee are, financially literate and independent. In respect of the current Audit Committee members, as well as members
during&nbsp;2009, the board determined that at least one of the members of the Audit Committee, being, respectively, the past Chair of the Audit Committee, Mr.&#160;T.C. O&#146;Neill, until he stepped down from that committee on May&nbsp;6,&nbsp;2009, and the
current Chair of the Audit Committee, Mr.&#160;P.R. Weiss, is qualified as an &#147;audit committee financial expert.&#148; The table below indicates the relevant education and experience of all the Audit Committee members during&nbsp;2009 and the
current members.</font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="100%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font face="Arial">
		<B>Relevant Education and Experience</B></font></td>
	</tr>
	<tr>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">P.R. Weiss, FCA <I>(Chair)</I></font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="83%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Mr. Weiss has been a director on the BCE&nbsp;Inc. board since May&nbsp;2009 and became Chair of the Audit Committee on May&nbsp;7,&nbsp;2009. Mr. Weiss is director and audit committee Chair at
Torstar Corporation and ING Bank of&nbsp;Canada and a director of Empire Life Insurance Company. He is
Chair of the Board of Directors of Soulpepper Theatre Company, past Chair and a director of Toronto Rehab Foundation, and a director of Niagara International Music Festival. For over 40 years until his retirement in&nbsp;2008, he was with KPMG&nbsp;Canada. He
served as Managing Partner of the Canadian Audit Practice, a member of KPMG&nbsp;Canada&#146;s Management Committee, and a member of the International Global Audit Steering Group. Mr.&#160;Weiss holds a Bachelor of Commerce degree from Carleton
University.</font></td>
	</tr>
	<tr>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">A. B&eacute;rard, O.C. </font> </td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="83%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Mr.&#160;B&eacute;rard has been a director on the BCE&#160;Inc. board since January&nbsp;2003. Mr.&#160;B&eacute;rard was Chair of the Board of National Bank of&nbsp;Canada (chartered bank) from 2002 to March&nbsp;2004, and Chair of the Board and Chief Executive
Officer of National Bank of&nbsp;Canada from 1990 to March&nbsp;2002. He holds a Fellows Diploma of the Institute of Canadian Bankers and was Chair of the Executive Council of the Canadian Bankers&#146; Association from 1986 to 1988. He was appointed an
Officer of the Order of&nbsp;Canada in 1995.</font></td>
	</tr>
	<tr>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">A.S. Fell, O.C. </font> </td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">&nbsp;</td>
		<td width="83%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 4px; margin-bottom: 4px">
<font face="Arial" size="2">Mr.&#160;Fell has been a director on the BCE&#160;Inc. board since January&nbsp;2002.
Mr. Fell is a former Deputy Chairman of Royal Bank of Canada. He was with RBC
Capital Markets (investment bank) and predecessor companies for 48 years
including 18 years as Chief Executive Officer and a further 8 years as Chairman
until his retirement in 2007. Mr. Fell is a past Chairman of the Investment
Dealers Association of Canada and a past Governor of the Toronto Stock Exchange.
Mr. Fell is also a past Chairman of the University Health Network, the United
Way Campaign for Metropolitan Toronto, the Princess Margaret Hospital Capital
Campaign and is a past Governor of the Duke of Edinburgh&#146;s Award Program in
Canada, St. Andrew&#146;s College and the Ontario Division of the Canadian Arthritis
Society. Mr. Fell was appointed an Officer of the Order of Canada in 2001 and
received an Honorary Doctor of Laws Degree from McMaster University in 2001 and
from the University of Toronto in 2006.</font></td>
	</tr>
</table>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font size="1">&nbsp;</font></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table22">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
		(1)</font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
You will find a summary of the differences between our governance practices and the New York Stock Exchange governance rules in the governance section of BCE&#160;Inc.&#146;s website at www.bce.ca</font></td>
	</tr>
</table>
<p style="margin-bottom: 0" align="left">
<font face="Arial" size="1"><b>40&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<p style="margin-top: 0; margin-bottom: 0" align="left"><br>
&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<p style="margin-top: 3px; margin-bottom: 3px">
		<font face="Arial" size="2">V.L. Young, O.C. </font> </td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<p style="margin-top: 3px; margin-bottom: 3px">&nbsp;</td>
		<td width="83%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<p style="margin-top: 3px; margin-bottom: 3px">
<font face="Arial" size="2">Mr.&#160;Young has been a director on the BCE&#160;Inc. board since May&nbsp;1995. Mr.&#160;Young was Chairman and Chief Executive Officer of Fishery Products International&#160;Inc. (vertically integrated seafood company) from 1984 to 2001. He is also a
director of RBC Dexia Investor Services Trust (institutional investor services company) and McCain Foods Limited (food distribution, retail and production company). In 1996, he was appointed an Officer of the Order of&nbsp;Canada and was awarded an
honorary doctorate from Memorial University in Newfoundland and Labrador. In&nbsp;2007, he was named a Fellow of the Institute of Corporate Directors.</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 3px; margin-bottom: 3px">
<font face="Arial" size="2">T.C. O&#146;Neill, FCA <br>
<I>(member until May&nbsp;7,&nbsp;2009)</I></font></p>
		</td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 3px; margin-bottom: 3px">&nbsp;</td>
		<td width="83%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 3px; margin-bottom: 3px">
<font face="Arial" size="2">Mr.&#160;O&#146;Neill has been a director on the BCE&#160;Inc. board since January&nbsp;2003 and was also Chair of the Audit Committee until May&nbsp;7,&nbsp;2009. He was appointed Chair of the Board of BCE&#160;Inc. and Bell&#160;Canada on February&nbsp;17,&nbsp;2009.
Mr.&#160;O&#146;Neill was Chief Executive Officer of PricewaterhouseCoopers Consulting (provider of management consulting and technology services) from January&nbsp;2002 to May&nbsp;2002 and then Chair of the Board from May&nbsp;2002 to October&nbsp;2002.
Mr.&#160;O&#146;Neill is a former Vice-Chair of the Board of Trustees of Queen&#146;s University and a past member of the Advisory Council of Queen&#146;s University School of Business. Mr.&#160;O&#146;Neill graduated from Queen&#146;s University
with a BComm and is a chartered accountant. Mr.&#160;O&#146;Neill received an Honorary LLD from Queen&#146;s University and is a Fellow of the Institute of&#160;Corporate Directors.</font></td>
	</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="15%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 3px; margin-bottom: 3px">
<font face="Arial" size="2">J. Maxwell <br>
		<I>(member until her retirement from the board on February&nbsp;17,&nbsp;2009)</I></font></td>
		<td width="2%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="margin-top: 3px; margin-bottom: 3px">&nbsp;</td>
		<td width="83%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left" style="margin-top: 3px; margin-bottom: 3px">
<font face="Arial" size="2">Ms. Maxwell was a director on the BCE&#160;Inc. board until February&nbsp;2009. She is currently a&#160;research fellow of the Canadian Policy Research Networks&#160;Inc. (since January&nbsp;2006) and served as President from 1995 until January&nbsp;2006. Prior to
this appointment, she was Associate Director of the School of Political Studies at Queen&#146;s University. She acted as Chair of the Economic Council of&nbsp;Canada from 1985 to 1992. Prior to 1985, Ms. Maxwell worked as a consultant and as Director
of&#160;Policy Studies at the C.D. Howe Institute.</font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">The New York Stock Exchange governance rules followed by BCE&#160;Inc. require that if an audit committee member serves simultaneously on the audit committee of more than three public companies, the board of directors must determine and disclose
that this simultaneous service does not impair the ability of the member to effectively serve on the audit committee.
</font> </P>
<P align="left">
<font face="Arial" size="2">In addition to serving on BCE&#160;Inc.&#146;s Audit Committee, the following Audit Committee members during&nbsp;2009 served on the audit committees of the following public companies: Mr.&#160;B&eacute;rard, Bombardier&#160;Inc., Groupe BMTC&#160;Inc.
and TransForce&#160;Inc. and Mr.&#160;O&#146;Neill, Nexen&#160;Inc., Adecco, S.A., Loblaw Companies Limited, and The Bank of Nova Scotia. The board has carefully reviewed the audit committee service of each of Messrs. B&eacute;rard and O&#146;Neill
and has concluded in each case that these other activities did not during&nbsp;2009 and, in the case of Mr.&#160;B&eacute;rard, do not currently impair his ability to effectively serve on BCE&#160;Inc.&#146;s Audit Committee. This conclusion is based on
the following:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">each is retired and is not involved in professional activities other than sitting on various public corporations&#146; boards of directors and audit committees;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">each has extensive accounting and financial knowledge and
experience, which serves the best interests of BCE&#160;Inc.; and </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">each makes valuable contributions to BCE&#160;Inc.&#146;s Audit Committee.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial">
<B>Pre-Approval Policies and Procedures</B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&#160;Inc.&#146;s Auditors Independence Policy is a comprehensive policy governing all aspects of BCE&#146;s relationship with the external auditors, including:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">establishing a process for determining whether various audit and other
services provided by the external auditors affect their independence; </font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">identifying the services that the external auditors may and may not provide to BCE&#160;Inc. and its subsidiaries;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">pre-approving all services to be provided by the
external auditors of BCE&#160;Inc. and its subsidiaries; and </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">establishing a process outlining procedures when hiring current or former personnel of the external auditors in a financial oversight role to ensure auditors&#146; independence is
maintained.</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">The Auditors Independence Policy is available in the governance section of BCE&#160;Inc.&#146;s website at www.bce.ca.</font></P>

<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;<b>41</b></font></p>

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




<P align="left">
<font face="Arial">
<B>External Auditors&#146; Fees</B></font></P>
<P align="left">
<font face="Arial" size="2">The table below shows the fees that Deloitte &amp; Touche LLP billed to BCE&#160;Inc. and its subsidiaries for various services in each of the past two fiscal years. Audit fees increased in&nbsp;2009 due to services related to the changeover to
International Financial Reporting Standards and the review of securities offering documents. All other fees relate to BCE&#146;s program for compliance with the Payment Card Industry Data Security Standard.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="76%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=1>(IN &#36; MILLIONS)</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">(IN &#36; MILLIONS </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial">
<B><FONT size=1>)</FONT></B></font><font size="1"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<font face="Arial">
<FONT size=2>Audit fees</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>9.2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8.4 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<font face="Arial">
<FONT size=2>Audit-related fees</FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>3.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.2 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<font face="Arial">
<FONT size=2>Tax fees</FONT><SUP><FONT size=2>(3)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>0.7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.8 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<font face="Arial">
<FONT size=2>All other fees</FONT><SUP><FONT size=2>(4)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2>1.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.3 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<tr>
	<TD align=left width="76%">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=center width="10%">
<p align="right">
<font face="Arial">
<B><FONT size=2>13.9</FONT></B></font></TD>
	<TD width=2%>
<font face="Arial">
<B><SUP><FONT size=2>(5)</FONT></SUP></B></font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12.7 </FONT>
	</TD>
	<TD align=left width="2%">
<p align="left">
<font face="Arial">
<SUP><FONT size=2>(5)</FONT></SUP></font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="5">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE><font size="1">&nbsp;</font><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table23">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
		(1)</font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
These fees include professional services provided by the external auditors for
statutory audits of the annual financial statements, the audit of the
effectiveness of internal control over financial reporting, the review of
interim financial statements, the review of financial accounting and reporting
matters, the review of securities offering documents, other regulatory audits
and filings and translation services.</font></td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table24">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
		(2)</font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
These fees relate to non-statutory audits, due diligence and the review of financial accounting and reporting matters.</font></td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table25">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
		(3)</font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
These fees include professional services for tax compliance, tax advice and assistance with tax audits and appeals.</font></td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table26">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
		(4)</font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
These fees include any other fees for permitted services not included in any of the above-stated categories. In&nbsp;2009 and&nbsp;2008, the fees are solely for services related to compliance with the Payment Card Industry Data Security
Standard.</font></td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table27">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
		(5)</font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
The amounts of &#36;13.9&nbsp;million for&nbsp;2009 and &#36;12.7&nbsp;million for&nbsp;2008 reflect fees billed in those fiscal years without taking into account the year to which those services relate. Total fees for services provided for each fiscal
year amounted to &#36;12.8&nbsp;million in&nbsp;2009 and &#36;11.8&nbsp;million in&nbsp;2008.</font></td>
	</tr>
</table>
<p style="margin-bottom: 0" align="left">
<font face="Arial" size="1"><b>42&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table28">
	<tr>
		<td bgcolor="#808080">

<P align="left">
<b><font face="Arial" size="4" color="#FFFFFF">Schedule 1A &#150; Audit Committee
Charter</font></b></P>
		</td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>I.  </B></font><b><font face="Arial">PURPOSE</font></b></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" colspan="2">
<p style="margin-bottom: 5px"><font face="Arial" size="2">The purpose of the
Audit Committee is to assist the Board of Directors in its oversight of:</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px"><font face="Arial" size="2">A. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">the integrity
		of the Corporation&#146;s financial statements and related information;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px"><font face="Arial" size="2">B. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">the
		Corporation&#146;s compliance with applicable legal and regulatory
		requirements;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px"><font face="Arial" size="2">C. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">the
		independence, qualifications and appointment of the shareholders&#146;
		auditor;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px"><font face="Arial" size="2">D. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">the
		performance of the Corporation&#146;s shareholders&#146; auditor and internal
		audit; and</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px"><font face="Arial" size="2">E. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">management responsibility for
		assessing and reporting on the effectiveness of internal controls and
		reporting on risk management.</font></td>
	</tr>
	</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>II. DUTIES AND RESPONSIBILITIES</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top">
<P align="left">
<font face="Arial" size="2">The Audit Committee shall perform the functions customarily performed by audit committees and any other functions assigned by the Board of Directors. In particular, the Audit Committee shall have the following duties and responsibilities:</font></P>
		</td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>A. Financial Reporting and Control</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">1. </font></td>
		<td valign="top" colspan="3">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">On a periodic basis, review and discuss with management and the shareholders&#146; auditor the following:</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">a. </font></td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">major issues regarding accounting principles and financial statement presentation, including any significant changes in the Corporation&#146;s selection or application of accounting principles, and issues as to the adequacy of the
Corporation&#146;s internal controls and any special audit steps adopted in light of material control deficiencies;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">b. </font></td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">analyses prepared by management and/or the shareholders&#146; auditor setting forth significant financial reporting issues and judgements made in connection with the preparation of the financial statements, including the effects of
alternative generally accepted accounting principles (GAAP) methods on the financial statements when such alternatives have been selected in the current reporting period;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">c. </font></td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">the effect of regulatory and accounting
		developments, as well as off-balance sheet structures, on the financial statements of the Corporation;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">d. </font></td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">the type and presentation of information to be included in earnings press releases (including any use of pro-forma or adjusted non-GAAP, information).</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">2. </font></td>
		<td valign="top" colspan="3">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Meet to review and discuss with management and the shareholders&#146; auditor, report and, where appropriate, provide recommendations to the Board of Directors on the following prior to its public disclosure:</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">a. </font></td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">the annual and interim consolidated financial statements, the Corporation&#146;s disclosure under &#147;Management Discussion and Analysis&#148;, Annual Information Form, earnings press releases, financial information and earnings guidance
provided to analysts and rating agencies and the integrity of the financial reporting of the Corporation;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2">
		<p style="margin-bottom: 5px"></td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">&#150; </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">In addition to the role of the Audit Committee to make recommendations to the Board of Directors, where the members of the Audit Committee consider that it is appropriate and in the best interest of the Corporation, the interim consolidated
financial statements, the interim Corporation&#146;s disclosure under &#147;Management Discussion and Analysis&#148; for interim period and interim earnings press releases and earnings guidance, may also be approved on behalf of the Board of
Directors by the Audit Committee, provided that such approval is subsequently reported to the Board of Directors at its next meeting;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">b. </font></td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">any audit problems or difficulties
		raised by the shareholders&#146; auditor and management&#146;s response thereto, including any restrictions on the scope of the activities of the shareholders&#146; auditor or access to requested information and any significant disagreements with
management.</font></td>
	</tr>
</table>
<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;<b>43</b></font></p>

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




<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font face="Arial" size="2">3.</font></td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Review and discuss reports from the shareholders&#146; auditor on:</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">a. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">all critical accounting
		policies and practices used by the Corporation;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">b. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">all material alternative
		treatments of financial information within GAAP that have been discussed with management, including the
		ramifications of the use of such alternative treatments and disclosures
		and the treatment preferred by the shareholders&#146; auditor; and</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">c. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">other material written communications between the shareholders&#146; auditor and management, and discuss such report with the shareholders&#146; auditor.</font></td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>B. Oversight of the Shareholders&#146; Auditors</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">1. </font></td>
		<td valign="top" colspan="2">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">Be directly responsible for the appointment,
		compensation, retention and oversight of the work of the shareholders&#146;
		auditor and any other auditor preparing or issuing an audit report or
		performing other audit services or attest services for the Corporation
		or any consolidated subsidiary of the Corporation, where required and
		review, report and where appropriate, provide recommendations to the
		Board of Directors on the appointment, terms and review of engagement,
		removal, independence and proposed fees of the shareholders&#146; auditor.</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">2.
</font> </td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Approve in advance all audit, review or attest engagement fees and terms for all audit, review or attest services to be provided by the shareholders&#146; auditor to the Corporation and any consolidated subsidiary and any other auditor preparing
or issuing an audit report or performing other audit services or attest services for the Corporation or any consolidated subsidiary of the Corporation, where required.
</font> </td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">3.
</font> </td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Pre-approve all engagements for permitted non-audit services provided by the shareholders&#146; auditor to the Corporation and any consolidated subsidiary and to this effect may establish policies and procedures for the engagement of the
shareholders&#146; auditor to provide to the Corporation and any consolidated subsidiary permitted non-audit services, which shall include approval in advance by the Audit Committee of all audit/review and permitted non-audit services to be provided
by the shareholders&#146; auditor to the Corporation and any consolidated subsidiary.
</font> </td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">4. </font></td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Delegate, if deemed appropriate, authority to one or more members of the Audit Committee to grant pre-approvals of audit, review and permitted non-audit services, provided that any such approvals shall be presented to the Audit Committee
at its next scheduled meeting.</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">5. </font></td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Establish policies for the hiring of partners, employees and former partners and employees of the shareholders&#146; auditor.</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">6. </font></td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">At least annually, consider, assess, and report to the Board of Directors on:</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">a. </font></td>
		<td valign="top">
<P align="left" style="margin-bottom: 5px">
<font face="Arial" size="2">the independence of the shareholders&#146; auditor, including whether the shareholders&#146; auditor&#146;s performance of permitted non-audit services is compatible with the shareholders&#146; auditor&#146;s independence;</font></P>
		</td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">b. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">obtaining from the shareholders&#146; auditor a written statement (i) delineating all relationships between the shareholders&#146; auditor and the Corporation; (ii) assuring that lead audit partner rotation is carried out, as required by law; and
(iii) delineating any other relationships that may adversely affect the independence of the shareholders&#146; auditor; and</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">c. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">the evaluation of the lead audit partner, taking into account the opinions of management and internal audit.</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">7. </font></td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">At least annually, obtain and review a report by the shareholders&#146; auditor describing: </font>
		</td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">a. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">the shareholders&#146; auditor&#146;s internal quality-control procedures;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">b. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">any material issues raised by the most recent internal quality-control review, or peer review of the shareholders&#146; auditor firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years,
respecting one or more independent audits carried out by the shareholders&#146; auditor firm, and any steps taken to deal with any such issues.</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">8. </font></td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Resolve any disagreement between management and the shareholders&#146; auditor regarding financial reporting.</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">9. </font></td>
		<td valign="top" colspan="2">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Review audit plan with the shareholders&#146; auditor.</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">10. </font></td>
		<td valign="top" colspan="2">
<P align="left" style="margin-bottom: 5px">
<font face="Arial" size="2">Meet periodically with the shareholders&#146; auditor in the absence of management and internal audit.</font></P>

		</td>
	</tr>
</table>
<p style="margin-bottom: 0" align="left">
<font face="Arial" size="1"><b>44&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>C. Oversight of Internal Audit</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">1. </font></td>
		<td valign="top" colspan="2">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">&nbsp;Review and discuss with the head of internal
		audit, report and, where appropriate, provide recommendations to the
		Board of Directors on the following:
</font> </td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">a. </font></td>
		<td valign="top">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">the appointment and mandate of internal audit,
		including the responsibilities, budget and staffing of
		internal audit;
</font> </td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">b. </font></td>
		<td valign="top">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">discuss with the head of internal audit the scope
		and performance of internal audit, including a review of the annual
		internal audit plan, and whether there are any restrictions or
		limitations on internal audit;
</font> </td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">c. </font></td>
		<td valign="top">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">obtain periodic reports from the head of internal
		audit regarding internal audit findings, including the Corporation&#146;s
		internal controls, and the Corporation&#146;s progress in remedying any
		audit findings.</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">2. </font></td>
		<td valign="top" colspan="2">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">Meet periodically with the head of internal audit in
		the absence of management and the shareholders&#146; auditor.</font></td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>D. Oversight of the Corporation&#146;s Internal Control System</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">1. </font></td>
		<td valign="top" colspan="2">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">Review and discuss with management, the
		shareholders&#146; auditor and internal audit, monitor, report and, when
		appropriate, provide recommendations to the Board of Directors on the
		following:
</font> </td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">a. </font></td>
		<td valign="top">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">the Corporation&#146;s systems of internal controls;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">b. </font></td>
		<td valign="top">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">compliance with the policies and practices of the
		Corporation relating to business ethics;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">c.</font></td>
		<td valign="top">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">compliance by Directors, Officers and other
		management personnel with the Corporation&#146;s Disclosure Policy; and </font>
		</td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">d. </font></td>
		<td valign="top">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">the relationship of the Audit Committee with other
		committees of the Board of Directors, management and the Corporation&#146;s
		consolidated subsidiaries&#146; audit committees.</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">2. </font></td>
		<td valign="top" colspan="2">
<P align="left" style="margin-bottom: 5px">
<font face="Arial" size="2">Review and discuss with the Chief Executive Officer and Chief Financial Officer of the Corporation the process for the certifications to be provided in the Corporation&#146;s public disclosure documents.</font></P>
		</td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">3. </font></td>
		<td valign="top" colspan="2">
<P align="left" style="margin-bottom: 5px">
<font face="Arial" size="2">Review, monitor, report and where appropriate, provide recommendations to the Board of Directors on the Corporation&#146;s disclosure controls and procedures.</font></P>
		</td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">4. </font></td>
		<td valign="top" colspan="2">
<P align="left" style="margin-bottom: 5px">
<font face="Arial" size="2">Establish procedures, for the receipt, retention, and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or auditing matters, including procedures for confidential, anonymous submission by
employees regarding questionable accounting or auditing matters.</font></P>
		</td>
	</tr>
	<tr>
		<td valign="top" width="2%"><font face="Arial" size="2">5. </font></td>
		<td valign="top" colspan="2">
		<P align="left" style="margin-bottom: 5px">
<font face="Arial" size="2">Meet periodically with management in the absence of the shareholders&#146; auditor and internal audit.</font></P>
		</td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>E. Oversight of the Corporation&#146;s Risk Management</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">1. </font></td>
		<td valign="top" colspan="3">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">Review, monitor, report and, where appropriate,
		provide recommendations to the Board of Directors on the following:</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">a. </font></td>
		<td valign="top" colspan="2">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">the Corporation&#146;s processes for identifying,
		assessing and managing risks; and</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">b. </font></td>
		<td valign="top" colspan="2">
<P align="left" style="margin-bottom: 5px">
<font face="Arial" size="2">the Corporation&#146;s major financial risk exposures and
the steps the Corporation has taken to monitor and control such exposures;
</font> </P>
		</td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<font face="Arial" size="2">c.</font></td>
		<td valign="top" colspan="2">
<font face="Arial" size="2">the Corporation&#146;s major security risks and security
trends that may impact the Corporation&#146;s operations and business;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<font face="Arial" size="2">d.</font></td>
		<td valign="top" colspan="2">
<font face="Arial" size="2">the Corporation&#146;s business continuity plans,
including work stoppage and disaster recovery plans;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
<font face="Arial" size="2">e.</font></td>
		<td valign="top" colspan="2">
<font face="Arial" size="2">the Corporation&#146;s environmental risks, and
environment trends that may impact the Corporation&#146;s operations and business.</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%"><font face="Arial" size="2">2.</font></td>
		<td valign="top" width="2%">
<font face="Arial" size="2">&nbsp;</font></td>
		<td valign="top" colspan="2">
<font face="Arial" size="2">Review, monitor, report and, where appropriate,
provide recommendations to the Board of Directors on the Corporation&#146;s
compliance with internal policies and the Corporation&#146;s progress in remedying
any material deficiencies related to:</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
&nbsp;</td>
		<td valign="top" width="2%">
<font face="Arial" size="2">i.</font></td>
		<td valign="top" width="94%">
<font face="Arial" size="2">security policies, including the safeguarding of
corporate assets and information systems;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">&nbsp;</td>
		<td valign="top" width="2%">
&nbsp;</td>
		<td valign="top" width="2%">
<font face="Arial" size="2">ii.</font></td>
		<td valign="top" width="94%">
<font face="Arial" size="2">environmental policy and environmental management
systems.</font></td>
	</tr>
	</table>
<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;<b>45</b></font></p>

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




<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0" id="table31">
	<tr>
		<td valign="top" width="2%"><font face="Arial" size="2">3.</font></td>
		<td valign="top" width="98%">
<font face="Arial" size="2">When appropriate, ensure that the Corporation&#146;s
subsidiaries establish an environmental policy and environmental management
systems, and review and report thereon to the Board of Directors.</font></td>
	</tr>
</table>

<P align="left" style="margin-bottom: 5px">
<b><font face="Arial">F</font></b><font face="Arial"><B>. Compliance with Legal
Requirements</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">1. </font></td>
		<td valign="top">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">Review and discuss with management, the
		shareholders&#146; auditor and internal audit, monitor, report and, when
		appropriate, provide recommendation to the Board of Directors on the
		adequacy of the Corporation&#146;s process for complying with laws and
		regulations.</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<font face="Arial" size="2">2.
</font> </td>
		<td valign="top">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">Receive, on a periodic basis, reports from the
		Corporation&#146;s Chief Legal Officer, with respect to the
Corporation's pending or threatened material litigation.</font></td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>III. </B></font><b><font face="Arial">EVALUATION OF THE AUDIT COMMITTEE AND
REPORT TO BOARD OF DIRECTORS</font></b></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%"><font face="Arial" size="2">A. </font></td>
		<td valign="top">
<P align="left" style="margin-bottom: 5px">
<font face="Arial" size="2">The Audit Committee shall evaluate and review with
the Corporate Governance Committee of the Board of Directors, on an&nbsp;annual
basis, the performance of the Audit Committee.</font></P>
		</td>
	</tr>
	<tr>
		<td valign="top" width="2%"><font face="Arial" size="2">B. </font></td>
		<td valign="top">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">The Audit Committee shall review and discuss with
		the Corporate Governance Committee of the Board of Directors, on an
		annual basis, the adequacy of the Audit Committee charter.</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%"><font face="Arial" size="2">C. </font></td>
		<td valign="top">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">The Audit Committee shall report to the Board of
		Directors periodically on the Audit Committee&#146;s activities.</font></td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>IV. OUTSIDE ADVISORS</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top">
<font face="Arial" size="2">The Audit Committee shall have the authority to engage outside counsel and other outside advisors as it deems appropriate to assist the Audit Committee in the performance of its functions. The Corporation shall provide appropriate funding for such
advisors as determined by the Audit Committee.</font></td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>V. </B></font><b><font face="Arial">MEMBERSHIP</font></b></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top">
<font face="Arial" size="2">The Audit Committee shall consist of such number of directors, in no event to be less than three, as the Board of Directors may from time to time by resolution determine. The members of the Audit Committee shall meet the independence, experience and
other membership requirements under applicable laws, rules and regulations as determined by the Board of Directors.</font></td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>VI. </B></font><b><font face="Arial">AUDIT COMMITTEE CHAIR</font></b></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" colspan="2">
<p style="margin-bottom: 5px">
<font face="Arial" size="2">The Chair of the Audit Committee shall be appointed
		by the Board of Directors. The Chair of the Audit Committee leads the
		Audit Committee in all aspects of its work and is responsible to
		effectively manage the affairs of the Audit Committee and ensure that it
		is properly organized and functions efficiently. More specifically, the
		Chair of the Audit Committee shall:</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">A. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Provide leadership to
		enable the Audit Committee to act effectively in carrying out its duties
		and responsibilities as described elsewhere in this charter and as
		otherwise may be appropriate;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">B. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">In consultation with the
		Board Chair and the Chief Executive Officer, ensure that there is an
		effective relationship between management and the members of the Audit
		Committee;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">C. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Chair meetings of the Audit
		Committee;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">D. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">In consultation with the
		Chief Executive Officer, the Corporate Secretary&#146;s Office and the Board
		Chair, determine the frequency, dates and locations of meetings of the
		Audit Committee;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">E. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">In consultation with the
		Chief Executive Officer, the Chief Financial Officer, the Corporate
		Secretary&#146;s Office and, as required, other Officers, review the
		annual work plan and the meeting
		agendas to ensure all required business is brought before the Audit
		Committee to enable it to efficiently carry out its duties and
		responsibilities;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">F. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Ensure, in consultation
		with the Board Chair, that all items requiring the Audit Committee&#146;s
		approval are appropriately tabled;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">G. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Ensure the proper flow of
		information to the Audit Committee and review, with the Chief Executive
		Officer, the Chief Financial Officer, the Corporate Secretary&#146;s Office
		and, as required, other Officers, the adequacy and timing of materials
		in support of management&#146;s proposals;</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">H. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Report to the Board of
		Directors on the matters reviewed by, and on any decisions or
		recommendations of, the Audit Committee at the next meeting of the Board
		of Directors following any meeting of the Audit Committee; and</font></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">I. </font></td>
		<td valign="top">
		<p style="margin-bottom: 5px"><font face="Arial" size="2">Carry out any special
assignments or any functions as requested by the Board of Directors.</font></td>
	</tr>
</table>
<p style="margin-bottom: 0" align="left">
<font face="Arial" size="1"><b>46&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 5px; margin-top:0">
<font face="Arial">
<B>VII. TERM</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top">
		<p align="left" style="margin-bottom: 0">
<font face="Arial" size="2">The members of the Audit Committee shall be appointed or changed by resolution of the Board of Directors to hold office from the time of their appointment until the next annual general meeting of the shareholders or until their successors are so
appointed.</font></td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>VIII. PROCEDURES FOR MEETINGS</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top">
		<p align="left">
<font face="Arial" size="2">The Audit Committee shall fix its own procedure at meetings and for the calling of meetings. The Audit Committee shall meet separately in executive session in the absence of management, internal audit and the shareholders&#146; auditor, at each
regularly scheduled meeting.</font></td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>IX. QUORUM AND VOTING</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top">
<P align="left">
<font face="Arial" size="2">Unless otherwise determined from time to time by resolution of the Board of Directors, two members of the Audit Committee shall constitute a quorum for the transaction of business at a meeting. For any meeting(s) at which the Audit Committee Chair
is absent, the Chair of the meeting shall be the person present who shall be decided upon by all members present. At a meeting, any question shall be decided by a majority of the votes cast by members of the Audit Committee, except where only two
members are present, in which case any question shall be decided unanimously.</font></P>
		</td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>X. </B></font><b><font face="Arial">SECRETARY</font></b></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top">
<P align="left">
<font face="Arial" size="2">Unless otherwise determined by resolution of the Board of Directors, the Corporate Secretary of the Corporation or his/her delegate shall be the Secretary of the Audit Committee.</font></P>
		</td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>XI. VACANCIES</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top">
<P align="left">
<font face="Arial" size="2">Vacancies at any time occurring shall be filled by resolution of the Board of Directors.</font></P>
		</td>
	</tr>
</table>
<P align="left" style="margin-bottom: 5px">
<font face="Arial">
<B>XII. RECORDS</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top">
<P align="left">
<font face="Arial" size="2">The Audit Committee shall keep such records as it may deem necessary of its proceedings and shall report regularly its activities and recommendations to the Board of Directors as appropriate.</font></P>

		</td>
	</tr>
</table>
<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;<b>&nbsp;47</b></font></p>

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<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table29">
	<tr>
		<td bgcolor="#808080">

<P align="left">
<b><font face="Arial" size="4" color="#FFFFFF">Schedule 2 &#150; Glossary</font></b></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">Certain capitalized words and terms used throughout this annual information form are defined below:</font></P>

<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>2008/2009 NCIB </B>means BCE&nbsp;Inc.&#146;s normal course issuer bid for the 12-month period starting on December&nbsp;23,&nbsp;2008 and ending on December&nbsp;22,&nbsp;2009 which BCE&#160;Inc. completed ahead of schedule in May&nbsp;2009; </font>
</p>
<font face="Arial" size="2">
<B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
2010 NCIB </B>means BCE&nbsp;Inc.&#146;s normal course
issuer bid for the 12-month period starting on December&nbsp;29,&nbsp;2009 and ending on December&#160;28,&#160;2010; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
Adjusted EPS </B>means earnings per share before restructuring and other and net (gains) losses on investments; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
Arrangement </B>means
the plan of arrangement of BCE&#160;Inc. under section 192 of the <I>Canada Business Corporations Act </I>giving effect to the proposed Privatization; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
Audit Committee </B>means BCE&#160;Inc.&#146;s audit committee;
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B>AWS </B>means advanced
wireless services;
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B>BCE&#160;</B>means BCE&#160;Inc., its direct and indirect subsidiaries and joint ventures; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
BCE&#160;2009 Annual Report </B>means the BCE&#160;Inc.&nbsp;2009 annual report;<B><p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
BCE&#160;2009 MD&amp;A</B> means BCE&#160;Inc.&#146;s&nbsp;2009 management&#146;s discussion and analysis on pages
18 to 79 and page 123 of the BCE&#160;2009 Annual Report;<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B>Bell&nbsp;</B>means our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments on an aggregate basis;<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B>Bell&nbsp;Aliant </B>means Bell&nbsp;Aliant Regional Communications Income Fund and its subsidiaries; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
Bell&nbsp;Distribution </B>means Bell&nbsp;Distribution&#160;Inc.; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
Bell&nbsp;TV </B>means Bell&nbsp;ExpressVu Limited Partnership; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
Bell&nbsp;Mobility </B>means Bell&nbsp;Mobility&#160;Inc.; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
CDMA </B>means code division multiple access; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
CEP </B>means the Communications, Energy and Paperworkers&#146; Union of&nbsp;Canada; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
CIBC Mellon </B>means CIBC Mellon Trust Company; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
Computershare </B>means Computershare
Trust Company of&nbsp;Canada; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
CTVglobemedia </B>means CTVglobemedia&#160;Inc.; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
Dealer Agreement </B>means Bell&nbsp;Distribution&#146;s 2004 BDI Independent Dealer Agreement; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
DBRS </B>means DBRS Limited;<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B>Definitive Agreement </B>means the definitive agreement dated as of June&nbsp;29,&nbsp;2007 between the Purchaser and BCE&#160;Inc., as amended on July&nbsp;12,&nbsp;2007 and by the Final Amending Agreement; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
DSL </B>means digital subscriber line; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
DTH </B>means
direct-to-home;
<B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
EPS </B>means earnings per share; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
EVDO </B>means evolution-data optimized; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
Final Amending Agreement </B>means the agreement dated July&nbsp;4,
2008, between BCE&#160;Inc. and the Purchaser, further amending the definitive agreement dated as of June&nbsp;29,&nbsp;2007 between the Purchaser and BCE&#160;Inc., as amended on July&nbsp;12,&nbsp;2007; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
FTTB </B>means fibre-to&#150;the-building; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
FTTH </B>means
fibre-to-the-home; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
FTTN </B>means fibre-to-the-node; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
Guarantors </B>means the Ontario Teachers&#146; Pension Plan and affiliates of Providence Equity Partners&#160;Inc. and Madison Dearborn Partners, LLC; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
HD </B>means high definition;
<B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
HSPA </B>means high-speed packet access; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
HSPA/HSPA+ network </B>means the new wireless HSPA/HSPA+ network launched on November&nbsp;4,&nbsp;2009; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
ICT </B>means information and communications technology; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
Initial Action </B>means the statement of
claim filed on August&nbsp;9, 2004 under <I>The Class Actions Act </I>(Saskatchewan) in the Court of Queen&#146;s Bench, Judicial Centre of Regina, Saskatchewan against wireless communications service providers, including Bell&#160;Mobility and Aliant
Telecom&#160;Inc., on behalf of certain alleged customers; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
IP</B> means Internet protocol; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
IPTV </B>means Internet protocol television; <B>
<p style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
IPVPN </B>means Internet protocol virtual private network;</p>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B>KPMG </B>means KPMG LLP;</P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B>LTE</B> means long-term evolution; </P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<B>Mbps </B>means megabits per second; </P>
</font>

<p style="margin-bottom: 0" align="left">
<font face="Arial" size="1"><b>48&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<p style="margin-top: 0; margin-bottom: 0" align="left">&nbsp;</p>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>MDUs </B>means multiple-dwelling units;</font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>Moody&#146;s </B>means Moody&#146;s Investors Service,&#160;Inc.; </font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>MPLS </B>means multi-protocol label switching;</font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>Nortel Networks </B>means, collectively, Nortel Networks Corp. and Nortel Networks Ltd.;</font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>Privatization </B>means the proposed acquisition, pursuant to the terms of the Definitive Agreement, of all of the outstanding common and preferred equity of BCE&#160;Inc. by the Purchaser; </font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>Purchaser </B>means BCE&#160;Acquisition&#160;Inc.
(formerly known as 6796508&nbsp;Canada&#160;Inc.), a corporation owned by an investor group led by Teachers&#146; and affiliates of Providence Equity Partners&#160;Inc., Madison Dearborn Partners, LLC and Merrill Lynch Global Private Equity; </font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>PVR
</B>means personal video recorder; </font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>SAF </B>means system access fees; </font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>Second Action </B>means the statement of claim filed on July&nbsp;27,&nbsp;2009 under <I>The Class Actions Act </I>(Saskatchewan) in the Court of Queen&#146;s Bench, Judicial Centre of
Regina, Saskatchewan against wireless service providers, including Bell&nbsp;Mobility and members of the Bell&nbsp;Aliant group, on behalf of certain alleged customers; </font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>S&amp;P </B>means Standard &amp; Poor&#146;s, a division of The McGraw-Hill
Companies,&#160;Inc.; </font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>Teachers&#146; </B>means Teachers&#146; Private Capital, the private investment arm of the Ontario Teachers&#146; Pension Plan; </font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>Telesat </B>means Telesat&nbsp;Canada; </font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>The Source </B>means The Source (Bell)
Electronics&#160;Inc., Bell&#160;Canada&#146;s wholly-owned subsidiary; </font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>VDSL </B>means very high-speed digital subscriber line; </font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>Virgin </B>means Virgin Mobile&nbsp;Canada; </font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>VoIP </B>means voice over Internet protocol; and </font></P>
<P align="left" style="text-indent: -12px; margin-left: 12px; margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<B>WDIF </B>means
Wireless Distribution Income Fund.</font></P>
<p style="margin-bottom: 0" align="right">
<font face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM&nbsp;&nbsp;<b>49</b></font></p>

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




<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<table border="0" width="100%" cellpadding="5" style="border-collapse: collapse" id="table30">
	<tr>
		<td bgcolor="#808080">

<P align="left">
<b><font face="Arial" size="4" color="#FFFFFF">Schedule 3 &#150; Trademarks</font></b></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">The table below is a list of our trademarks that are referred to and used as such in this annual information form and their owners.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=1 face="Arial">OWNER </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=1 face="Arial">TRADEMARK </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="49%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2 face="Arial">Bell&nbsp;Aliant Regional Communications, Limited Partnership </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Aliant </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">FibreOP </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Xwave </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="49%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2 face="Arial">BCE&#160;Inc. </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">BCE&nbsp;</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="49%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2 face="Arial">Bell&#160;Canada </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Bell&nbsp;</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Bell&nbsp;Centre </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Bell&nbsp;Distribution </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Bell&nbsp;Fibe </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Bell&nbsp;Internet </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Bell&nbsp;Mobility </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Bell&nbsp;TV </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Bell&nbsp;World </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Espace Bell&nbsp;</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">La vie est Bell&nbsp;</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Sympatico </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Today just got better </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="49%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2 face="Arial">Bell&nbsp;ExpressVu Limited Partnership </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">ExpressVu </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="49%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<FONT size=2 face="Arial">Bell&nbsp;Mobility&#160;Inc. </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Solo </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="49%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="49%">
<FONT size=2 face="Arial">Solo Mobile </FONT>
	</TD>
</TR>
<TR>
	<TD width="100%" colspan="3">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">Any other trademarks, or corporate, trade or domain names used in this annual information form are the property of their owners. We believe that our trademarks are very important to our success. Our exclusive trademark rights are perpetual provided
that their registrations are timely renewed and that the trademarks are used in commerce by us or our licencees. We take appropriate measures to protect, renew and defend our trademarks. We also spend considerable time and resources overseeing,
registering, renewing, licensing and protecting our trademarks and prosecuting those who infringe on them. We take great care not to infringe on the intellectual property and trademarks of others.</font></P>

<p style="margin-bottom: 0" align="left">
<b><font face="Arial" size="1">50</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.</b>&nbsp;2009 ANNUAL INFORMATION FORM</font></p>

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




<p style="margin-bottom: 0" align="left">&nbsp;</p>
<p style="margin-bottom: 0" align="left">&nbsp;</p>
<p style="margin-bottom: 0" align="left">
<img border="0" src="mixedsources_logo.jpg" width="346" height="138"></p>

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<P align="left">
&nbsp;</P>
<P align="center">
<img border="0" src="bce_logo.jpg" width="192" height="104"></P>
<P align="center">
<font face="Arial">www.bce.ca</font></P>
<P align="right">
 <font face="Arial" size="1">PRINTED IN CANADA</font></P>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>annual_ann09.htm
<DESCRIPTION>ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF BCE INC. FOR THE YEAR ENDED DECEMBER 31, 2009 AND THE RELATED MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
<TEXT>

<HTML>
<HEAD>
   <TITLE>Annual audited consolidated financial statements of BCE Inc. for the year ended December 31, 2009 and the related management&#146;s discussion and analysis of financial condition and results of operations</TITLE>
<meta equiv="Content-Type" content="text/html; charset=windows-1252">
</HEAD>

<BODY bgcolor="#ffffff">



<font face="Arial" size="2">




</font>

<p align="right"><b><font face="Arial" size="2">Exhibit 99.2</font></b></p>




<P align="left">
<font face="Arial" size="5" color="#0065A4">Management&#146;s Discussion and Analysis</font></P>
<P align="left">
<font face="Arial" size="2">
<I>In this management&#146;s discussion and analysis of financial condition and results of operations (MD&amp;A), </I>we<I>, </I>us<I>, </I>our<I> and </I>BCE<I> mean BCE&nbsp;Inc., its subsidiaries and joint ventures. Bell&nbsp;Canada is, unless otherwise
indicated, referred to herein  as </I>Bell<I>, and comprises our Bell Wireline and Bell Wireless  segments. </I>Bell Aliant<I> means Bell Aliant Regional Communications Income Fund and its subsidiaries.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>All amounts in this MD&amp;A are in&nbsp;millions of Canadian dollars, except where noted. Please refer to our glossary on page 123 for a list of defined terms.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Please refer to BCE&nbsp;Inc.&#146;s audited consolidated financial statements for the year ended December&nbsp;31,&nbsp;2009 when reading this MD&amp;A. In preparing this MD&amp;A, we have taken into account information available
to us up to March&nbsp;11,&nbsp;2010, the date of this MD&amp;A, unless otherwise stated.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>You will find BCE&nbsp;Inc.&#146;s audited consolidated financial statements for the year ended December&nbsp;31,&nbsp;2009 and BCE&nbsp;Inc.&#146;s annual information form for the year ended December&nbsp;31,&nbsp;2009 dated March&nbsp;11,&nbsp;2010 (BCE&nbsp;2009 AIF) and recent financial reports, on BCE&nbsp;Inc.&#146;s website at www.bce.ca, on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This MD&amp;A comments on our operations, performance and financial condition for the years ended December&nbsp;31,&nbsp;2009,&nbsp;2008 and&nbsp;2007.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>ABOUT FORWARD-LOOKING STATEMENTS</B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&#146;s&nbsp;2009 annual report including this MD&amp;A and, in particular, but without limitation, the sections of this MD&amp;A entitled <I>Strategic</I> <I>Imperatives</I>, <I>Business Outlook and Assumptions</I> and <I>Financial</I> <I>and</I>
<I>Capital Management &#150; Liquidity</I> contain forward-looking statements. These forward-looking statements include, but are not limited to, BCE&nbsp;Inc.&#146;s dividend policy, the business outlook for BCE&#146;s segments, BCE&#146;s business
objectives and strategies, the sources of liquidity we expect to use to meet our&nbsp;2010 cash requirements, our fibre-optic deployment plans, and our plan to introduce Internet Protocol Television (IPTV) in the course of&nbsp;2010. Forward-looking
statements also include any other statements that do not refer to historical facts. A statement we make is forward-looking when it uses what we know and expect today to make a statement about the future. Forward-looking statements may include words
such as <I>aim</I>, <I>anticipate</I>, <I>assumption</I>, <I>believe</I>, <I>could</I>, <I>expect</I>, <I>goal</I>, <I>guidance</I>, <I>intend</I>, <I>may</I>, <I>objective</I>, <I>outlook</I>, <I>plan</I>, <I>project</I>, <I>seek</I>,
<I>should</I>, <I>strategy</I>, <I>strive</I>, <I>target</I> and <I>will</I>. All such forward-looking statements are made pursuant to the &#145;safe harbour&#146; provisions of applicable Canadian securities laws and of the <I>United States Private
Securities Litigation Reform Act of 1995</I>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated by us, forward-looking statements in BCE&#146;s&nbsp;2009 annual report, including in this MD&amp;A, describe our expectations at March&nbsp;11,&nbsp;2010 and, accordingly, are subject to change after such
date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results or events could differ
materially from our expectations expressed in or implied by such forward-looking statements and that our business outlook, objectives, plans and strategic priorities may not be achieved. As a result, we cannot guarantee that any forward-looking
statement will materialize and you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are provided in BCE&#146;s&nbsp;2009 annual report, including in this MD&amp;A, for the purpose of giving
information about management&#146;s current strategic priorities, expectations and plans and allowing investors and others to get a better understanding of our business outlook and operating environment. Readers are cautioned, however, that such
information may not be appropriate for other purposes.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking statements made in BCE&#146;s&nbsp;2009 annual report, including in this MD&amp;A, are based on a number of assumptions that we believed were reasonable on March&nbsp;11,&nbsp;2010. Refer, in particular, to the section
of this MD&amp;A entitled <I>Business Outlook and Assumptions</I> for a description of certain key economic, market and operational assumptions we have used in making forward-looking statements contained in this annual report and, in particular, but without limitation,
contained in this MD&amp;A in the sections entitled <I>Strategic Imperatives</I>, <I>Business Outlook and Assumptions</I> and <I>Financial and Capital Management &#150; Liquidity</I>. If our assumptions turn out to be inaccurate, our actual results
could be materially different from what we expect. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Important risk factors that could cause actual results or events to differ materially from those expressed in or implied by the above-mentioned forward-looking statements and other forward-looking statements included in
BCE&#146;s&nbsp;2009 annual report include, but are not limited to: the intensity of competitive activity, including the increase in wireless competitive activity that is expected to result from Industry Canada&#146;s licensing of advanced wireless
services (AWS) spectrum to new wireless entrants, and the resulting impact on our ability to retain existing, and attract new, customers, and on our pricing strategies and financial results; general economic and financial market conditions, the
level of consumer confidence and spending, and the demand for, and prices of, our products and services; our ability to implement our strategies and plans in order to produce the expected benefits; our ability to continue to implement our cost
reduction initiatives and contain capital intensity while seeking to improve customer service; our ability to respond to technological changes and rapidly offer new products and services; increased
</font></P>
<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">18</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>
<P align="left">
<font face="Arial" size="2">contributions to employee benefit plans; events affecting the functionality of, and our ability to protect, maintain and replace, our networks, information technology (IT) systems and software; events affecting the ability of third-party suppliers
to provide to us essential products and services; the quality of our network and customer equipment and the extent to which they may be subject to manufacturing defects; labour disruptions; the potential adverse effects on our Internet and wireless
businesses of the significant increase in broadband demand; our ability to raise the capital we need to implement our business plan, including for BCE&nbsp;Inc.&#146;s share buy-back program and dividend payments and to fund capital and other
expenditures and generally meet our financial obligations; our ability to discontinue certain traditional services as necessary to improve capital and operating efficiencies; regulatory initiatives or proceedings, litigation and changes in laws or
regulations; launch and in-orbit risks of satellites used by Bell ExpressVu Limited Partnership (Bell TV); competition from unregulated U.S. direct-to-home (DTH) satellite television services sold illegally in&nbsp;Canada and the theft of our satellite
television services; BCE&nbsp;Inc.&#146;s dependence on the ability of its subsidiaries, joint ventures and other companies in which it has an interest to pay dividends and make other distributions; there can be no certainty that dividends will be
declared by BCE&nbsp;Inc.&#146;s board of directors or that BCE&nbsp;Inc.&#146;s dividend policy will be maintained; stock market volatility; our ability to maintain customer service and our networks operational in the event of the occurrence of epidemics,
pandemics and other health risks; health concerns about radio frequency emissions from wireless devices; and loss of key employees.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These and other risk factors that could cause actual results or events to differ materially from our expectations expressed in or implied by our forward-looking statements are discussed throughout this MD&amp;A and, in
particular, under <I>Our Competitive Environment</I>, <I>Our Regulatory Environment</I> and <I>Risks that Could Affect Our Business and Results</I>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We caution readers that the risks described above are not the only ones that could impact us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a
material adverse effect on our business, financial condition or results of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other
business combinations or other transactions that may be announced or that may occur after March&nbsp;11,&nbsp;2010. The financial impact of these transactions and non-recurring and other special items can be complex and depends on the facts particular to each
of them. We therefore cannot describe the expected impact in a meaningful way or in the same way we present known risks affecting our business.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>ABOUT OUR BUSINESS</B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&nbsp;is&nbsp;Canada&#146;s largest communications company. We are a comprehensive provider of wireline voice and wireless communications services, Internet access, data services and video services to residential, business and wholesale customers. In&nbsp;2009,
we reported the results of our operations in three segments: Bell&nbsp;Wireline, Bell&nbsp;Wireless and Bell&nbsp;Aliant. Bell, which encompasses our core operations, is the largest local exchange carrier in Ontario and Qu&eacute;bec, and is comprised of our Bell
Wireline and Bell Wireless segments. We also own a 44.1% interest in, and, through our right to appoint a majority of the directors and trustees, control, Bell&nbsp;Aliant, the incumbent carrier in&nbsp;Canada&#146;s Atlantic provinces and in rural and
regional areas of Ontario and Qu&eacute;bec. For the year ended December&nbsp;31,&nbsp;2009, we generated consolidated operating revenues of &#36;17,735&nbsp;million, consolidated operating income of &#36;3,191&nbsp;million, and consolidated EBITDA<SUP>(1)</SUP>
of<B> </B>&#36;7,089&nbsp;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our reporting structure reflects how we manage our business and how we classify our operations for planning and measuring performance. We discuss our consolidated operating results in this MD&amp;A, as well as the
operating results of each segment. See Note 2 to the consolidated financial statements for additional information about our segments. We also discuss our results by product line to provide further insight into our operations.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Returning Value to Shareholders</B></font></P>
<P align="left">
<font face="Arial" size="2">In&nbsp;2009, BCE&nbsp;Inc. has announced three increases in the annual dividend payable on BCE&nbsp;Inc.&#146;s common shares, delivering a 19% increase overall. The three increases during the course of&nbsp;2009 were as follows:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">on February&nbsp;11,&nbsp;2009, we
announced a 5% increase from &#36;1.46 to &#36;1.54 per common share, starting with the quarterly dividend payable on April&nbsp;15,&nbsp;2009
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">on August&nbsp;6,&nbsp;2009, we announced a 5% increase from &#36;1.54 to &#36;1.62 per common share, starting with the
quarterly dividend payable on October&nbsp;15,&nbsp;2009 </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">on December&nbsp;17,&nbsp;2009, we announced a 7% increase from &#36;1.62 to &#36;1.74 per common share, starting with the quarterly dividend payable on April&nbsp;15,&nbsp;2010.
	</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">These dividend increases announced in&nbsp;2009 were consistent with BCE&nbsp;Inc.&#146;s common share dividend policy of a target payout ratio of 65% to 75% of Adjusted net earnings per share (Adjusted EPS)<SUP>(2)</SUP>. This dividend policy was
adopted by the board of directors of BCE&nbsp;Inc. with the objective of allowing sufficient financial flexibility to continue investing in BCE&#146;s business while growing returns to shareholders. Under this dividend policy, increases in the common
share dividend are directly linked to growth in BCE&nbsp;Inc.&#146;s Adjusted EPS. The target payout ratio also allows flexibility so that any surplus cash
</font> </P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table2">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(1)</I></font></td>
		<td width="98%" valign="top">
		<P align="left">
<font face="Arial" size="1">
<I>EBITDA (earnings before interest, taxes, depreciation and amortization of intangible assets) is a non-GAAP financial measure. See </I>Non-GAAP Financial Measures &#150; EBITDA<I> in this MD&amp;A for more details, including a reconciliation
to the most comparable Canadian GAAP financial measure.</I></font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(2)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>Adjusted net earnings and Adjusted EPS are non-GAAP financial measures. See </I>Non-GAAP Financial Measures &#150; Adjusted net earnings<I> in this MD&amp;A for more details, including a reconciliation to the most comparable Canadian GAAP
financial measure.</I></font></P></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
19</font></b></font></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">flow can be directed to share repurchase programs. BCE&nbsp;Inc.&#146;s dividend policy and the declaration of dividends are subject to the discretion of BCE&nbsp;Inc.&#146;s board of directors.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;5,&nbsp;2009, BCE&nbsp;Inc. completed the repurchase and cancellation of 40&nbsp;million common shares under its normal course issuer bid (NCIB) program announced on December&nbsp;12,&nbsp;2008 (2008/2009 NCIB) for a total cost of
&#36;986&nbsp;million. On December&nbsp;17,&nbsp;2009, BCE&nbsp;Inc. announced that it had received approval from the Toronto Stock Exchange (TSX) in respect of its notice of intention to make a new NCIB under which BCE&nbsp;Inc. may purchase for cancellation up to 20
million common shares, subject to a maximum aggregate purchase price of &#36;500&nbsp;million, over the twelve-month period starting December&nbsp;29,&nbsp;2009 and ending on December&nbsp;28,&nbsp;2010, representing approximately 2.6% of BCE&nbsp;Inc.&#146;s issued and
outstanding common shares at December&nbsp;11,&nbsp;2009 (2010 NCIB). Purchases may be made through the facilities of the TSX and/or the New York Stock Exchange (NYSE) or by such other means as may be permitted by the TSX and/or NYSE. BCE&nbsp;Inc.&#146;s board of
directors has authorized this program because, in its opinion, the repurchase by BCE&nbsp;Inc. of its common shares represents an appropriate use of funds to increase shareholder value. At February&nbsp;28,&nbsp;2010, 2.6&nbsp;million common shares, representing
approximately 15% of the NCIB, had been repurchased under BCE&nbsp;Inc.&#146;s&nbsp;2010 NCIB.
</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Bell Wireline Segment</B></font></P>
<P align="left">
<font face="Arial" size="2">Our Bell Wireline segment provides local telephone, long distance, data (including Internet access and information and communications technology (ICT) solutions) and other communications services to residential and business customers primarily in
the urban areas of Ontario and Qu&eacute;bec. We also offer competitive local exchange carrier (CLEC) services to business customers in Alberta and British Columbia.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We sell local telephone and long distance services under the Bell Home phone brand and Internet access under the Bell Internet brand. We also provide DTH television services on a nationwide basis under the Bell TV
brand, allowing us to provide a comprehensive quadruple-play bundle of communications services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also included in this segment are the results of our wholesale business, which provides local telephone, long distance, data and other services to resellers and other carriers, and the wireline operations of Northwestel
Inc. (Northwestel), which provides telecommunications services to less populated areas of&nbsp;Canada&#146;s northern territories.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Bell Wireline segment also includes wireline-related product sales from our wholly-owned subsidiary, national consumer electronics retailer The Source (Bell) Electronics&nbsp;Inc. (The Source), the assets of which we
acquired on July&nbsp;1,&nbsp;2009.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Bell Wireless Segment</B></font></P>
<P align="left">
<font face="Arial" size="2">Our Bell Wireless segment provides wireless voice and data communications products and services to residential and business customers across&nbsp;Canada. Our wireless services, offered over technologically advanced national wireless networks, are
available to virtually all of the Canadian population. At December&nbsp;31,&nbsp;2009, we had more than 6.8&nbsp;million wireless subscribers, 74% of which were postpaid customers. Bell Wireless includes the results of operations of Bell Mobility&nbsp;Inc. (Bell
Mobility), Virgin Mobile&nbsp;Canada (Virgin), wireless product sales from The Source and the wireless operations of Northwestel. On July&nbsp;1,&nbsp;2009, we completed the acquisition of the remaining 50% of the equity of Virgin not already owned by Bell, which
included a long-term brand licensing agreement with the Virgin Group.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Bell Aliant Segment</B></font></P>
<P align="left">
<font face="Arial" size="2">Our Bell Aliant segment provides local telephone, long distance, Internet, data, video, wireless, IT services and products and other ICT services to residential and business customers in&nbsp;Canada&#146;s Atlantic provinces, and in rural and regional
areas of Ontario and Qu&eacute;bec. Formed on July&nbsp;7,&nbsp;2006, Bell Aliant is one of the largest regional telecommunications service providers in North America. At December&nbsp;31,&nbsp;2009, BCE&nbsp;owned approximately 44.1% of Bell Aliant, with the remaining
55.9% publicly held. BCE&nbsp;has the right to elect a majority of the board of directors of Bell Aliant Regional Communications Holdings&nbsp;Inc. and, therefore, controls Bell Aliant.</font></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">20</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>Bell Products and Services</B></font></P>
<P align="left">
<font face="Arial" size="2">The following table shows selected data on Bell&#146;s operations from&nbsp;2007 to&nbsp;2009.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELINE </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<B><FONT size=2>WIRELINE</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Local net access services (NAS) net losses (thousands)</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(447</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(436 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(525 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Local NAS (thousands)</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>6,862</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,309 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8,062 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Adjusted local NAS net losses (thousands)</FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(447</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(436 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(594 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Adjusted local NAS (thousands)</FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>6,862</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,309 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,745 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long distance conversation minutes (millions) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11,248</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11,771 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12,500 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long distance average revenue per minute (cents) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>8.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8.9 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9.1 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<B><FONT size=2>DATA</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">High-speed Internet net activations (thousands) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>38</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">124 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>High-speed Internet subscribers (thousands)</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,057</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,054 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,004 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<B><FONT size=2>VIDEO</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Video net activations (thousands) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>113</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">30 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Video subscribers (thousands)</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,949</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,852 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,822 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average revenue per subscriber (&#36;/month) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>69.59</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">65.37 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">59.69 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Churn (%) (average per month) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELESS </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<B><FONT size=2>WIRELESS</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Gross activations (thousands)</FONT><SUP><FONT size=2>(3)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1, 794</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,651 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,640 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Net activations (thousands)</FONT><SUP><FONT size=2>(3)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>373</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">351 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">408 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Subscribers (thousands)</FONT><sup><FONT size=2>(3)<B> </B>(4)</FONT></sup><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>6,833</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,497 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,216 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Average revenue per unit (&#36;/month)</FONT><SUP><FONT size=2>(5)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>51.70</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">54.29 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">53.92 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Churn (%) (average per month)</FONT><SUP><FONT size=2>(5)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Cost of acquisition (COA) (&#36;/subscriber)</FONT><SUP><FONT size=2>(5)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>350</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">395 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">404 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<B><FONT size=2>Proforma:</FONT></B><SUP><FONT size=2>(6)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Average revenue per unit (&#36;/month)</FONT><SUP><FONT size=2>(6)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>50.88</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">52.70 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">52.75 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Churn (%) (average per month)</FONT><SUP><FONT size=2>(6)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.7 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Cost of acquisition (&#36;/subscriber)</FONT><SUP><FONT size=2>(6)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>336</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">373 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">380 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table3">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font face="Arial" size="1">
<I>In&nbsp;2009, following a company-wide review of subscriber metrics, our&nbsp;2007 NAS customer base was reduced by 100,000, with related adjustments to previously reported NAS net (losses)/activations. Additionally, our Internet and video customer
base were reduced by 35,000 and 16,000, respectively, at the end of&nbsp;2009.</I></font></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(2)</I></font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font face="Arial" size="1">
<I>2007 adjusted NAS excludes the impact of: </I></font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="1">&nbsp;</font></td>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I> (a)</I></font></td>
		<td width="96%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I> a reduction of 44,000 lines made at the beginning of&nbsp;2008 to our NAS customer base, reflecting an extensive review of our historical customer account records. </I>
</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="1">&nbsp;</font></td>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I> (b)</I></font></td>
		<td width="96%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I> an adjustment in&nbsp;2008 to our beginning-of-period business NAS customer base to write-off 273,000 lines following formal notification received from a major wholesale customer in&nbsp;2007 that it was in the process of migrating all of its
subscribers onto its own network facilities.</I></font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(3)</I></font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font face="Arial" size="1">
<I>Total wireless gross activations, net activations and end of period (EOP) subscribers include 100% of Virgin Mobile&#146;s subscribers. </I></font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(4)</I></font></td>
		<td width="98%" valign="top" colspan="2">
<font face="Arial" size="1">
<I>In&nbsp;2009, following a company-wide review of subscriber metrics, we reduced
wireless subscribers by 37,000 at the end of&nbsp;2009.</I></font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(5)</I></font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font face="Arial" size="1">
<I>Beginning in the third quarter of&nbsp;2009, wireless average revenue per unit, churn and (COA) reflect 100% of Virgin&#146;s results due to our acquisition on July&nbsp;1,&nbsp;2009 of the remaining 50% not already owned. All prior periods reflect the
original 50% ownership.</I></font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(6)</I></font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font face="Arial" size="1">
<I>Wireless average revenue per unit, churn and COA in the prior years have been restated to include 100% of Virgin&#146;s results, rather than 50%.</I></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">Bell is our primary operational focus and the largest component of our business.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional legacy telecommunications services (legacy services), as referred to in this MD&amp;A, are those services, such as long distance and local telephone services, voice private lines and dedicated digital
private line services, that we offer over our traditional circuit-switched voice and data networks. Growth services, as referred to in this MD&amp;A, are made up of our wireless, video, high-speed Internet and other services, including ICT
solutions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Bell Wireline segment generates revenues from the following five major lines of business:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">local and access services </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">long distance services </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">data services </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">video services </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">equipment
and other.</font></P></li>
</ul>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">21</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Local and Access Services</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Bell operates an extensive local access network that provides local telephone services to residential and business customers primarily in the urban areas of Ontario and Qu&eacute;bec including major urban centres such as Toronto, Montr&eacute;al,
Ottawa, Qu&eacute;bec City, Hamilton and London. We also provide local telephone services to business customers in Alberta and British Columbia and to less populated areas of&nbsp;Canada&#146;s northern territories through Northwestel. The 6.9&nbsp;million
NAS lines we provide to our customers are a key factor in establishing customer relationships and are the foundation for the other products and services we offer. Local telephone service is the main source of local and access revenues. Other sources
of local and access revenues include: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">value-added services (VAS) such as call display, call waiting and voicemail
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">services provided to competitors accessing our
	local network </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">connections to and from our local telephone
	service customers for competing long distance service providers </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">subsidies from the National Contribution Fund to support local service in high-cost areas.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">We offer a variety of Bell Home phone packages that include unlimited local phone calling with a number of different VAS depending on the package chosen by the customer. When a Bell Home phone package is combined with our other products to form a
service bundle, a customer is eligible to receive a monthly discount. To qualify, a customer must subscribe to at least two of the following products: Bell Home phone, Long Distance, Bell Internet, Bell TV and Bell Mobility. Customers subscribing to
one of our bundle-eligible plans receive a single bill for all of their Bell services.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We faced a significantly high level of competitive intensity from cable companies in&nbsp;2009 as a result of them offering voice services over their networks, which continued to place downward pressure on our local
telephony market share, especially in the residential market. Cable telephony in particular is being driven by its inclusion in discounted bundles and is now offered by cable operators in most major and mid-sized communities, as well as in many
smaller communities. In addition, increased customer adoption of wireless telephony as their primary means of voice communication is resulting in a reduced number of primary NAS lines and contributing to a higher rate of wireless substitution.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Canadian Radio-television and Telecommunications Commission (CRTC) regulates rates for services in our incumbent territories that are subject to regulation. While the market for telephone services in&nbsp;Canada has seen
increased competition since 2005 due mainly to the launch and expansion of telephony services by cable operators, past regulatory changes have improved the competitive environment for Bell from one that heavily favoured its competitors to a more
level playing field. Prior to these changes, Bell&#146;s marketing, pricing, bundling and customer winback strategies relating to local services were restricted, limiting our ability to compete against cable telephony and Voice over Internet
Protocol (VoIP) providers which did not face such restrictions. On April&nbsp;4,&nbsp;2007, the Canadian Minister of Industry eliminated customer winback and promotional restrictions for local exchange services. We believe that these changes, along with decisions made by the
CRTC since then, deregulating over 90% of Bell&nbsp;Canada&#146;s residential telephone access lines and over 80% of Bell&nbsp;Canada&#146;s business telephone access lines in Ontario and Qu&eacute;bec, allow for significant improvements in our operating
flexibility and have improved our ability to compete effectively with other local service providers, bundle our services and offer more value to our customers.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Long Distance Services</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We provide domestic and international long distance voice services to residential and business customers. These services include a wide variety of subscription plans ranging from monthly unlimited provincial or North American calling plans catering
to heavy callers to pay-per-minute plans for more casual callers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also provide wholesale access service to other carriers and resellers, and receive settlement payments from other carriers for completing their customers&#146; long distance calls in our territory.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer large usage long distance packages for a set monthly price to Bell Home phone customers, allowing for affordable long distance calling across North America.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also offer an unlimited world long distance plan to Bell Bundle customers that allows for unlimited long distance calls to more than 50 countries, including within&nbsp;Canada and the United States, for one set monthly
price.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We experience significant competition in the provision of long distance service from VoIP service providers and cable companies and others, dial-around providers and prepaid card providers, as well as from traditional
competitors such as inter-exchange carriers and resellers. We also experience competition from telecommunications providers such as Skype Technologies (a division of eBay) that provide long distance service at low prices using personal computers and
broadband connections.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition for contracts to supply long distance services to large business customers is very intense. Customers may choose to switch to competitors that offer lower prices to gain market share. Such competitors may be
less concerned about the quality of service or impact on their margins than we are.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Data Services</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We provide high-speed Internet access service under the Bell Internet brand for residential and business customers. At December&nbsp;31,&nbsp;2009, we provided high-speed Internet access to more than two&nbsp;million customers, whether through digital subscriber
line (DSL) technology, fibre-optic or wireless broadband service. Our high-speed Internet access footprint in Ontario and Qu&eacute;bec reached more than 93% of our homes and business lines passed at December&nbsp;31,&nbsp;2009.</font></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">22</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently offer three DSL packages for the light to moderate user, marketed as Essential, Essential Plus and Performance, which provide download speeds of up to 500 kilobits per second, 2 megabits per second (Mbps)
and 7 Mbps, respectively. For the moderate to heavy user, we launched Bell Fibe Internet service on February&nbsp;4,&nbsp;2010 in the Montr&eacute;al and Greater Toronto areas. Fibe Internet provides customers access to download speeds of up to 25 Mbps and
upload speeds of up to 7 Mbps. Fibe Internet is enabled by advanced very high-speed digital subscriber line 2 (VDSL2) technology enhancements to Bell&#146;s fibre-to-the-node (FTTN) network.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also offer wireless Internet through our Bell Wireless segment, which provides high-speed Internet access from personal desktop computers or laptops at speeds of up  to 21 Mbps, using a mobile Internet universal
serial bus  (USB) stick.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we offer a nationwide portable wireless broadband service that delivers wireless Internet access using worldwide interoperability for microwave access (WiMAX) technology with speeds of up to 3 Mbps. This
service is enabled through the network provider Inukshuk Wireless&nbsp;Inc. (Inukshuk), a joint venture between Bell&nbsp;Canada and one of our cable competitors.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We run&nbsp;Canada&#146;s largest general interest portal, Sympatico.ca. The portal receives about 20&nbsp;million unique visitors per month and reaches approximately 80% of online Canadians.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also sell a full range of data services to business customers. In addition to Internet access, some of the services we offer include:
</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2"><I>Internet protocol (IP)-based Services &#150;</I> Bell manages the largest IP multi-protocol label switching (MPLS) footprint of any Canadian provider, enabling us to offer customers a  virtual private network (VPN) service for IP traffic
and to optimize bandwidth for real-time voice and video. Our IP-based services include IP virtual private networks, Ethernet, business Internet and VoIP.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2"><I>ICT Solutions &#150;</I> Bell provides ICT solutions that include professional, managed and infrastructure services.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">We also continue to offer legacy data services, such as  integrated services digital network, frame relay and ATM services to existing customers. The market for these services is declining over time as customers migrate to newer technologies.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Video Services</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We are&nbsp;Canada&#146;s largest digital television provider, nationally broadcasting more than 500 all-digital video and audio channels and a wide range of domestic and international programming. We currently distribute our video services to more than
1.9&nbsp;million customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our primary video operations are marketed nationally under the Bell TV brand and carried out through our wholly-owned Bell TV subsidiary, which has been offering DTH satellite service since 1997. Our DTH operations
currently use three satellites. Telesat&nbsp;Canada (Telesat), our former subsidiary, operates or directs the operation of these satellites. We
have leveraged this satellite capacity to offer a menu of programming options, such as a wide range of over-the-air and specialty programming, more than 100 high-definition (HD) channels with TV shows, movies, sports and other entertainment options
and a broad selection of pay-per-view<B> </B>service offers. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also offer hardware, including personal video recorders (PVRs), Bell TV Online subscription video-on-demand and the most HD channels in&nbsp;Canada.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The other components of our video offering that complement our DTH service include: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Very high-speed digital subscriber line <I>(VDSL) &#150;</I> We currently offer VDSL-based video services within certain
multiple-dwelling units (MDUs) in select urban centres in Ontario and Qu&eacute;bec. This service is a wireline-based video offering, providing subscribers with a competitive, fully digital video solution over a DSL line. This technology has been
deployed in urban areas as an alternative to DTH service within the MDU market.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2"><I>Hybrid fibre co-axial cable &#150;</I> We sell residential video services through Cable VDN, a Montr&eacute;al-based cable business that offers competitive analog and digital video services within certain neighbourhoods in the Greater
Montr&eacute;al area via its proprietary co-axial fibre network.</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2"><I>IP television &#150;</I> We currently offer IP-based television services on a limited trial basis in selected Toronto and Montr&eacute;al neighbourhoods. The service trial is designed to acquire valuable operational and marketing insights
and to ensure that the IP television platform and service offering are stable and robust prior to our commercial launch expected in&nbsp;2010.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Equipment and Other</I></B></font></P>
<P align="left">
<font face="Arial" size="2">This category includes revenues from a number of other sources, including: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">renting, selling and maintaining business terminal equipment
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">video set-top box (STB) sales </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">network installation and maintenance services for third
parties </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">product sales, other than wireless products, at national consumer electronics retailer The Source.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Wireless Services</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We offer a broad range of wireless voice and data communications products and services to consumer and business<B> </B>customers across&nbsp;Canada. We also provide an array of VAS such as call display and voicemail, e-mail, text, picture and video
calling and messaging, music downloads, ringtones and games, video streaming, live TV, as well as roaming services with other wireless service providers. Customers can choose to pay for their services through a monthly rate plan (postpaid) or in
advance (prepaid). Our postpaid rate plans, payable on a monthly basis, are available with a one, two or three-year contract that offer handset discounts, but also can be obtained without a contract. At December&nbsp;31,&nbsp;2009, we served more than 6.8
million wireless customers, of which approximately 5.0&nbsp;million subscribed to postpaid rate plans.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">23</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide wireless communications services under the Bell, Solo Mobile and Virgin Mobile brands. Solo Mobile is a brand, owned and operated by Bell Mobility, positioned to compete against other flanker brands in
Canada. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer a wide variety of single-user and shared postpaid rate plans, designed for local and long distance service. Data also can be added to voice service. We provide a wide range of wireless data services to
consumers and business clients, including text and e-mail services, picture and video messaging, Internet browsing, ring tunes, ringtones and screen-savers, social networking, instant messaging, multimedia such as music downloads (including
Canada&#146;s largest mobile music catalogue), video streaming, TV (including exclusive HBO programming), full-length movies and other services such as GPS navigation and location-based services. Mobile business services include sales force
automation and customer relationship management tools, field service automation, and resource and asset tracking tools.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;4,&nbsp;2009, we participated in the launch of  a new wireless high-speed packet access (HSPA)/HSPA+ network (the HSPA/HSPA+ network), capable of delivering high-speed mobile access of up to 21 Mbps to 93% of the
Canadian population and covering almost 20,000 cities and towns in both urban and rural locations. The HSPA/HSPA+ network supports full global roaming, as well as a wide range of new smartphones, wireless Internet sticks and other leading-edge
mobile devices. The new network also supports international roaming in more than 200 countries, including a preferred roaming agreement with AT&amp;T&nbsp;Inc. (AT&amp;T), the largest HSPA operator in the United States. The vast majority of the site
connectivity for the new network was built with high-speed fibre and an all-IP architecture for enhanced reliability. The new HSPA/HSPA+ network joins our existing national 3G code division multiple access (CDMA)/evolution, data optimized (EVDO)
network, which Bell currently plans to continue to operate alongside the new network.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our CDMA wireless network covered 99% of Ontario&#146;s and Qu&eacute;bec&#146;s population and approximately 97% of Atlantic Canada&#146;s population at December&nbsp;31,&nbsp;2009. Our CDMA network also covers major cities in
the provinces of Alberta and British Columbia. In response to the proliferation of wireless data service, we continue to expand our EVDO network launched in October&nbsp;2005. At the end of&nbsp;2009, Bell&#146;s EVDO network covered 90% of the Canadian
population. EVDO delivers high-speed mobile services with data-rich content such as e-mail, video messaging, gaming, video conferencing, telematics and streaming entertainment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With our dual high-speed data networks, we are able to offer Canadian consumers the broadest range of choice in wireless smartphones, including the Apple iPhone 3GS, RIM BlackBerry devices and the Palm Pre, as well as
other QWERTY-keyboard and touch screen smartphones designed for data services such as e-mail, messaging, Internet access and social networking.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Employees</B></font></P>
<P align="left">
<font face="Arial" size="2">At December&nbsp;31,&nbsp;2009, BCE&nbsp;employed 50,662 people on a full- or part-time basis, compared with 49,536 at the end of&nbsp;2008.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of Bell employees at the end of&nbsp;2009 was 42,597, up from 40,779 on December&nbsp;31,&nbsp;2008. The increase in Bell&#146;s headcount was primarily the result of the acquisitions on July&nbsp;1,&nbsp;2009 of The Source and
Virgin. Excluding these acquisitions, Bell&#146;s workforce decreased 6.1%, or by 2,492, to 38,287 employees in&nbsp;2009, driven by productivity improvements in our field services and customer contact centres, efficiencies achieved from the integration
of our Enterprise, SMB and Bell West units into a single unit called Bell Business Markets, a retirement incentive offered to qualifying employees represented by the Communications, Energy and Paperworkers&#146; Union of&nbsp;Canada (CEP), and a
management downsizing during the second half of the year focused on achieving a competitive cost structure. The number of management departures at Bell in&nbsp;2009 totalled approximately 1,200, representing about 3% of the total Bell workforce or 8% of
management. We signed collective bargaining agreements in&nbsp;2009 with varying expiration dates through July&nbsp;6, 2014, covering approximately 10,000 of Bell&#146;s more than 18,000 union employees. Approximately 43% of Bell employees are represented by
labour unions. Since June&nbsp;2008, excluding the impact of acquisitions, Bell has reduced its workforce by 5,800, primarily in the non-customer-facing management ranks, which were reduced by 22%.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell Aliant, the total number of employees decreased to 8,065 in&nbsp;2009 from 8,757 in the previous year, due mainly to workforce reduction programs initiated in the fourth quarter of&nbsp;2008 and throughout&nbsp;2009 that
further streamlined Bell Aliant&#146;s organizational structure.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>STRATEGIC IMPERATIVES</B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>This section contains forward-looking statements concerning our business objectives and strategies. For a description</I><B><I> </I></B><I>of assumptions underlying certain of such forward-looking statements, refer to </I>Business Outlook<I>
and </I>Assumptions<I>. For a description of certain risk factors that could cause actual results or events to differ materially from our expectations expressed in or implied by such forward-looking statements, refer in particular to </I>Our
Competitive Environment<I>, </I>Our Regulatory Environment<I> and </I>Risks that Could Affect Our Business and Results<I>.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our goal is to be recognized by customers as&nbsp;Canada&#146;s leading communications company. Our primary business objective is to maximize subscribers, revenues, operating profit, free cash flow and return on invested
capital by further enhancing our position as a foremost provider of comprehensive communications services to residential and business customers. We seek to take advantage of opportunities to leverage our networks, infrastructure, sales channels, and
brand and marketing resources across our various lines of business to create value for both our customers and other stakeholders.
</font></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">24</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our strategy to deliver a better customer experience at every level is enabled by our five strategic imperatives:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Improve Customer Service</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Accelerate Wireless</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Leverage Wireline Momentum </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Invest in Broadband Networks and Services </font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Achieve a Competitive Cost Structure. </font>
	</P></li>
</ul>
<P align="left">
<font face="Arial" size="2">These strategic imperatives are rooted in efficiently and cost effectively delivering consistent, reliable, high-quality communications services to customers, proactively managing legacy revenue erosion and profitably expanding our customer base.
</font>
</P>
<P align="left">
<font face="Arial" size="2">Our ability to return cash to shareholders now and in the future is directly supported by accelerating our business performance. The Bell team&#146;s progress in executing our customer-focused strategy in&nbsp;2009 supports the financial flexibility
required to continue to create value for shareholders, to maintain a strong balance sheet and to invest significantly in network and service program expansion. We intend to execute our business plan in&nbsp;2010 on the basis of disciplined market
leadership behaviour, while maintaining a balance between profitable growth and market share in each of our lines of business.</font></P>
<P align="left">
<font face="Arial" size="2">The following table highlights some of the important steps we took in&nbsp;2009 to address each of our 5 Strategic Imperatives.</font></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table4">
	<tr>
		<td width="10%" valign="bottom">
		<P align="left">
<font face="Arial" size="1">
<B>STRATEGIC <br>
IMPERATIVE </B></font></P></td>
		<td width="2%" valign="bottom">&nbsp;</td>
		<td width="30%" valign="bottom">
<font face="Arial" size="1">
<B>OBJECTIVES </B></font></td>
		<td width="2%" valign="bottom">&nbsp;</td>
		<td width="56%" valign="bottom">
<P align="left">
<font face="Arial" size="1">
<B>2009 ACCOMPLISHMENTS</B></font></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="5">

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




		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<P align="left">
<font face="Arial" size="2">
<B>Improve customer service</B></font></P>
		<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="30%" valign="top">
<P align="left">
<font face="Arial" size="2">Deliver the programs and investments we need to improve our front-line service capabilities, our networks, our products and our distribution channels to win and keep customers </font></P>
		<P align="left">
<font face="Arial" size="2">Enhance customers&#146; overall experience with Bell by delivering the
service basics in terms of call centre efficiency, meeting commitments for the installation and timely repair of services, increasing network quality, and implementing process improvements to simplify customer transactions and interactions with our
front-line employees, all of which will help differentiate us from our competitors and gain long-term customer loyalty</font></P></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="56%" valign="top">
<P align="left">
<font face="Arial" size="2">Improved service delivery by meeting more than 90% of our commitments for Same Day Next Day service for all our residential home products </font></P>
		<P align="left">
<font face="Arial" size="2">Reduced residential call centre volumes by 16% year over year </font></P>
		<P align="left">
<font face="Arial" size="2">Improved help desk agent satisfaction by three
percentage points, from 79% to 82% </font></P>
		<P align="left">
<font face="Arial" size="2">73% of all new high-speed Internet service customers used our Full Install service </font></P>
		<P align="left">
<font face="Arial" size="2">Invested significantly in our field services operations, with 2,000 new service vehicles equipped with GPS and laptops and a new
team-based support structure to drive speed and productivity </font></P>
		<P align="left">
<font face="Arial" size="2">Customer satisfaction with our field technicians exceeded 90% </font></P>
<P align="left">
<font face="Arial" size="2">Reduced business customer outages in our core data and broadband services by approximately 30% </font></P>
		<P align="left">
<font face="Arial" size="2">Provided upgraded online and
over-the-phone options to Bell&#146;s wireless customers, allowing them to take advantage of self-service capabilities for basic service issues, which improved overall customer satisfaction levels while saving costs for the company</font></P>
		</td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="5">

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




		</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">25</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>
<p align="left" style="margin-top: 0">&nbsp;</p>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table5">
	<tr>
		<td width="10%" valign="bottom">
		<P align="left">
<font face="Arial" size="1">
<B>STRATEGIC <br>
IMPERATIVE </B></font></P></td>
		<td width="2%" valign="bottom">&nbsp;</td>
		<td width="30%" valign="bottom">
<font face="Arial" size="1">
<B>OBJECTIVES </B></font></td>
		<td width="2%" valign="bottom">&nbsp;</td>
		<td width="56%" valign="bottom">
<P align="left">
<font face="Arial" size="1">
<B>2009 ACCOMPLISHMENTS</B></font></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="5">

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




		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<P align="left">
<font face="Arial" size="2">
<B>Accelerate wireless</B></font></P>
		<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="30%" valign="top">
<font face="Arial" size="2">Profitably grow our wireless business by capturing our fair share of the postpaid market, maximizing average revenue per unit (ARPU) by targeting high-value subscribers, increasing our share of in-bound global roaming, driving higher wireless data
penetration and usage, and leveraging the HSPA/HSPA+ network and footprint advantage </font>
		<p style="margin-bottom: 0"><font face="Arial" size="2">The key elements of our wireless strategy are as follows: </font>
		</p>
		<ul>
			<li>
			<p style="margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">focusing on voice and data services that are attractive to both residential and business customers
			</font></li>
			<li>
			<p style="margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">maintaining the most technologically advanced, high-quality and pervasive wireless network possible
			</font></li>
			<li>
			<p style="margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">offering a wide range of high-quality handsets
			</font></li>
			<li>
			<p style="margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">improving customer service while reducing churn
			</font></li>
			<li>
			<p style="margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">expanding sales
distribution channels to increase points of presence and retail traffic.</font></li>
		</ul>
		</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="56%" valign="top">
<P align="left">
<font face="Arial" size="2">Participated in the launch of a new national HSPA/HSPA+ wireless network, the broadest in&nbsp;Canada </font></P>
		<P align="left">
<font face="Arial" size="2">Offered the widest range of choice in wireless devices with more than 50 different mobile device options available to customers, including smartphones
such as the Apple iPhone 3GS, RIM BlackBerry Bold and the Palm Pre </font></P>
		<P align="left">
<font face="Arial" size="2">Acquired consumer electronics retailer The Source and its approximately 750 retail stores, giving us a national presence in&nbsp;Canada&#146;s highest-traffic mall locations and
effectively increasing the number of places where customers can buy Bell products and services. Bell Mobility and Virgin Mobile launched at The Source in January&nbsp;2010.</font></P>
<P align="left">
<font face="Arial" size="2">Acquired the remaining 50% of the equity of Virgin not already owned, along with a long-term brand licencing agreement with the Virgin Group. We believe that full ownership of this asset enhances our competitive market position by allowing us to
compete more effectively with the Canadian industry&#146;s other flanker brands.</font></P>
<P align="left">
<font face="Arial" size="2">Mobile data revenue grew 32%, accounting for 18% of wireless service revenues by the end of&nbsp;2009 </font></P>
		<P align="left">
<font face="Arial" size="2">Announced the signing of a preferred reciprocal wireless roaming agreement with AT&amp;T, the largest HSPA operator in the United States, that will
enable AT&amp;T wireless customers to roam on the new wireless HSPA/HSPA+ network while providing Bell customers with access to AT&amp;T&#146;s GSM and 3G wireless networks in the United States</font></P>
		</td>
	</tr>
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		<td width="100%" valign="top" colspan="5">

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		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<P align="left">
<font face="Arial" size="2">
<B>Leverage wireline momentum </B></font></P>
		<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="30%" valign="top">
<P align="left">
<font face="Arial" size="2">Reduce the rate of local residential line losses through winbacks, driving higher multi-product home penetration, and increasing household-move wins and retentions. Our TV and broadband Internet services remain critical components of our service
bundling strategy, which we intend to further leverage in order to drive subscriber acquisition and retention, and to maximize average revenue per household (ARPHH).</font></P>
<P align="left">
<font face="Arial" size="2">In our business markets, our focus will remain on retaining small business customers and winning important large business customer contracts. This will be supported by the strength of our IP MPLS network and the breadth of our ICT services, which
should help moderate the decline in voice and data revenues.</font></P></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="56%" valign="top">
<font face="Arial" size="2">Reduced the number of residential line losses by 12.6% over&nbsp;2008 through improving service delivery, winbacks and service bundling </font>
		<p><font face="Arial" size="2">Maintained our industry leadership in HD by offering over 100 HD channels, the most in&nbsp;Canada. With Bell TV&#146;s
market leadership in HD, we became the fastest-growing TV service in&nbsp;Canada. </font>
		</p>
		<p><font face="Arial" size="2">Residential Internet subscribers were up 25% year over year </font>
		</p>
		<p><font face="Arial" size="2">ARPHH increased 9% </font></p>
		<p><font face="Arial" size="2">No major large business customer contracts lost in&nbsp;2009 </font>
		</p>
		<p><font face="Arial" size="2">Maintained our market share of the
mass and mid-sized business market segments </font>
<p><font face="Arial" size="2">Made a minority interest investment in the Montr&eacute;al Canadiens Hockey Club and the Bell Centre, allowing us to leverage the marketing power of the Canadiens name and the popularity of the Canadiens
content on TV, online and on mobile phones</font></td>
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&nbsp;</P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">26</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>
<p align="right" style="margin-top: 0">&nbsp;</p>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table6">
	<tr>
		<td width="10%" valign="bottom">
		<P align="left">
<font face="Arial" size="1">
<B>STRATEGIC <br>
IMPERATIVE </B></font></P></td>
		<td width="2%" valign="bottom">&nbsp;</td>
		<td width="30%" valign="bottom">
<font face="Arial" size="1">
<B>OBJECTIVES </B></font></td>
		<td width="2%" valign="bottom">&nbsp;</td>
		<td width="56%" valign="bottom">
<P align="left">
<font face="Arial" size="1">
<B>2009 ACCOMPLISHMENTS</B></font></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="5">

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		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
		<P align="left">
<font face="Arial" size="2">
<B>Invest in broadband networks and services </B></font></P>
		<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="30%" valign="top">
<font face="Arial" size="2">Continue investing in fibre build-outs and pursue advanced network enhancements to further grow our base of subscribers on broadband platforms </font>
		<p><font face="Arial" size="2">We also aim to roll out thousands of new FTTN network locations serving&nbsp;millions of households and
businesses, enabling new online video, networking and other rich, high-speed IP-based services </font>
		</p>
		<p><font face="Arial" size="2">With respect to our wireless business, leverage the advantages of the HSPA/HSPA+ national network.</font></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="56%" valign="top">
<P align="left">
<font face="Arial" size="2">Participated in the launch of a new national HSPA/HSPA+ wireless network, the broadest deployment in&nbsp;Canada </font></P>
		<P align="left">
<font face="Arial" size="2">Expanded our high-speed fibre optic capabilities through our FTTN rollout to residential neighbourhoods and to MDUs throughout the
Qu&eacute;bec-Windsor corridor. At the end of&nbsp;2009, our FTTN network reached 2.9&nbsp;million homes out of a total of approximately 6.4&nbsp;million households in Bell&#146;s incumbent territories. </font></P>
		<P align="left">
<font face="Arial" size="2">Substantially advanced the deployment of VDSL2 technology,
with close to two&nbsp;million homes passed offering up to 25 Mbps service capability </font></P>
		<P align="left">
<font face="Arial" size="2">Increased our base of FTTN subscribers by 46% in&nbsp;2009 to 500,000.</font></P>
<P align="left">
<font face="Arial" size="2">Subsequent to the end of&nbsp;2009, we have:</font></P>
		<ul>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">announced our plan to deploy fibre-to-the-home (FTTH) in Qu&eacute;bec City. Qu&eacute;bec City is the largest urban centre in&nbsp;Canada to be
			selected to date for the deployment of FTTH, which will offer
			consumers and business customers download speeds of at least 100
			Mbps.</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">announced the deployment of FTTH in all
			new urban and suburban housing developments in Ontario and Qu&#233;bec
			beginning in the second half of&nbsp;2010. This is in addition to our
			deployment of fibre-to-the-building (FTTB) to MDUs already underway.
			At the end of&nbsp;2009, 360 MDUs were equipped with Bell fibre,
			primarily in Toronto and Montr&#233;al.</font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">launched our new Bell Fibe high-speed
			Internet service, providing customers access to enhanced download
			speeds of up to 25 Mbps and the fastest upload speeds available in
			the market at up to 7&nbsp;Mbps </font></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<font face="Arial" size="2">announced the launch of competitive Bell
			IPTV services in Toronto and Montr&#233;al starting in&nbsp;2010, which is
			expected to enhance Bell&#146;s competitive position in these core urban markets and complement our existing Bell TV DTH-based service.</font></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="5">

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		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<P align="left">
<font face="Arial" size="2">
<B>Achieve a competitive cost structure </B></font></P>
		<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="30%" valign="top">
<P align="left">
<font face="Arial" size="2">Cost containment is a core element of our financial performance and remains a key factor in our objective to maintain margins in the face of both the expected continued decline in legacy revenues and a further shift in product mix towards growth
services </font></P>
		<P align="left">
<font face="Arial" size="2">We aim to accomplish this through building the most cost-effective structure possible to extract maximum operational efficiency and productivity gains throughout our business.</font></P>
		<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="56%" valign="top">
<P align="left">
<font face="Arial" size="2">Reduced Bell&#146;s total workforce by 2,500 in&nbsp;2009 (excluding the increase in Bell&#146;s workforce due to the acquisitions of The Source and Virgin) </font></P>
		<P align="left">
<font face="Arial" size="2">Combined our Enterprise, SMB and Bell West units into a single, business-focused unit called Bell
Business Markets to improve customer focus and optimize efficiency </font></P>
		<P align="left">
<font face="Arial" size="2">Reduced operating expenses related to wireline field services, IT, network and corporate support by approximately &#36;100&nbsp;million over&nbsp;2008 </font></P>
		<P align="left">
<font face="Arial" size="2">Renegotiated contracts with our key IT
and outsource suppliers. Since&nbsp;2008, we have reduced IT and network supply chain costs by 15% </font></P>
		<P align="left">
<font face="Arial" size="2">Improved working capital through tighter collection of accounts receivable, and accounts payable and inventory management. We lowered Bell&#146;s accounts
receivable balance by approximately &#36;100&nbsp;million in&nbsp;2009 and improved Days Sales Outstanding by approximately five days.</font></P>
<P align="left">
<font face="Arial" size="2">Reduced travel and entertainment expenses by 17% </font></P>
		<P align="left">
<font face="Arial" size="2">Completed a &#36;1&nbsp;billion public debt offering which replaced existing debt with new debt at a significantly lower cost.</font></P>
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<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">27</font></b></P>

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<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>
<p align="left" style="margin-top: 0">&nbsp;</p>

<P align="left">
<font face="Arial" color="#0065A4">
<B>BUSINESS OUTLOOK AND ASSUMPTIONS</B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>This section contains forward-looking statements concerning the business outlook of our Bell Wireline, Bell Wireless and Bell Aliant segments. This section also describes certain key economic, market and operational assumptions we have used in
making such forward-looking statements and other forward-looking statements contained in this MD&amp;A. For a description of risk factors that could cause actual results or events to differ materially from our expectations expressed in or implied by
such forward-looking statements, refer in particular to</I> Our Competitive Environment<I>, </I>Our Regulatory Environment <I>and</I> Risks that Could Affect Our Business and Results<I>.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the estimates of the six major banks in&nbsp;Canada at the end of&nbsp;2009, the Canadian economy is expected to grow, on average, by 2.6% in&nbsp;2010. Consistent with this consensus view, we have assumed a gradual
improvement in the Canadian economic environment with momentum beginning in the second half of&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we have made certain market assumptions  in preparing our business outlook for&nbsp;2010, including the following: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">increased spending and investment by business customers as the economic environment
strengthens </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">revenues generated by the residential voice telecommunications market in&nbsp;Canada to continue to decrease due, in part, to land line substitution to competing technologies such as wireless, which is expected to increase in&nbsp;2010
particularly as a result of aggressive competitive activity by new wireless entrants having purchased AWS spectrum, and VoIP and other factors including e-mail and instant messaging substitution
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">current levels of competition to continue for
residential and business local voice telephony, as cable operators and other telecom service providers maintain the intensity of their marketing efforts and continue to leverage their network footprints to pursue market share in our regions </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">wireless industry penetration growth in&nbsp;2010 similar to&nbsp;2009, and</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">TV and Internet market growth at levels slightly lower than&nbsp;2009, given the relatively high penetration rates and maturity levels for these products.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">Our business outlook is also based on certain operational assumptions and other market assumptions that are discussed below.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Bell Wireline</B></font></P>
<P align="left">
<font face="Arial" size="2">In both our residential and business markets for&nbsp;2010, we will seek to minimize the decline in revenues from legacy voice and data services mainly through ongoing service and product value enhancements, targeted marketing initiatives to slow the
rate of NAS erosion, and leveraging the strength of our core connectivity services portfolio.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many of our residential market product lines demonstrate a good level of inelasticity to a downturn in the economy. However, with an expected increase in housing starts and residential moves as the economy improves, we
could experience higher customer turnover. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we will continue to incur local line losses, primarily as a result of cable telephony competition, we are targeting a relatively stable rate of residential NAS erosion based on the assumption that targeted
retention and service bundle offers, customer winbacks and better service execution will maintain residential customer NAS line losses steady year over year. However, aggressive marketing actions from the new wireless entrants, which may include
offering low-priced wireless home phone replacement plans, could also result in higher residential customer NAS line losses.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell TV, we intend to leverage our market leadership position in HD programming, seek greater penetration within the MDU market and capitalize on our ownership of The Source to drive subscriber acquisition and higher
ARPU, while proceeding with a measured launch of IPTV. Our focus at Bell Internet will centre on expanding our FTTN customer base, building out FTTH in targeted markets, and pursuing usage-based pricing in order to grow revenues. We also intend<B>
</B>to achieve service improvements by further enhancing the speed and reliability of our broadband Internet network, while continuing to offer full installation and customer support for new subscribers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business market demand was adversely affected in&nbsp;2009 as business clients curtailed their spending and investment plans due to tighter credit availability, economic uncertainty, continued competition from offshore
manufacturing and reduced employment levels. It is expected that these trends will continue to have a negative impact on demand at least through the first two quarters of&nbsp;2010. As the economy strengthens, we expect that the performance of our
Business Markets unit, including business NAS line losses, will improve gradually, based on an assumption of increased customer spending, new business formation and higher demand for basic connectivity and ICT services. However, even with a recovery
in the economy, more conservative strategies by large business customers may result in lower capital spending requirements and the deferral of ICT projects. Furthermore, any additional softening in employment levels or new business starts in the
small and medium sized business segment of the market in Ontario and Qu&eacute;bec could drive business NAS erosion higher.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through our Business Markets unit, we will continue to deliver network-centric ICT solutions to large business and public sector clients that increase the value of connectivity services. We expect to experience
continued competitive intensity in all business markets as cable operators continue to transition from consumer-only plays and other telecom competitors seek to grow their business in these markets. We
</font></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">2</font></b><font face="Arial" size="1"><b><font color="#0065A4">8</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>
<p align="right" style="margin-top: 0">&nbsp;</p>

<P align="left">
<font face="Arial" size="2">also intend to introduce service offerings that help drive innovative solutions and value for our small and mid-sized customers, while focusing on growing overall profitability through customer retention, maintaining ARPU levels and optimizing
operations to further reduce costs. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other areas of focus at Bell Wireline for&nbsp;2010 include ongoing improvements in customer experience and the introduction of new products in our markets, including the launch of Bell Fibe, a new high-speed Internet
service enabled by our extensive broadband fibre footprint that is expected to encompass 3.6&nbsp;million homes by the end of&nbsp;2010 and offer download speeds of up to 25 Mbps to a majority of our customers, and the anticipated launch of Bell IPTV services
in Toronto and Montr&eacute;al. These initiatives, as well as ongoing investment in our fibre optic network to further expand our wireline broadband footprint, are expected to strengthen our competitive position versus the cable companies.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also intend to maintain a strong focus on cost control in order to support the objective of maintaining stable EBITDA margins. This assumes that we will be able to achieve expense savings from renegotiated contracts
with all our key IT vendors and outsource suppliers, the flow-through from labour force reductions in&nbsp;2009, field workforce productivity improvements, leveraging operational synergies from the integration in&nbsp;2009 of our business customer-facing
units, controlling network maintenance costs, and reducing traffic that is not on our own network.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Bell Wireless</B></font></P>
<P align="left">
<font face="Arial" size="2">We expect higher wireless usage and roaming revenues year over year, based on higher employment levels, increased discretionary spending and the resumption of travel consistent with our assumption that the economic environment improves in the second
half of&nbsp;2010. As a result of new wireless entrant competition, which should intensify progressively throughout the course of&nbsp;2010 as additional service providers come to market, we expect added pressure on ARPU and customer churn, highlighting the
critical importance of continuing to improve customer satisfaction and proactively focusing on customer retention. This is expected to be mitigated in part by the impact of the recently launched HSPA/HSPA+ network, which should drive increased
smartphone device penetration and incremental growth in data usage and roaming.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that our Wireless unit will continue to be a key contributor to Bell&#146;s revenue and EBITDA results in&nbsp;2010. The financial performance of Bell Wireless is based on its continued ability to focus on
profitable growth and execute its market strategies. We have assumed that our wireless revenue growth will be driven by ARPU from new services, careful price management and continued disciplined expansion of our subscriber base. We will seek to
achieve our ARPU objectives through data revenue growth, supported by the new HSPA/HSPA+ network, higher demand for data services and increasing usage from wireless services such as text and picture messaging, web browsing, music and video downloads
and community portals such as Facebook and YouTube. We also have assumed that we will benefit from ongoing technological improvements by manufacturers in our handset and device lineup and from faster data speeds that are allowing our clients to
optimize the use of our services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to continue introducing new products and services to the market in a timely manner, balancing innovation with profitability. The development of wireless data transmission technologies has led to the
development of more sophisticated wireless devices with increasingly advanced capabilities, including access to e-mail and other corporate IT platforms, news, sports, financial information and services, photos, music and streaming video clips, TV
and other functions. We believe that the introduction of such new applications will drive the growth for data transmission services. As a result, we aim to introduce additional high-speed enabled data applications and other services to our wireless
customers in order to deliver increasing value to them. However, the proliferation of these relatively more expensive and sophisticated devices, as well as heightened competitive activity, is expected to exert pressure on EBITDA, due mainly to
increased handset subsidization resulting in higher subscriber acquisition and retention costs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have moderate wireless subscriber growth expectations for&nbsp;2010 that assume a significant increase in our points of sale due to the launch of Bell Mobility and Virgin at The Source in January&nbsp;2010 and that also take
into account the impact of new entrants. Our&nbsp;2010 financial outlook for Bell Wireless assumes a view that requires diligent expense  management to moderate the impact of aggressive discount brand and new entrant pricing, higher retention spending
and increased acquisition costs driven by increased smartphone customer penetration.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Bell Aliant</B></font></P>
<P align="left">
<font face="Arial" size="2">Bell Aliant intends to continue to pursue the five strategic objectives it identified in&nbsp;2009. Firstly, it intends to improve the customer experience through improvements to service fundamentals supported by operational improvements to its
processes, tools and training. Secondly, it intends to mitigate customer churn through increasing its retention efforts and increasing the penetration of service bundles. Bell Aliant also intends to make enhancements to its value packages and bundle
offers in&nbsp;2010 as these have proven to be effective churn-reduction tools in the past. Thirdly, Bell Aliant plans to focus on growing its broadband business by increasing its investment in FTTH technology in&nbsp;2010. This increased investment should
enable Bell Aliant to provide Internet speeds exceeding those of its competitors in those markets where the technology has been deployed, increase Bell Aliant&#146;s IPTV footprint and allow for more IP service development. Bell Aliant&#146;s fourth
strategic objective is to become more profitable and more competitive through resetting its cost structure.  As a result of organizational restructurings implemented  at the end of&nbsp;2008 and throughout&nbsp;2009, Bell Aliant is
</font>  </P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
29</font></b></font></P>

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<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">well-positioned to operate more efficiently in the future. Bell Aliant plans to focus on increasing productivity by concentrating on continued cost containment, procurement improvements and gains in process and operational efficiency. Finally, in
2010, Bell Aliant will maintain its performance-based culture by more closely aligning personal performance with corporate objectives. Building on current learning programs, it will aim to invest in new learning opportunities for its leaders and
front-line managers.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>2009 OPERATING HIGHLIGHTS</B></font></P>
<P align="left">
<font face="Arial" size="2">Our operating results for&nbsp;2009 reflect improved year-over-year wireline performance, growing momentum in our TV business, disciplined execution of our wireless strategy, and diligent cost management that delivered strong earnings and substantial
cash flow to support investment in the business, increases to BCE&nbsp;Inc.&#146;s common share dividend and share buy-back programs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top-line growth of 1.0% at Bell in&nbsp;2009 was driven largely by the inclusion of revenues from the acquisitions of The Source and Virgin. Increased revenues from our TV, Internet, wireless data and IP broadband
connectivity services also contributed to overall growth in&nbsp;2009. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The weak economy adversely impacted the revenue performance of our Business Markets unit in&nbsp;2009, which experienced higher NAS line disconnections, fewer new installations, lower equipment sales, as well as reduced
demand for basic connectivity service as business customers deferred spending and lowered usage. However, our residential business was less affected by the economic downturn and also effectively managed the competitive pressures of cable telephony,
as evidenced by the year-over-year improvement in residential local line losses. Our home services bundling strategy, together with improvements in service delivery, helped reduce the total number of residential NAS losses by 13% in&nbsp;2009, while
contributing to a 9% increase in ARPHH and higher TV and residential high-speed Internet net subscriber activations.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding strong postpaid subscriber growth, higher wireless data usage and the additional revenues from owning 100% of Virgin, Bell Wireless operating revenues grew modestly in&nbsp;2009, mainly as a result of lower
voice usage and decreased roaming consistent with reduced travel, employment levels and discretionary spending in a soft economy. Although ARPU decreased in&nbsp;2009, the year-over-year decline progressively improved in the second half of the year,
providing some evidence that the economy is beginning to stabilize.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Led by the performance of Bell Wireless, we enjoyed improved subscriber acquisitions in&nbsp;2009 from our growth services, comprised primarily of wireless, video and high-speed Internet, despite weak economic conditions and
competitive pressures across all product lines.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total wireless net activations increased 6.3% in&nbsp;2009, supported by strong postpaid growth in the second half of the year. This result reflected the positive consumer response to our expanded lineup of mobile devices,
driven largely by the launch of the new HSPA/HSPA+ network, the growing popularity of wireless Internet sticks, the attractiveness of our promotional offers, and better sales execution through our independent retail channels. Although postpaid net
activations in&nbsp;2009 were essentially unchanged compared with the previous year, we experienced improved postpaid subscriber acquisition momentum as the year progressed, highlighted by a 20% year-over-year increase in the second half of&nbsp;2009.
Postpaid subscriptions represented 89% of our total wireless net activations in&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Bell TV unit added 113,000 net video subscribers in&nbsp;2009 compared with 30,000 in the previous year. Success was driven by strong direct and retail sales channel results as we continue to leverage our position as the
industry leader in HD programming, as well as by increased customer subscriptions from MDUs. Video ARPU increased 6.5% in&nbsp;2009, reflecting a shift in customer mix to HD and upgrades to  premium programming packages.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a maturing Canadian Internet market, which has resulted in slower high-speed Internet subscriber growth for the overall industry and aggressive acquisition offers from the cable TV competitors, we added 38,000 net
high-speed Internet subscribers in&nbsp;2009. Although this represents 12,000 fewer new net subscriber activations compared with&nbsp;2008, due to higher business customer deactivations as a result of the weak economy, our residential high-speed Internet net
activations increased year over year. Improved residential sales were driven largely by our competitive product offers that are supported by full installation service and an increased number of customers using our FTTN network.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our residential local voice business continued to perform solidly, despite ongoing aggressive competition particularly from the cable operators, due mainly to a higher number of customer winbacks and effective
marketing. Our residential services bundling strategy, together with improvements in service delivery, helped reduce the total number of residential line losses by 12.6% in&nbsp;2009, slowing the annual rate of residential NAS erosion to 7.9% in&nbsp;2009
from 8.3% in&nbsp;2008. However, total NAS losses at Bell increased 2.5% year over year due to a greater number of business access line disconnections and fewer new installations because of the economic slowdown, resulting in a business NAS erosion rate
of 3.7% in&nbsp;2009 compared with 1.7% in&nbsp;2008.</font></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">30</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income at Bell was 13.5% higher in&nbsp;2009, due to lower restructuring and other charges and higher EBITDA. Bell&#146;s EBITDA grew by 1.4% in&nbsp;2009 as higher operating revenues and cost reductions more than
offset higher pension expense, foreign exchange losses stemming from higher U.S. dollar hedge rates in&nbsp;2009 on our U.S. dollar-denominated purchases, and increased sponsorship-related costs for the Vancouver Winter Olympics. EBITDA growth in&nbsp;2009
also reflected the reversal of a liability for CRTC video broadcast licence fees in the amount of &#36;54&nbsp;million resulting from a settlement with the federal government. With the slower pace of erosion in our high-margin residential wireline
business, disciplined execution of our wireless strategy, continued strong results at Bell TV and ongoing execution in our efficiency programs to reduce overall costs, Bell&#146;s EBITDA margin remained essentially unchanged year over year at 38.1%
in&nbsp;2009 compared with 37.9% in&nbsp;2008. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell invested &#36;2,390&nbsp;million of capital in&nbsp;2009, or 2.8% less than&nbsp;2008, which corresponds to a capital intensity ratio of 15.9% of revenues compared with 16.5% in&nbsp;2008. Capital expenditures in&nbsp;2009 supported
Bell&#146;s strategic imperatives with a particular focus on completing the deployment of the HSPA/HSPA+ network and continuing to add fibre to our wireline broadband network. At year end, our FTTN broadband network reached more than 2.9&nbsp;million
homes.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s operating revenues increased 0.4% in&nbsp;2009 while EBITDA improved 1.2%, reflecting our disciplined focus on controlling costs in a challenging economic and competitive environment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s cash flow from operating activities was &#36;4,884&nbsp;million in&nbsp;2009, down from &#36;5,909&nbsp;million in the previous year. Free cash flow<SUP>(3)</SUP> available to BCE&nbsp;Inc.&#146;s common shareholders was
&#36;1,456&nbsp;million in&nbsp;2009 versus &#36;1,689&nbsp;million in&nbsp;2008. The year-over-year decrease was due to higher pension plan contributions, including a &#36;500&nbsp;million voluntary contribution, and increased investment in working capital at Bell, partly
offset by higher EBITDA, reduced capital spending and a decrease in restructuring cost payments. The &#36;500&nbsp;million voluntary cash contribution was made at the end of&nbsp;2009 in respect of Bell&nbsp;Canada&#146;s defined benefit pension plan, and is
expected to improve our financial flexibility by reducing our overall future pension funding requirements as well as the volatility of that funding.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings applicable to common shares for&nbsp;2009 were &#36;1,631&nbsp;million, or &#36;2.11 per share, compared with &#36;819&nbsp;million, or &#36;1.02 per share, in&nbsp;2008. The year-over-year increase in earnings was due mainly
to asset write-downs in&nbsp;2008 related to non-core investments, lower restructuring and other charges, the favourable resolution of uncertain tax positions, and gains on sales of non-core assets. Adjusted EPS increased 11.1% to &#36;2.50 per common
share in&nbsp;2009 from &#36;2.25 per common share, primarily as a result of the favourable resolution of uncertain tax positions, higher EBITDA, lower interest expense and fewer common shares outstanding due to share repurchases under BCE&nbsp;Inc.&#146;s
2008/2009 NCIB program completed in May&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of our segments&#146; revenues vary slightly by season. Wireline segment revenues tend to be higher in the fourth quarter because of higher levels of voice and data equipment sales to business customers and higher
consumer electronics sales at The Source during the holiday period. Our operating income can also vary by season. Wireless segment operating income tends to be lower in the fourth quarter due to higher subscriber acquisition costs associated with a
higher number of new subscriber activations during the holiday season.</font></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table7">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(3)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>Free cash flow is a non-GAAP financial measure. See </I>Non-GAAP Financial Measures &#150; Free cash flow<I> in this MD&amp;A for more details, including a reconciliation to the most comparable Canadian GAAP financial measure.</I></font></P>
		</td>
	</tr>
</table>
<p align="left">&nbsp;</p>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">31</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>SELECTED ANNUAL AND QUARTERLY INFORMATION </B></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Annual&nbsp;Financial Information</B></font></P>
<P align="left">
<font face="Arial" size="2">The following tables show selected consolidated financial data of BCE, prepared in accordance with Canadian generally accepted accounting principles (GAAP), for each year from 2005 to&nbsp;2009. We discuss the factors that caused our results to vary over
the past three years throughout this MD&amp;A.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<B><FONT size=2>OPERATIONS</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>17,735</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,661 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,707 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,516 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,428 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cost of revenue, exclusive of depreciation and amortization </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(4,525</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,389 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,058 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,945 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,020 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Selling, general and administrative expenses </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(6,121</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,268 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,658 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,780 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,568 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>EBITDA</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>7,089</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,004 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,991 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,791 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,840 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,595</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,537 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,547 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,503 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,505 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(776</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(727 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(634 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(612 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(550 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(527</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(871 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(331 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(354 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(55 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,191</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,869 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,479 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,322 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,730 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other (expense) income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(18</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(253 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,406 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(186 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(723</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(791 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(859 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(940 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(934 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Pre-tax earnings from continuing operations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,450</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,825 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,026 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,196 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,809 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(368</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(469 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(735 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(78 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(795 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(333</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(323 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(332 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(222 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(192 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,749</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,033 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,959 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,896 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,822 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(90 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">98 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">111 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">139 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,738</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">943 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,057 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,961 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends on preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(107</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(131 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings applicable to common shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,631</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">819 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,926 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,937 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,891 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings per common share </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Continuing operations &#150; basic </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.12</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.13 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.76 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.89 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Continuing operations &#150; diluted </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.12</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.75 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.89 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings &#150; basic </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.02 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.88 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.04 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings &#150; diluted </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.01 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.87 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.04 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Included in net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net gains (losses) on investments </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Continuing operations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>48</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(358 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,125 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">419 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">33 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(62 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">123 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">106 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(339</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(572 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(206 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(222 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(37 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cost incurred to form Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(42 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Adjusted net earnings</FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,929</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,811 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,884 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,676 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,901 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Adjusted EPS</FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.50</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.34 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.95 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.05 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Ratios </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA margin (%) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>40.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">38.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating margin (%) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>18.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">21.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Return on equity (%) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">30.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table8">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>EBITDA (earnings before interest, taxes, depreciation and amortization of intangible assets) is a non-GAAP financial measure. See </I>Non-GAAP Financial Measures &#150; EBITDA<I> in this MD&amp;A for more details, including a reconciliation
to the most comparable Canadian GAAP financial measure.</I></font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(2)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>The terms Adjusted net earnings and Adjusted EPS are non-GAAP financial measures. See </I>Non-GAAP Financial Measures &#150; Adjusted net earnings<I> in this MD&amp;A for more details, including a reconciliation to the most comparable
Canadian GAAP financial measures.</I></font></P></td>
	</tr>
</table>
<p align="left">&nbsp;</p>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">32</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>
<p align="left">&nbsp;</p>

<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2005 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<B><FONT size=2>BALANCE SHEET</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>38,050</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39,663 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">38,230 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">37,415 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40,834 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>687</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,052 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,646 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">557 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">336 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Debt due within one year (including bank advances and notes payable) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>600</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,201 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">721 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,004 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,178 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10,299</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,099 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,766 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12,007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12,033 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common shareholders&#146; equity </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>14,204</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,541 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,462 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11,697 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,051 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Ratios </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total debt to total assets (times) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.29</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.31 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.30 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.35 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt to total shareholders&#146; equity (times) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.64</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.70 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.65 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.97 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.89 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from operating activities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,884</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,909 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,730 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,353 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,313 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in investing activities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3,217</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,948 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(58 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,683 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,758 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Capital expenditures </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,854</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,986 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,140 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,120 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,349 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Business acquisitions </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(338</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(56 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(163 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(65 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(226 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Business dispositions </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(10 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,123 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Formation of Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(255 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other investing activities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(89</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(726 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in financing activities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(4,044</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,559 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,914 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,639 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,613 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Repurchase of common shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(894</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(92 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(227 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,241 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Issue of common shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">153 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">29 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net repayment of debt instruments </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,385</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(451 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,766 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(432 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(47 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Financing activities of subsidiaries with third parties </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(333 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(292 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(77 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cash dividends paid on common shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,201</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(587 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,147 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,169 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,195 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cash dividends paid on preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(107</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(129 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(84 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(86 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(369</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(366 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(404 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(293 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(169 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash provided by discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">319 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,105 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">128 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Ratios </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Free cash flow </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,456</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,689 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,960 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,810 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,803 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital intensity (%) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>16.1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<B><FONT size=2>SHARE INFORMATION</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average number of common shares (millions) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>772.9</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">805.8 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">804.8 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">861.4 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">926.8 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common shares outstanding at end of year (millions) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>767.2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">803.1 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">805.3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">807.6 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">927.3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Market capitalization </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>22,249</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20,182 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">31,930 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25,359 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25,844 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends declared per common share (dollars) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.58</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.73 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.46 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Book value per share (dollars) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>18.51</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">18.11 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17.96 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14.48 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14.07 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total dividends declared on common shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,218</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(588 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,172 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,132 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,222 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total dividends declared on preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(107</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(131 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Market price per common share (dollars) </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">High (end of day) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>29.00</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40.23 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">41.74 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">32.92 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">32.95 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Low (end of day) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>23.35</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">21.23 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">29.13 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25.56 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">26.60 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Close </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>29.00</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25.13 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39.65 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">31.40 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">27.87 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Ratios </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common dividend yield (%) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>5.4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common dividend payout ratio (%) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>73.6</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">71.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">29.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">60.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">63.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Price to earnings ratio (times) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>13.74</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">24.64 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8.13 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13.96 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13.66 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Price to book ratio (times) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.57</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.39 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.21 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.17 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.98 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Price to cash flow ratio (times) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11.03</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6.92 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12.31 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13.15 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other data </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Number of employees (thousands) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>51</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">55 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">33</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>Quarterly Financial Information</B></font></P>
<P align="left">
<font face="Arial" size="2">The following table shows selected consolidated financial data by quarter for&nbsp;2009 and&nbsp;2008. This quarterly information is unaudited but has been prepared on the same basis as the annual consolidated financial statements. We discuss the factors that
caused our results to vary over the past eight quarters throughout this MD&amp;A.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="32%" colspan="8">
<p align="center"><font face="Arial">
<B><FONT size=1 color="#0065A4">2009</FONT></B></font></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="32%" colspan="8">
<p align="center"><font face="Arial" size="1">2008</font></TD>
</TR>
<TR>
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD colspan=8 width="32%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="1%">
<font size="1">&nbsp;</font></TD>
	<TD colspan=8 width="32%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>Q4</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>Q3</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>Q2</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>Q1</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">Q4 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">Q3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">Q2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">Q1 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=18 width="35%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,650</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,457</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,297</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,331</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">4,476 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">4,437 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">4,388 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">4,360 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,737</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,801</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,791</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,760</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">1,741 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">1,769 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">1,743 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">1,751 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(704</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(636</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(630</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(625</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(683 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(619 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(612 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(623 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(200</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(192</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(191</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(193</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(185 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(173 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(175 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(194 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(82</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(191</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(146</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(108</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(207 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(310 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(71 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(283 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=18 width="35%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>751</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>782</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>824</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>834</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">666 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">667 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">885 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">651 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>377</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>584</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>376</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>412</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">23 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">303 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">415 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">292 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(6</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(41 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(23 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(23 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=18 width="35%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings (loss) </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>376</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>584</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>372</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>406</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(18 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">280 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">392 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">289 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings (loss) applicable to common shares </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>350</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>558</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>346</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>377</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(48 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">248 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">361 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">258 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings (loss) per common share </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Continuing operations &#150; basic </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.46</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.72</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.45</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.49</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(0.01 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.34 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.48 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Continuing operations &#150; diluted </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.46</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.72</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.45</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.49</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(0.01 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.33 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.48 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net earnings &#150; basic </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.46</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.72</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.45</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.48</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(0.06 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.31 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.45 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net earnings &#150; diluted </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.46</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.72</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.45</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.48</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(0.06 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.30 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.45 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Included in net earnings </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net gains (losses) on investments </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Continuing operations </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>36</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(346 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(14 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(26 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(16 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(20 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(48</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(123</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(98</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(70</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(117 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(210 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(48 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(197 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD width="35%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjusted net earnings applicable to common shares </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>387</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>649</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>447</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>446</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">441 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">488 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">425 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">457 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjusted EPS </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.51</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.84</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.58</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.57</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.55 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.60 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.53 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.57 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="35%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average number of common shares outstanding &#150; basic (millions) </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>767.2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>767.2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>769.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>788.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">806.4 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">806.0 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">805.6 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">805.3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=18 width="35%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Fourth Quarter Highlights</I></B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&#146;s operating revenue was &#36;4,650&nbsp;million in the fourth quarter of&nbsp;2009, or 3.9% higher compared to the same period last year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell increased 4.8% in the fourth quarter of&nbsp;2009, reflecting higher year-over-year product sales from the acquisitions of The Source and Virgin. Growth in revenues from our video, wireless data and IP
broadband connectivity services were offset by the ongoing impact of the slow pace of economic recovery in our Business Markets unit, which experienced higher NAS line losses and reduced equipment sales this quarter.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s operating income in the fourth quarter of&nbsp;2009 was &#36;751&nbsp;million compared to &#36;666&nbsp;million in the fourth quarter of&nbsp;2008. BCE&#146;s EBITDA was &#36;1,737&nbsp;million in the fourth quarter of&nbsp;2009, or 0.2%
lower compared to the same period last year. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s operating income in the fourth quarter of&nbsp;2009 was &#36;572&nbsp;million compared to &#36;520&nbsp;million for the same period last year due to higher EBITDA and lower restructuring and other. Bell&#146;s EBITDA grew
1.0% to &#36;1,395&nbsp;million in the fourth quarter of&nbsp;2009 from &#36;1,381&nbsp;million for the same period last year as higher revenues and continued tight cost control more than offset the impact of higher pension costs and
higher new wireless subscriber acquisition costs. The increase in new wireless subscriber activations in the fourth quarter of&nbsp;2009 can be attributed to the success of Bell&#146;s new handset lineup that uses the new HSPA/HSPA+ network that was
launched in November&nbsp;2009. These factors were partly offset by the reversal of a liability totalling &#36;54&nbsp;million for CRTC video broadcast licence fees for the period from September&nbsp;2006 to August&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other of &#36;82&nbsp;million in the fourth quarter of&nbsp;2009 decreased by &#36;125&nbsp;million from &#36;207&nbsp;million for the same period in&nbsp;2008 due to lower workforce reduction initiatives at both Bell and Bell
Aliant and a decrease in other charges as the fourth quarter of&nbsp;2008 included costs associated with the proposed privatization transaction.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings from continuing operations of &#36;377&nbsp;million in the fourth quarter of&nbsp;2009 was &#36;354&nbsp;million higher compared  to &#36;23&nbsp;million for the same period last year as the fourth quarter of&nbsp;2008 included a
charge of &#36;372&nbsp;million related mainly to the write-down of most of our available-for-sale investments.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Free cash flow decreased to &#36;15&nbsp;million in the fourth quarter of&nbsp;2009 from &#36;647&nbsp;million in the same period last year due in part to a &#36;500&nbsp;million voluntary pension contribution and increased pension plan
funding in&nbsp;2009.</font></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">34</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>FINANCIAL RESULTS ANALYSIS</B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>This section provides detailed information and analysis about our performance in&nbsp;2009 compared with&nbsp;2008 and&nbsp;2008  compared with&nbsp;2007. It focuses on our consolidated operating results and provides financial information for each of our operating
segments.</I></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Consolidated Analysis</B> </font>
	</P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD colspan=4 width="10%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009 VS.&nbsp;2008</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 VS.&nbsp;2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>17,735</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,661 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,707 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cost of revenue, exclusive of depreciation and amortization </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(4,525</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,389 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,058 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3.1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(8.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Selling, general and administrative expenses </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(6,121</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,268 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,658 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>7,089</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,004 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,991 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,595</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,537 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,547 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Amortization of intangible assets </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(776</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(727 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(634 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(6.7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(14.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(527</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(871 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(331 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>39.5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,191</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,869 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,479 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11.2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(17.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other (expense) income </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(18</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(253 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,406 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>92.9</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(723</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(791 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(859 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>8.6</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Pre-tax earnings from continuing operations </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,450</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,825 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,026 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>34.2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(63.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(368</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(469 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(735 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>21.5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">36.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(333</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(323 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(332 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3.1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,749</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,033 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,959 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>69.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(73.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(90 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">98 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>87.8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,738</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">943 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,057 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>84.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(76.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends on preferred shares </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(107</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(131 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>13.7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings applicable to common shares </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,631</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">819 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,926 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>99.1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(79.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings per share (EPS) </FONT>
	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.02 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.88 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(79.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0">
<font face="Arial" size="1">
<I>n.m.: not meaningful</I></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Operating Revenues</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009 COMPARED TO&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Total operating revenues at BCE&nbsp;were &#36;17,735&nbsp;million in&nbsp;2009, up from &#36;17,661&nbsp;million in&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell revenues increased 1.0% in&nbsp;2009 to &#36;15,020&nbsp;million from &#36;14,871&nbsp;million in&nbsp;2008, due to higher revenues generated by both our Bell Wireline and Bell Wireless segments. Total Bell revenues in&nbsp;2009 were
comprised of service revenues totalling &#36;13,611&nbsp;million, representing a 0.6% decline when compared with&nbsp;2008, and product revenues of &#36;1,409&nbsp;million representing a 19.8% increase year over year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Wireline&#146;s revenues in&nbsp;2009 were essentially unchanged, increasing by 0.2% year over year. Higher product revenues resulting from the acquisition of The Source in the third quarter of&nbsp;2009, as well as growth
in revenues from our video, Internet and IP broadband connectivity services, were largely offset by lower residential local voice and long distance  revenues reflecting a decline in the NAS customer base, higher business NAS access line losses and
reduced equipment sales to business customers given the weak economy, and decreased connectivity revenues stemming mainly from business customer losses and competitive pricing pressures.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Wireless segment revenue growth of 1.8% in&nbsp;2009 was driven primarily by a larger subscriber base, increased data
usage, and the revenue contribution from the acquisitions  of Virgin and The Source. Although Bell Wireless contributed positively to Bell&#146;s overall revenue growth, wireless service revenue increased only modestly as a result of weaker voice
ARPU in&nbsp;2009 compared with the previous year. The year-over-year decline in voice ARPU was due to a softer economy, which reduced overall wireless usage and discretionary consumer and business spending, as well as to ongoing competitive pricing
pressures stemming from increased industry penetration of flanker brands.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell Aliant were 3.7% lower in&nbsp;2009 compared with&nbsp;2008 due to the continued erosion of its local wireline and long distance businesses, and lower telecom product sales. These were partly offset primarily by
higher revenues from growth in Internet and IP-based broadband connectivity services and an increase in wireless and IT revenues. The wind-down of the operations of Atlantic Mobility Products (AMP) in the third quarter of&nbsp;2008 following Bell
Canada&#146;s notification that it would terminate its contract with AMP as its exclusive distributor in Atlantic&nbsp;Canada also adversely impacted Bell Aliant&#146;s revenues in&nbsp;2009.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See <I>Segmented Analysis</I> for a discussion of operating revenues on a segmented basis.</font></P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">35</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">
<B>2008 COMPARED TO&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">Total operating revenues at BCE&nbsp;were &#36;17,661&nbsp;million in&nbsp;2008, compared with &#36;17,707&nbsp;million in&nbsp;2007. Despite higher revenues at Bell, the year-over-year decrease in total operating revenues was attributable primarily to the sale of Telesat
on October&nbsp;31,&nbsp;2007, which contributed revenues of &#36;458&nbsp;million in&nbsp;2007. Lower revenues at Bell Aliant also contributed to the annual decline in total operating revenues at BCE.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s revenues grew 1.6% to &#36;14,871&nbsp;million in&nbsp;2008 from &#36;14,643&nbsp;million in&nbsp;2007. The year-over-year increase was driven by revenue growth of 7.9% at Bell Wireless, reflecting the combined impact of a
larger subscriber base, greater data usage and increased roaming revenues. This increase was partly offset by a 0.7% decline at our Bell Wireline segment brought about largely by the loss of residential local voice and long distance business to
alternative service providers, competitive pressures in our wholesale business, and lower overall product sales consistent with our continued focus on not pursuing low-margin business. Growth in revenues from video, Internet, IP broadband
connectivity and ICT services moderated the year-over-year decline in Bell Wireline&#146;s revenues in&nbsp;2008.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell Aliant were 0.5% lower in&nbsp;2008 compared with the previous year, due mainly to the wind-down in the operations of AMP in the third quarter of&nbsp;2008, as well as  to continued erosion of its local wireline
and long distance businesses. This was largely offset by the increase in revenues from growth in data (including Internet), wireless and<B> </B>IT revenues.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See <I>Segmented Analysis</I> for a discussion of operating revenues on a segmented basis.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Operating Expenses</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009 COMPARED TO&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Operating expenses for BCE&nbsp;were virtually unchanged in&nbsp;2009, decreasing 0.1% to &#36;10,646&nbsp;million from &#36;10,657&nbsp;million in&nbsp;2008. The year-over-year improvement was due to lower selling, general and administrative expenses, offset partly by
higher cost of revenue.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue was &#36;4,525&nbsp;million in&nbsp;2009, up 3.1% when compared to &#36;4,389&nbsp;million last year. The increase in cost of revenue can be attributed mainly to higher product costs, consistent with growth in total
product revenues, due to the acquisitions of The Source and Virgin. Higher costs associated with increased wireless data usage and more mobile data content, higher cost of service at Bell TV from a larger subscriber base and increased programming
costs, as well as higher U.S. dollar hedge rates in&nbsp;2009 on our U.S. dollar-denominated purchases of wireless devices, video STBs and cross-border exchange traffic, also contributed to the year-over-year increase in cost of revenue. These factors
were partly offset by the reversal of a liability totalling &#36;54&nbsp;million for CRTC video broadcast licence fees for the period from September&nbsp;2006 to August&nbsp;2009, lower wireless network expenses, as well as by decreased payments to other carriers
resulting from reduced rates and lower volumes settled on other carriers&#146; networks. In addition,&nbsp;2008 cost of revenue was adversely affected by a &#36;31&nbsp;million charge related to the Federal Court of Appeal&#146;s decision in early&nbsp;2008 in respect of CRTC video broadcast licence fees for the period
from September&nbsp;2006 to June&nbsp;2008 and a &#36;28&nbsp;million charge for a loss on a long-term large business customer contract.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses include salaries, wages and benefits not directly attributable to a service or a product, net benefit plans cost, bad debt expense, taxes other than income, marketing,
advertising and sales commission costs, customer billing, call centre and IT costs, professional service fees and rent. Selling, general and administrative expenses decreased 2.3% to &#36;6,121&nbsp;million in&nbsp;2009 from &#36;6,268&nbsp;million in&nbsp;2008. The
year-over-year improvement was the result of: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">lower labour costs due to a reduced workforce (excluding the impact of acquisitions), decreased use of consultants and contractors, and a cutback in outsourced labour resulting mainly from reduced
call centre volumes and IT project-related activity </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">lower wireless subscriber acquisition costs and retention spending
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">decreased wireless sales promotion and advertising expenses
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">reduced discretionary spending in areas such as
travel and entertainment </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the adverse impact in&nbsp;2008 from a &#36;14&nbsp;million net charge associated with the termination of Bell Internet&#146;s PC equipment sales program.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">These factors were partly offset by a number of cost increases at Bell in&nbsp;2009, including: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">increased customer care costs, including increased warranty and repair costs, as a result of supporting more sophisticated wireless devices and mobile
services </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher operating expenses from the consolidation of The Source and Virgin in our results
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher net benefit plans cost.</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">
<B>2008 COMPARED TO&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">Total operating expenses at BCE&nbsp;declined 0.6% in&nbsp;2008 to &#36;10,657&nbsp;million from &#36;10,716&nbsp;million in&nbsp;2007. The year-over-year improvement was due to lower selling, general and administrative expenses, offset partly by higher cost of  revenue.
Telesat contributed &#36;195&nbsp;million to total operating expenses in&nbsp;2007 until its sale on October&nbsp;31,&nbsp;2007.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue was &#36;4,389&nbsp;million in&nbsp;2008, compared  with &#36;4,058&nbsp;million in the previous year, representing a year-over-year increase of 8.2%. Higher cost of revenue was due primarily to increased wireless
operating expenses to support a larger subscriber base and growth in data usage, higher wireless roaming costs, increased cost of product sales at Bell Wireless stemming from a higher proportion of higher-end data devices sold and more handset
upgrades, higher operating costs at Bell TV, and increased sales of business ICT solutions. In addition, cost of revenue was adversely affected by a number of unusual items in&nbsp;2008: a &#36;31&nbsp;million
</font></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">36</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">charge taken in the second quarter of&nbsp;2008 related to the Federal Court of Appeal&#146;s decision in early&nbsp;2008 in respect of CRTC video broadcast licence fees for the period from September&nbsp;2006 to June&nbsp;2008, and a &#36;28&nbsp;million charge recorded in
the fourth quarter of&nbsp;2008 for a loss on a long-term large business customer contract. Higher cost of product sales at Bell Aliant, mainly from increased IT-related sales, also contributed to the increase in cost of revenue in&nbsp;2008. These factors
were partly offset by lower cost of product sales at Bell Wireline, driven primarily by reduced equipment sales under Bell Internet&#146;s PC equipment sales program, which was terminated in the second quarter of&nbsp;2008, as well as lower network
termination costs from reduced southbound call traffic to the United States.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses decreased 5.9% to &#36;6,268&nbsp;million in&nbsp;2008 from &#36;6,658&nbsp;million in&nbsp;2007. The year-over-year improvement can be attributed mainly to: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">lower labour costs at Bell
from a reduced workforce </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">lower wireless handset subsidies at Bell Mobility
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">decreased bad debt expense resulting mainly from our ongoing focus on accounts receivable collections and cash flow
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">reduced advertising costs and lower
promotional spending </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">cost containment initiatives at Bell and Bell Aliant
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">lower net benefit plans cost </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the adverse impact in&nbsp;2008 from a &#36;14&nbsp;million net charge associated with the termination of Bell Internet&#146;s PC
equipment sales program.</font></P></li>
</ul>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Operating Income</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009 COMPARED TO&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&#146;s operating income was &#36;3,191&nbsp;million in&nbsp;2009, compared with &#36;2,869&nbsp;million in&nbsp;2008. The year-over-year increase was due primarily to higher restructuring and other charges in&nbsp;2008 totalling &#36;871&nbsp;million, which included amounts
recorded for involuntary workforce reduction initiatives, the relocation of employees and closing of real estate facilities that are no longer needed as a result of a reduced workforce, the CRTC&#146;s decision in the first quarter of&nbsp;2008 to
approve the use of a portion of the deferral account funds for the uneconomic expansion of broadband service, and costs associated with the proposed privatization of BCE&nbsp;Inc. This compared with restructuring and other items of &#36;527&nbsp;million in
2009, reflecting amounts for voluntary and involuntary workforce reduction initiatives, including a retirement incentive for unionized employees, the consolidation of employees to campus environments, and a charge recorded as a result of a Supreme
Court of&nbsp;Canada ruling relating to the use of Bell&#146;s remaining deferral account balance with the CRTC.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income before restructuring and other<SUP>(4)</SUP> for BCE&nbsp;in&nbsp;2009 was &#36;3,718&nbsp;million, down 0.6% as compared with &#36;3,740&nbsp;million in&nbsp;2008. The year-over-year decrease was attributable mainly to
lower operating income before restructuring and other items at Bell.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell, operating income in&nbsp;2009 totalled &#36;2,432&nbsp;million, up from &#36;2,143&nbsp;million in&nbsp;2008, due to lower restructuring and other costs year over year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s operating income before restructuring and other was &#36;2,915&nbsp;million in&nbsp;2009, down 1.3% from &#36;2,953&nbsp;million in&nbsp;2008. The year-over-year decrease was the result of higher net benefit plans cost and
increased depreciation and amortization expense, offset partly by lower operating expenses and higher operating revenues as previously described.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higher operating income at Bell Aliant also positively contributed to overall operating income at BCE&nbsp;in&nbsp;2009. Bell Aliant&#146;s operating income amounted to &#36;759&nbsp;million, up 4.5% from &#36;726&nbsp;million in&nbsp;2008. The
year-over-year increase was due mainly to lower operating expenses driven largely by the positive impact of cost containment initiatives such as workforce reductions and tight control over discretionary expenses, offset partly by lower operating
revenues.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See <I>Segmented Analysis</I> for a discussion of operating income on a segmented basis.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2008 COMPARED TO&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&#146;s operating income was &#36;2,869&nbsp;million in&nbsp;2008, compared with &#36;3,479&nbsp;million in&nbsp;2007. The year-over-year decline was due mainly to lower operating income at Bell, resulting largely from higher restructuring and other charges in&nbsp;2008
as described above, and to the reduction in operating income as a result of the sale of Telesat on October&nbsp;31,&nbsp;2007. Telesat contributed &#36;157&nbsp;million of operating income to BCE&#146;s results in&nbsp;2007. Higher operating income at Bell Aliant,
driven  mainly by lower net benefit plans cost and cost containment initiatives, moderated the year-over-year decrease in BCE&#146;s operating income in&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income at Bell totalled &#36;2,143&nbsp;million in&nbsp;2008, down from &#36;2,652&nbsp;million in&nbsp;2007. The results for&nbsp;2008 included restructuring and other charges totalling &#36;810&nbsp;million, compared with restructuring
and other charges of<B> </B>&#36;308&nbsp;million in&nbsp;2007.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s operating income before restructuring and other in&nbsp;2008 was &#36;2,953&nbsp;million, down 0.2% from &#36;2,960&nbsp;million in&nbsp;2007. The year-over-year decrease was driven mainly by higher operating expenses primarily
at our Bell Wireless segment, increased depreciation and amortization expense, as well as by the adverse impact of a number of unusual items, which included a &#36;31&nbsp;million charge recorded in the second quarter of&nbsp;2008 related to the Federal Court
of Appeal&#146;s decision in respect of CRTC video broadcast licence fees for the period from September&nbsp;2006 to June&nbsp;2008; a &#36;14&nbsp;million charge related to a write-down of assets associated with  the termination of Bell Internet&#146;s PC
equipment sales program in the second quarter of&nbsp;2008; and a &#36;28&nbsp;million charge recorded in the fourth quarter of&nbsp;2008 for a loss on a long-term large business customer contract. Higher operating revenues and lower net benefit plans cost
moderated the decline in Bell&#146;s operating income in&nbsp;2008.</font></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table9">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(4)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>Operating income before restructuring and other is a non-GAAP financial measure. See </I>Non-GAAP Financial Measures &#150; Operating income before restructuring and other<I> in this MD&amp;A for more details, including a reconciliation to
the most comparable Canadian GAAP financial measure.</I></font></P></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
37</font></b></font></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>
<p align="left" style="margin-top: 0">&nbsp;</p>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See <I>Segmented Analysis</I> for a discussion of operating income on a segmented basis.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>EBITDA</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009 COMPARED TO&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">EBITDA at BCE&nbsp;increased 1.2% in&nbsp;2009 to &#36;7,089&nbsp;million from &#36;7,004&nbsp;million in&nbsp;2008. BCE&#146;s EBITDA margin in&nbsp;2009 increased to 40.0% from 39.7% in&nbsp;2008, reflecting higher revenues, year over year, and tight control over operating
expenses.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s EBITDA was &#36;5,719&nbsp;million in&nbsp;2009, up 1.4% from &#36;5,638&nbsp;million in&nbsp;2008. This corresponds to an EBITDA margin of 38.1%, representing a 0.2 percentage point improvement over&nbsp;2008. The year-over-year
increase was driven by higher EBITDA at both our Bell Wireline and Bell Wireless segments, despite higher net benefit plans cost and the acquisition of a greater number of new wireless and TV subscribers compared with&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Wireless&#146;s EBITDA increased 2.4% in&nbsp;2009, despite modest year-over-year revenue growth and higher cost of product sales, mainly as a result of reduced network expenses, decreased roaming costs, lower
subscriber acquisition costs, reduced marketing and advertising expenses, and controlled customer retention and handset upgrade spending.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA at our Bell Wireline segment increased 1.0% in&nbsp;2009, due primarily to a decline in overall labour costs attributable to a reduced workforce and strict management of selling, general and administrative costs. The
reversal of a liability totalling &#36;54&nbsp;million for CRTC video broadcast licence fees for the three years ended August&nbsp;31,&nbsp;2009 also contributed to higher EBITDA at Bell in&nbsp;2009. The ongoing decrease in higher-margin legacy voice and data
revenues, increased net benefit plans cost, foreign exchange losses on our U.S. dollar-denominated purchases stemming from higher U.S. dollar hedge rates in&nbsp;2009, and increased expenses related to our sponsorship of the Vancouver Winter Olympics
partly offset the year-over-year EBITDA improvement. In addition,&nbsp;2008 EBITDA was adversely affected by a &#36;31&nbsp;million charge related to the Federal Court of Appeal&#146;s decision in early&nbsp;2008 in respect of CRTC video broadcast licence fees for
the period from September&nbsp;2006 to June&nbsp;2008, a &#36;28&nbsp;million charge for a loss on a long-term large business customer contract and a &#36;14&nbsp;million net charge associated with the termination of Bell Internet&#146;s PC equipment sales
program.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Aliant&#146;s EBITDA in&nbsp;2009 was consistent with&nbsp;2008, increasing by 0.3%. Reduced operating expenses were offset largely by lower operating revenues.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higher net benefit plans cost had an adverse impact on Bell&#146;s EBITDA in&nbsp;2009. Net benefit plans cost at Bell totalled &#36;263&nbsp;million in&nbsp;2009, representing an increase of 58%, compared with &#36;166&nbsp;million in
2008. The year-over-year increase was due to a lower expected return on plan assets, prior period gains that were fully amortized in&nbsp;2008 and higher amortization of actuarial losses, offset partly by a higher discount rate. Net benefit plans cost at
Bell Aliant increased year over year to &#36;92&nbsp;million in&nbsp;2009 from &#36;84&nbsp;million in
2008. Accordingly, net benefit plans cost for BCE&nbsp;increased to &#36;355&nbsp;million in&nbsp;2009 from &#36;250&nbsp;million in the previous year.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2008 COMPARED TO&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">EBITDA at BCE&nbsp;increased 0.2% to &#36;7,004&nbsp;million in&nbsp;2008  from &#36;6,991&nbsp;million in&nbsp;2007, due to higher EBITDA at both Bell and Bell&nbsp;Aliant. The sale of Telesat on October&nbsp;31,&nbsp;2007 that resulted in no EBITDA being recorded for Telesat in our
consolidated results in&nbsp;2008, compared with &#36;263&nbsp;million in&nbsp;2007 largely offset the year-over-year improvement.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s EBITDA totalled &#36;5,638&nbsp;million in&nbsp;2008, up 2.2%  compared with &#36;5,519&nbsp;million in&nbsp;2007. The increase was driven by higher EBITDA at Bell Wireless, while EBITDA at our Bell Wireline segment remained
relatively unchanged.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Wireless&#146;s EBITDA growth in&nbsp;2008 was driven primarily by higher revenues and lower subscriber acquisition costs, which more than offset the negative impact of higher cost of revenue and increased customer
retention and handset upgrade spending resulting from a larger subscriber base year over year.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA at our Bell Wireline segment was fairly constant year over year as the loss of higher-margin legacy voice and data revenues was offset by increased revenues from growth services, lower labour costs due mainly to
a reduced workforce, careful control over selling, general and administrative costs, and lower net benefit plans cost.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s EBITDA was also adversely impacted in&nbsp;2008 by three unusual items: a &#36;31&nbsp;million charge in respect of CRTC video broadcast licence fees, a &#36;14&nbsp;million charge related to the termination of Bell
Internet&#146;s PC equipment sales program and a &#36;28&nbsp;million charge related to a loss on a long-term large business customer contract.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Aliant&#146;s EBITDA increased 5.4% in&nbsp;2008. The improvement was mainly the result of higher revenues and lower<B> </B>net benefit plans cost, partly offset by higher cost of revenue related to increased product
sales and higher labour costs due to increased IT service contract labour and annual  wage increases.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower net benefit plans cost had a positive impact on EBITDA for all of BCE&#146;s segments in&nbsp;2008. Net benefit plans cost totalled &#36;250&nbsp;million in&nbsp;2008, representing a 39% decrease compared with &#36;410&nbsp;million
in&nbsp;2007. The year-over-year decline was due primarily to lower amortization of actuarial losses, driven by a higher discount rate, the impact of prior period gains, a greater asset base and the reversal of a valuation allowance at Bell Aliant,
partly offset by a lower return on plan assets.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Depreciation and Amortization of Intangible Assets</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>The amount of our depreciation and amortization of intangible assets in any year is affected by: </I></font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2"><I>how much we invested in new capital assets in previous years
	</I></font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2"><I>how many assets we retired during the year
	</I></font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2"><I>changes in accounting rules and estimates.</I></font></P>
	</li>
</ul>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">3</font></b><font face="Arial" size="1"><b><font color="#0065A4">8</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">
<B>DEPRECIATION </B></font></P>
<P align="left">
<font face="Arial" size="2">Depreciation of &#36;2,595&nbsp;million in&nbsp;2009 represented an increase of &#36;58&nbsp;million, or 2.3%, compared to &#36;2,537&nbsp;million in&nbsp;2008. The increase was due to a higher asset base and asset write-downs and depreciation adjustments, partly offset by
charges in&nbsp;2008 of &#36;12&nbsp;million as a result of an impairment of certain fixed assets and &#36;7&nbsp;million at Bell Aliant on the finalization of the purchase price allocation related to its privatization of the Bell Nordiq Income Fund (Bell
Nordiq).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of &#36;2,537&nbsp;million in&nbsp;2008 decreased &#36;10&nbsp;million, or 0.4%, compared to &#36;2,547&nbsp;million in&nbsp;2007. The &#36;10&nbsp;million decrease reflected a decrease of &#36;62&nbsp;million from the sale of Telesat offset
by an increase of &#36;52&nbsp;million, or 2.1%, from our continuing operations. The &#36;52&nbsp;million increase in&nbsp;2008 was due to a higher asset base, lower asset retirements and the charges described in the previous paragraph.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>AMORTIZATION OF INTANGIBLE ASSETS</B></font></P>
<P align="left">
<font face="Arial" size="2">Amortization of intangible assets in&nbsp;2009 of &#36;776&nbsp;million increased &#36;49&nbsp;million, or 6.7%, compared to &#36;727&nbsp;million in&nbsp;2008 and &#36;93&nbsp;million, or 14.7%, compared to &#36;634&nbsp;million in&nbsp;2007. The increases resulted from our continued
investment in finite-life intangible assets. In&nbsp;2008, we incurred charges of &#36;11&nbsp;million for an impairment of certain intangible assets and &#36;9&nbsp;million at Bell Aliant related to its privatization of Bell Nordiq. Both of these charges
contributed to the increase in amortization of intangible assets in&nbsp;2008.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Restructuring and Other</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>This category includes various income and expenses that are not directly related to the operating revenues generated during the year.</I></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009</B></font></P>
<P align="left">
<font face="Arial" size="2">We recorded restructuring and other charges of &#36;527&nbsp;million in&nbsp;2009. These&nbsp;2009 charges included: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">charges related to voluntary and involuntary workforce reduction initiatives of &#36;219&nbsp;million at Bell and &#36;41&nbsp;million at Bell Aliant
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">charges of &#36;80&nbsp;million at Bell for relocating employees and closing real estate facilities that are no longer needed
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">other charges of &#36;187&nbsp;million primarily related to the Supreme Court of&nbsp;Canada decision rendered in September&nbsp;2009 to uphold the CRTC&#146;s decision that the funds remaining in our deferral account could be used for broadband expansion or returned to our customers. In light of this ruling, we recorded a charge of &#36;152&nbsp;million for the years 2002 to
2006, which reflects our estimate of the remaining amount of our deferral account commitment. Our commitment under the deferral account is fully accrued in the financial statements.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">
<B>2008</B></font></P>
<P align="left">
<font face="Arial" size="2">We recorded restructuring and other charges of &#36;871&nbsp;million in&nbsp;2008. These included: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">charges related to involuntary workforce reduction initiatives of &#36;274&nbsp;million at Bell and &#36;61&nbsp;million at Bell Aliant
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">charges of &#36;81
million for real estate costs of which &#36;32&nbsp;million related to relocating employees and closing real estate facilities that are no longer needed because of workforce reduction initiatives and &#36;49&nbsp;million related to the relocation to campus
environments </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">charges of &#36;455&nbsp;million related to a charge of &#36;236&nbsp;million for the CRTC&#146;s decision to approve the use of the deferral account funds for the uneconomic expansion of our broadband network, &#36;187&nbsp;million for
employee retention costs, and other financial advisory, professional and consulting costs associated with the proposed privatization transaction and costs related to Bell&#146;s rebranding.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">
<B>2007</B></font></P>
<P align="left">
<font face="Arial" size="2">We recorded restructuring and other charges of &#36;331&nbsp;million in&nbsp;2007. These included: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">charges related to voluntary and involuntary workforce reduction initiatives of &#36;63&nbsp;million at Bell and &#36;27&nbsp;million at Bell Aliant
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">charges
of &#36;77&nbsp;million for real estate costs of which &#36;61&nbsp;million related to relocating employees and closing real estate facilities that are no longer needed because of workforce reduction initiatives and &#36;16&nbsp;million related to the relocation
to campus environments </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">charges of &#36;164&nbsp;million related to employee retention costs, other financial advisory, professional and consulting costs associated with the proposed privatization transaction and a charge of &#36;37&nbsp;million for
uneconomic broadband expansion approved by the CRTC.</font></P></li>
</ul>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Other (Expense) Income </I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>Other (expense) income includes expenses and income that we incur and receive from activities that are not part of our main business operations, such as: </I>
</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2"><I>net gains or losses on investments, including gains or losses when we dispose
of, write down or reduce our ownership in investments </I></font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2"><I>foreign currency gains and losses </I></font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2"><I>interest income on cash and cash equivalents
	</I></font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2"><I>other miscellaneous income or expense. </I>
	</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">
<B>2009</B></font></P>
<P align="left">
<font face="Arial" size="2">Other expense of &#36;18&nbsp;million in&nbsp;2009 included premiums paid on the early redemption of debt of &#36;45&nbsp;million, partly offset by gains on investments.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
39</font></b></font></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">
<B>2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Other expense of &#36;253&nbsp;million in&nbsp;2008 included losses on investments of &#36;308&nbsp;million in&nbsp;2008 from the write-down of most of our available-for-sale investments, partly offset by interest income on investments.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2007 </B></font></P>
<P align="left">
<font face="Arial" size="2">Other income of &#36;2,406&nbsp;million in&nbsp;2007 included a &#36;2,300&nbsp;million gain on the sale of Telesat in October&nbsp;2007 and a &#36;92&nbsp;million dilution gain resulting from an issuance of units by Bell Aliant, in conjunction with its privatization of
Bell Nordiq.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Interest Expense</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009 COMPARED TO&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Interest expense of &#36;723&nbsp;million in&nbsp;2009 represented a decrease of &#36;68&nbsp;million, or 8.6%, compared to &#36;791&nbsp;million for the same period last year as a result of interest capitalized on spectrum licences not yet in use and lower interest
rates on debt, partly offset by higher average debt levels.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2008 COMPARED TO&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">In&nbsp;2008, interest expense of &#36;791&nbsp;million decreased &#36;68&nbsp;million, or 7.9%, compared to interest expense of &#36;859&nbsp;million<B> </B>in&nbsp;2007. The decrease was the result of lower average debt balances and refinancing debt at lower interest
rates.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Income Taxes</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009 COMPARED TO&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Income taxes of &#36;368&nbsp;million represented a decrease of &#36;101&nbsp;million, or 21.5%, compared to &#36;469&nbsp;million for the same period last year as a result of the resolution of uncertain tax positions, higher depreciation and amortization expense
and a decrease in the Ontario income tax rate at the end of&nbsp;2009. This was partly offset by higher EBITDA and lower restructuring and other expense.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result, the effective tax rate decreased to 15.0% in&nbsp;2009 compared to 25.7% in&nbsp;2008.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2008 COMPARED TO&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">Income taxes of &#36;469&nbsp;million in&nbsp;2008 decreased &#36;266&nbsp;million, or 36%, compared to &#36;735&nbsp;million in&nbsp;2007. In&nbsp;2008, lower pre-tax earnings due to higher restructuring charges contributed to the lower tax expense as well as a decrease in the
statutory tax rate in&nbsp;2008. Income taxes in&nbsp;2007 included &#36;407&nbsp;million of tax expense on the gain on sale of Telesat. This was partly offset by the reversal of a tax liability due to the settlement of an uncertain tax position in connection with
the sale of an investment in a prior year, as well as the non-taxable dilution gain from the issuance of units by Bell Aliant in conjunction with the privatization of Bell Nordiq.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result, the effective tax rate increased to 25.7% in&nbsp;2008 compared to 14.6% in&nbsp;2007.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Discontinued Operations</I></B></font></P>
<P align="left">
<font face="Arial" size="2">In&nbsp;2009, we incurred a net loss from discontinued operations of &#36;11&nbsp;million as compared to &#36;90&nbsp;million in&nbsp;2008. The net loss in&nbsp;2008 was due mainly to losses incurred and asset impairments related to our decisions to cease operations or
to<B> </B>sell certain of our businesses, including our investment in Expertech Network Installation (U.S.)&nbsp;Inc. (Expertech US). A loss of &#36;15&nbsp;million was recorded in&nbsp;2008 in anticipation of the sale of Expertech US. In&nbsp;2009, we ceased the
operations of Expertech US.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net gain from discontinued operations of &#36;98&nbsp;million in&nbsp;2007 related mainly to Bell Aliant&#146;s gain on sale of its directory business, Aliant Directory Services (ADS), of approximately &#36;110&nbsp;million.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Net Earnings and EPS</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009 COMPARED TO&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Net earnings applicable to common shares for&nbsp;2009 were &#36;1,631&nbsp;million, or &#36;2.11 per common share, compared to net earnings of &#36;819&nbsp;million, or &#36;1.02 per common share, for the same period last year. Net earnings were higher in&nbsp;2009
due in part to a decrease in restructuring and other charges compared to&nbsp;2008, as well as gains on investments in&nbsp;2009 compared to losses on investments last year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding the impact of restructuring and other and net (gains) losses on investments, Adjusted net earnings increased by &#36;118&nbsp;million, from &#36;1,811&nbsp;million to &#36;1,929&nbsp;million in&nbsp;2009. The increase is due to
higher EBITDA and lower income tax expense from the resolution of uncertain tax positions partly offset by increased depreciation and amortization expense and higher net benefit plans cost. As a result, Adjusted EPS increased 11.1% in&nbsp;2009 to
&#36;2.50 per common share from &#36;2.25 per common share in&nbsp;2008, which also reflects the impact of fewer average outstanding common shares.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2008 COMPARED TO&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">Net earnings applicable to common shares for&nbsp;2008 were &#36;819&nbsp;million, or &#36;1.02 per common share, a decrease of 79%, compared with net earnings of &#36;3,926&nbsp;million, or &#36;4.88 per common share, in&nbsp;2007. Net earnings were lower in&nbsp;2008 due
in part to an increase in restructuring and other charges as well as losses on investments in&nbsp;2008 compared to gains on investments in&nbsp;2007.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding the impact of restructuring and other and net (gains) losses on investments, Adjusted net earnings decreased by &#36;73&nbsp;million, from &#36;1,884&nbsp;million to &#36;1,811&nbsp;million in&nbsp;2008.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higher EBITDA, lower interest expense, higher interest income and foreign exchange gains were more than offset by higher income tax expense and higher amortization expense resulting in the decrease of &#36;73&nbsp;million.
Consequently, Adjusted EPS decreased by &#36;0.09 per common share, year over year, to &#36;2.25 in&nbsp;2008.</font></P>
<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">40</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>Segmented Analysis</B></font></P>
<P align="left">
<font face="Arial" size="2">Our reporting structure reflects how we manage our
business and how we classify our operations for planning and measuring
performance.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD colspan=4 width="10%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">OPERATING REVENUES </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009 VS.&nbsp;2008</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 VS.&nbsp;2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell Wireline </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10,666</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,640 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,719 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell Wireless </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,558</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,479 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,151 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(204</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(248 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(227 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>17.7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(9.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>15,020</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,871 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,643 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,174</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,297 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,315 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3.7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Telesat </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">458 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(459</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(507 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(709 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>9.5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">28.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total operating revenues </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>17,735</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,661 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,707 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0">
<font face="Arial" size="1">
<I>n.m.: not meaningful</I></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD colspan=4 width="10%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">OPERATING INCOME </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009 VS.&nbsp;2008</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 VS.&nbsp;2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell Wireline </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,148</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">902 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,454 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>27.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(38.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell Wireless </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,284</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,241 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,198 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3.5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,432</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,143 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,652 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>13.5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(19.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>759</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">726 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">714 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4.5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Telesat </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">157 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(44 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,191</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,869 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,479 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11.2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(17.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0">
<font face="Arial" size="1">
<I>n.m.: not meaningful</I></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Bell Wireline Segment</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>BELL&nbsp;WIRELINE REVENUE</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD colspan=4 width="10%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELINE REVENUE </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial">
<B><FONT size=1 color="#0065A4">2009 VS.&nbsp;2008 </FONT></B></font>
	</TD>
	<TD align=left width=2%>
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</b>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 VS.&nbsp;2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Local and access </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,159</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,360 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,617 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">(6.0 </FONT></B></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">%) </FONT></B></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long distance </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,078</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,165 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,219 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">(7.5 </FONT></B></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">%) </FONT></B></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Data </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,696</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,723 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,573 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">(0.7 </FONT></B></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">%) </FONT></B></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Video </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,593</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,450 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,317 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">9.9 </FONT></B></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">% </FONT></B></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Equipment and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>817</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">574 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">653 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">42.3 </FONT></B></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">% </FONT></B></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(12.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total external revenues </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10,343</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,272 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,379 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">0.7 </FONT></B></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">% </FONT></B></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>323</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">368 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">340 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">(12.2 </FONT></B></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">%) </FONT></B></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total Bell Wireline revenue </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10,666</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,640 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,719 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">0.2 </FONT></B></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial">
<B><FONT size=2 color="#0065A4">% </FONT></B></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p><font face="Arial" size="2"><B>2009 Compared to&nbsp;2008</B></font></p>
<P align="left">
<font face="Arial" size="2">Bell Wireline&#146;s revenues totalled &#36;10,666&nbsp;million, up 0.2% from &#36;10,640&nbsp;million in&nbsp;2008. Year-over-year revenue increases  of &#36;143&nbsp;million in video and &#36;243&nbsp;million in equipment and other were partly offset by decreases of
&#36;201&nbsp;million, &#36;87&nbsp;million and &#36;27&nbsp;million in local and access, long distance and data, respectively.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Local and Access</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Local and access revenues declined 6.0% in&nbsp;2009 to &#36;3,159&nbsp;million from &#36;3,360&nbsp;million in&nbsp;2008. The decrease was due largely to ongoing residential NAS erosion. Higher year-over-year business line losses and the decline in our payphone
business driven by reduced usage also negatively impacted local and access revenues this year. The upselling
of additional optional features to residential customers and the positive impact of price increases applied since the beginning of&nbsp;2009 on various business and wholesale access services moderated the year-over-year decrease in local and access
revenues.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2009, our combined residential and business NAS customer base totalled 6,862,000 lines (comprised of 3,887,000 residential lines and 2,975,000 business lines), compared with 7,309,000 (comprised of
4,221,000 residential lines and 3,088,000 business lines) at the end of&nbsp;2008. These figures include retroactive adjustments that we made to our NAS customer base as at the beginning of&nbsp;2008 after an extensive company-wide review of subscriber
metrics completed in&nbsp;2009 that resulted in a reduction of 3,000 lines and 111,000 lines, respectively, to our residential and business NAS subscriber counts.
</font> </P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">41</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAS net losses in&nbsp;2009 were 447,000, up from 436,000 in the previous year, representing an annual rate of NAS erosion of 6.1% in&nbsp;2009 compared with 5.6% in&nbsp;2008. The year-over-year increase in line losses can be
attributed to the weaker economy in&nbsp;2009 that brought about a higher number of business customer disconnections and fewer new installations in Ontario and Qu&eacute;bec. As a result, we experienced a higher rate of business NAS erosion in&nbsp;2009,
which increased to 3.7% from 1.7% in&nbsp;2008. However, our residential local business has exhibited resiliency to the economy as evidenced by the reduction in residential NAS line losses in&nbsp;2009, which improved 12.6% year over year, despite ongoing
aggressive competition from both cable TV operators and CLECs for local telephone service. Effective marketing of our Home phone packages, the benefits of service bundling, customer winbacks and better service delivery all contributed to lowering
the annual rate of residential NAS erosion, which improved to 7.9% in&nbsp;2009 from 8.3% in&nbsp;2008.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Long Distance</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Long distance revenues were &#36;1,078&nbsp;million in&nbsp;2009, compared with &#36;1,165&nbsp;million in&nbsp;2008. The 7.5% decrease was driven by lower billed minute volumes resulting from residential and business NAS line erosion, toll competition, pricing
pressures in our business and wholesale markets, as well as technological substitution to wireless and Internet. Increased adoption of unlimited or large usage packages for a set monthly price instead of per-minute rates by residential customers
also contributed to lower long distance revenues in&nbsp;2009 compared with the previous year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consistent with NAS erosion, technological substitution and the impacts of a weaker economy, particularly in our business markets, total minute volumes decreased by 4.4% in&nbsp;2009 to 11,248&nbsp;million conversation minutes
from 11,771&nbsp;million in&nbsp;2008. The year-over-year decline reflected lower volumes in both our residential and business markets, as well as competitive pressures in wholesale. As a result of a decrease in total minutes of usage and lower per-minute
rates resulting from intense price competition and the shift by residential customers to set-price packages, average revenue per minute (ARPM) decreased by &#36;0.006 in&nbsp;2009 to &#36;0.083 from &#36;0.089 in the previous year.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Data</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Data revenues decreased 0.7% in&nbsp;2009 to &#36;3,696&nbsp;million from &#36;3,723&nbsp;million in&nbsp;2008. The modest decline in&nbsp;2009 was attributable to decreased equipment sales to business customers who have deferred buying decisions and are spending more
cautiously during the economic downturn. Although legacy data revenues decreased year over year, total data service revenues increased 1.1% in&nbsp;2009, mainly as a result of higher
Internet services revenue driven by a greater number of high-speed Internet customer connections, higher residential Internet ARPU, and increased IP broadband connectivity revenue from both our business and wholesale customers. Legacy data revenue
erosion continued as a result of business customer migrations to IP-based systems, competitive losses, continued market pricing pressures, and a lower number of digital network access circuits used by existing customers due to a reduced level of
overall business activity and cost rationalization given the slowdown in the economy.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 38,000 net high-speed Internet subscribers in&nbsp;2009 compared with 50,000 in&nbsp;2008. Despite increased residential sales through our direct channels, driven by competitive product offers and improvements in service
delivery, total net subscriber activations decreased in&nbsp;2009 as a result of higher economy-related business deactivations, fewer wholesale net activations and a maturing Internet market. At December&nbsp;31,&nbsp;2009, we had 2,057,000 high-speed Internet
subscribers, representing a 0.1% increase over&nbsp;2008. This figure includes an end-of-year subscriber base adjustment following a company-wide review of subscriber metrics, which resulted in a decrease of 35,000 customers. The subscriber base
adjustment did not impact net subscriber activations for&nbsp;2009.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Video</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Video revenues increased 9.9% in&nbsp;2009 to &#36;1,593&nbsp;million from &#36;1,450&nbsp;million in&nbsp;2008 as a result of higher ARPU and a larger customer base. Video ARPU in&nbsp;2009 was up 6.5%, or &#36;4.22, to &#36;69.59 per month from &#36;65.37 per month in
2008. The year-over-year improvement in video ARPU was due to customer upgrades to higher-priced programming packages, driven partly by increased customer adoption of premium STBs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 113,000 net video subscribers in&nbsp;2009, compared with 30,000 in&nbsp;2008. The year-over-year improvement can be attributed to higher activations through our direct channels and increased customer subscriptions from
MDUs. Our video churn rate in&nbsp;2009 remained unchanged year over year at 1.2%. At December&nbsp;31,&nbsp;2009, our video subscriber base totalled 1,949,000, representing a 5.2% increase over&nbsp;2008. This figure includes an end-of-year subscriber base adjustment
following a company-wide review of subscriber metrics, which resulted in a decrease of 16,000 customers. The subscriber base adjustment did not impact net subscriber activations for&nbsp;2009.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Equipment and Other</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Equipment and other revenues increased 42.3% to &#36;817&nbsp;million in&nbsp;2009 from &#36;574&nbsp;million last year, mainly as a result of the acquisition of The Source in the third quarter of&nbsp;2009.</font></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">42</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">
<B>2008 Compared to&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">Bell Wireline&#146;s revenues totalled &#36;10,640&nbsp;million in&nbsp;2008, down 0.7% from &#36;10,719&nbsp;million in&nbsp;2007. Year-over-year revenue improvements of &#36;150&nbsp;million in data and &#36;133&nbsp;million in video were more than offset by decreases of
&#36;257&nbsp;million, &#36;54&nbsp;million and &#36;79&nbsp;million in local and access, long distance, and equipment and other, respectively.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Local and Access</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Local and access revenues declined 7.1% in&nbsp;2008 to &#36;3,360&nbsp;million from &#36;3,617&nbsp;million in&nbsp;2007. The year-over-year decrease was due largely to ongoing residential NAS erosion and the related loss of revenue from optional features. The
reversal of a regulatory provision in&nbsp;2007 related to the price caps deferral account also contributed to the year-over-year decrease in local and access revenues in&nbsp;2008. The positive revenue impact of price increases over&nbsp;2007 on certain basic
voice products and features, as well as various other business and wholesale access services, helped to moderate the year-over-year decrease in local and access revenues in&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2008, our combined residential and business NAS customer base totalled 7,309,000 lines, compared with 8,062,000 at the end of&nbsp;2007. This corresponds to an annualized rate of NAS erosion of 9.3% in&nbsp;2008
compared with 6.7% in&nbsp;2007. The decrease in total NAS line losses was further impacted by a number of adjustments that we made at the beginning of&nbsp;2008. At that time, we adjusted our beginning-of-period business NAS customer base to write-off
273,000 lines following notification from a major wholesale customer in the fourth quarter of&nbsp;2007 that it was in the process of migrating all its subscribers onto its own network facilities. As a result, the NAS subscriber count was adjusted in
2007. In addition, we adjusted our beginning-of-year residential NAS subscriber count down by 44,000 to reflect the results of an extensive review of our historical customer records.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding the impact of these adjustments, our annualized rate of NAS erosion at December&nbsp;31,&nbsp;2008 was 5.6%, compared with 7.1% at December&nbsp;31,&nbsp;2007. In terms of NAS lines, our net losses on an adjusted basis in&nbsp;2008
were 436,000, compared with 594,000 in&nbsp;2007. The approximate 27% year-over-year improvement in adjusted total NAS line losses can be attributed to the effectiveness of our integrated household marketing campaign, continued solid demand for our Bell
Home Phone packages, ongoing customer winbacks, and reduced losses to CLECs. At the end of&nbsp;2008, we had 4,221,000 residential lines and 3,088,000 business lines, compared with customer bases of 4,603,000 and 3,142,000, respectively, at the end of
2007.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Long Distance</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Long distance revenues decreased 4.4% in&nbsp;2008 to &#36;1,165&nbsp;million from &#36;1,219&nbsp;million in&nbsp;2007, for primarily the same reasons as in&nbsp;2009.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consistent with NAS erosion and competitive substitution, total minute volumes decreased by 5.8% in&nbsp;2008 to 11,771&nbsp;million conversation minutes from 12,500&nbsp;million in&nbsp;2007. The year-over-year decline reflected lower
domestic and overseas minute volumes in both our consumer and business sectors, as well as competitive pressures in wholesale. Despite the positive impact of price increases at the beginning of&nbsp;2008 for residential and business customers, ARPM
decreased &#36;0.002 in&nbsp;2008 to &#36;0.089 from &#36;0.091 in&nbsp;2007.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Data</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Data revenues were 4.2% higher year over year, increasing to &#36;3,723&nbsp;million in&nbsp;2008 from &#36;3,573&nbsp;million in&nbsp;2007. The main drivers of data revenue growth in&nbsp;2008 included higher Internet services revenues, higher IP broadband connectivity
services revenues, increased sales of ICT solutions to business customers, and higher Internet portal revenues. These factors, which had a positive impact on data revenues in&nbsp;2008, were partly offset by lower revenues from legacy products and
services. We added 50,000 net high-speed Internet subscribers in&nbsp;2008 compared with 124,000 in&nbsp;2007. This brought our total Internet subscriber count at December&nbsp;31,&nbsp;2008 to 2,054,000, representing a 2.5% increase since the end of the previous year.
The year-over-year decrease in net activations in&nbsp;2008 can be attributed primarily to our competitors&#146; aggressive acquisition offers and lower overall market demand due to the relatively high broadband Internet penetration rate in&nbsp;Canada.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Video</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Video revenues increased 10.1% in&nbsp;2008 to &#36;1,450&nbsp;million from &#36;1,317&nbsp;million in&nbsp;2007, due to higher ARPU and a larger customer base. Video ARPU grew considerably in&nbsp;2008, increasing by &#36;5.68 to reach &#36;65.37 per month from &#36;59.69
per month in the previous year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 30,000 net new video subscribers in&nbsp;2008, compared with 2,000 in the previous year. The year-over-year improvement can be attributed mainly to higher sales through our call centre channels largely as a result
of our integrated household strategy marketing campaign and increased customer subscriptions from MDUs. Our video churn rate in&nbsp;2008 remained unchanged year over year at 1.2%. At December&nbsp;31,&nbsp;2008, our video subscriber base totalled 1,852,000.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Equipment and Other</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Consistent with our strategy of not pursuing low-margin business, equipment and other revenues decreased 12.1% in&nbsp;2008 to &#36;574&nbsp;million from &#36;653&nbsp;million in&nbsp;2007, largely as a result of lower business equipment sales, reduced maintenance of
legacy voice equipment, and the termination in the second quarter of&nbsp;2008 of Bell Internet&#146;s PC equipment  sales program.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">43</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">
<B>BELL&nbsp;WIRELINE OPERATING INCOME</B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009 Compared to&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Operating income for our Bell Wireline segment was &#36;1,148&nbsp;million in&nbsp;2009, up from &#36;902&nbsp;million in&nbsp;2008. The year-over-year increase was due primarily to lower restructuring and other charges in&nbsp;2009 of &#36;475&nbsp;million, reflecting amounts
for voluntary and involuntary workforce reduction initiatives, including a retirement incentive for unionized employees, the relocation of employees to campus environments, and a charge recorded as a result of a Supreme Court of&nbsp;Canada ruling
upholding the CRTC&#146;s decision as to the disposition of Bell&#146;s remaining deferral account balance. This compared with restructuring and other items of &#36;773&nbsp;million in&nbsp;2008, which included amounts recorded for involuntary workforce
reduction initiatives, the relocation of employees and closing of real estate facilities that are no longer needed as a result of a reduced workforce, the CRTC&#146;s decision in the first quarter of&nbsp;2008 to approve the use of a portion of the
deferral account funds for the uneconomic expansion of broadband service, and costs associated with the proposed privatization of BCE&nbsp;Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Wireline&#146;s operating income before restructuring and other decreased 3.1% to &#36;1,623&nbsp;million in&nbsp;2009 from &#36;1,675&nbsp;million in the previous year, mainly as a result of the following: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">loss of
higher-margin legacy voice and data revenues due to erosion of our residential NAS customer base and business customer losses
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher TV programming and customer acquisition costs consistent with the addition of multiple new channels and an
increased number of new video subscriber activations </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher U.S. dollar hedge rates in&nbsp;2009 on our U.S. dollar-denominated purchases
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">increased wireline marketing and sales expenses
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">costs related to Bell&#146;s sponsorship of the
Vancouver Winter Olympics </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher depreciation and amortization expense
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher net benefit plans cost.</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">These factors, which had an unfavourable impact on operating income this year, were partly offset by: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher video, Internet and IP broadband connectivity revenues
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">a decline in overall labour costs due to a reduced workforce, a
reduction in outsourced labour, and decreased use of consultants and contractors
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">lower overall general and administrative expenses
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the reversal of a liability for CRTC video broadcast licence fees for the three years ended August&nbsp;31,
2009 related to a settlement with the federal government </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the adverse impact on&nbsp;2008 operating income of a &#36;31&nbsp;million charge related to the Federal Court of Appeal&#146;s decision in early&nbsp;2008 in respect of CRTC video broadcast licence
fees for the period from September&nbsp;2006 to June&nbsp;2008, a &#36;28&nbsp;million charge for a loss on a long-term large business customer contract and a &#36;14&nbsp;million net charge associated with the termination of Bell Internet&#146;s PC equipment sales
program.</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">
<B>2008 Compared to&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">Operating income for our Bell Wireline segment was &#36;902&nbsp;million in&nbsp;2008, down from &#36;1,454&nbsp;million in the previous year. The results for&nbsp;2008 included restructuring and other charges totalling &#36;773&nbsp;million as described above, compared
with restructuring and other charges of &#36;304&nbsp;million in&nbsp;2007. Excluding the impact of these items, operating income before restructuring and other in&nbsp;2008 decreased 4.7% to &#36;1,675&nbsp;million from &#36;1,758&nbsp;million in&nbsp;2007, mainly as a result
of the following: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">loss of higher-margin legacy voice and data revenues due to erosion of our residential NAS customer base and business customer migration towards IP-based networks
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher outsourcing costs from increased call volumes
and IT service contract labour </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">increased expenses related to ongoing service improvements
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher fleet expenses due mainly to increased fuel costs
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher depreciation and amortization expense.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">In addition, a number of unusual items occurred in&nbsp;2008, which adversely affected operating income. These included a &#36;31&nbsp;million charge related to the Federal Court of Appeal&#146;s decision in respect of CRTC video broadcast licence fees for
the period from September&nbsp;2006 to June&nbsp;2008, a &#36;14&nbsp;million net charge related to a write-down of assets associated with the termination of Bell Internet&#146;s PC equipment sales program in the second quarter of&nbsp;2008, and a &#36;28&nbsp;million
charge recorded in the fourth quarter of&nbsp;2008 for a loss on a long-term large business customer contract.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The year-over-year decrease in operating income in&nbsp;2008 was moderated by:
</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher video, Internet, broadband connectivity and ICT services revenues
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">lower labour costs from a reduced workforce and lower compensation expense
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">lower cost of product sales consistent with a decrease in overall
business equipment sales and the termination of Bell Internet&#146;s PC equipment sales program in the second quarter of&nbsp;2008
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">lower cost of revenue due to reduced long distance traffic and lower international rates
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">decreased bad debt
expense resulting mainly from our focus on accounts receivable collections and cash flow
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">lower net benefit plans cost.</font></P></li>
</ul>
<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">44</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Bell Wireless Segment</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>BELL&nbsp;WIRELESS REVENUE</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD colspan=4 width="10%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELESS REVENUE </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009 VS.&nbsp;2008</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 VS.&nbsp;2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Service </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,102</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,059 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,773 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Product </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>405</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">375 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">319 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>8.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total external revenues </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,507</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,434 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,092 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.6</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>51</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">45 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">59 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>13.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(23.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total Bell Wireless revenue </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,558</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,479 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,151 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">
<B>2009 Compared to&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Bell Wireless operating revenues, comprised of network service and product revenues, increased 1.8% to &#36;4,558&nbsp;million in&nbsp;2009 from &#36;4,479&nbsp;million in&nbsp;2008. Despite subscriber base growth and the July&nbsp;2009 acquisitions of Virgin and The
Source, operating revenues were adversely affected by the economic downturn, which has resulted in reduced usage and lower overall spending by both our consumer and business customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless service revenue in&nbsp;2009 grew by 1.1%, or &#36;43&nbsp;million, to &#36;4,102&nbsp;million from &#36;4,059&nbsp;million in&nbsp;2008. The year-over-year increase was driven by higher wireless data usage, subscriber base growth and
the acquisition of Virgin. Lower voice ARPU moderated the growth in wireless service revenue in&nbsp;2009, reflecting the impacts of a weaker economy and competitive pricing pressures due to increased penetration by flanker brands in the market.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product revenues increased 8.0% in&nbsp;2009 to &#36;405&nbsp;million from &#36;375&nbsp;million in&nbsp;2008. The year-over-year increase was due to the acquisitions of Virgin and The Source, and increased sales of smartphones.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning in the third quarter of&nbsp;2009, wireless ARPU, churn and COA reflect 100% of Virgin&#146;s results. These metrics, prior to this time, reflected our previous 50% ownership. Wireless gross activations, net
activations and end-of-period subscribers in prior periods have always included 100% of Virgin&#146;s subscribers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless ARPU decreased in&nbsp;2009 mainly as a result of declining voice usage triggered by the soft economy. The decline in the voice component of ARPU can be attributed to a decrease in usage reflecting reduced
employment levels and increased customer adoption of richer rate plans with more services and voice minutes included at lower monthly prices, and decreased roaming revenues from lower in-bound roaming rates and customers curtailing travel. These
factors were partly offset by growth in data revenues, reflecting increased usage and features penetration consistent with the sale of a greater number of smartphones, wireless Internet sticks and other data-capable devices. In addition, due to the
inclusion of a higher proportion of Virgin prepaid customers in our ARPU calculation, blended ARPU for&nbsp;2009 was impacted adversely when compared to&nbsp;2008, while postpaid ARPU remained virtually unaffected. Although wireless ARPU decreased in&nbsp;2009,
the year-over-year decline improved in the second half of the year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid ARPU was &#36;62.87 per month in&nbsp;2009, down from &#36;66.09 per month in&nbsp;2008, while prepaid ARPU was essentially unchanged at &#36;17.15 per month in&nbsp;2009 compared with &#36;17.14 per month in the previous
year. Accordingly, blended ARPU declined to &#36;51.70 per month in&nbsp;2009 from &#36;54.29 per month in&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a pro forma basis, assuming the acquisition of Virgin occurred on January&nbsp;1,&nbsp;2008, postpaid and prepaid ARPU decreased, year over year, in&nbsp;2009. Postpaid ARPU was &#36;62.81 per month in&nbsp;2009, compared with
&#36;66.02 per month in&nbsp;2008. Prepaid ARPU declined to &#36;17.53 per month in&nbsp;2009 from &#36;17.83 per month in the previous year. Accordingly, blended ARPU declined to &#36;50.88 per month in&nbsp;2009 from &#36;52.70 per month in&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the softer economy and intense competition, our gross wireless activations increased 8.7% in&nbsp;2009 to 1,794,000 compared with 1,651,000 in&nbsp;2008. The year-over-year improvement was driven by both higher
postpaid and prepaid gross activations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid gross activations grew 8.9% in&nbsp;2009 to 1,056,000 from 970,000 last year, reflecting the positive consumer response to the launch of the new HSPA/HSPA+ network, our expanded handset and smartphone lineup
(including the Apple iPhone, BlackBerry Bold, LG Xenon and Palm Pre), growth in activations of wireless Internet sticks and our promotional offers.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid gross activations increased 8.4% in&nbsp;2009 to 738,000 from 681,000 in&nbsp;2008, reflecting growth at Virgin and relatively higher demand for prepaid products as consumers curbed spending in a weak economy.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our blended churn rate increased to 1.7% in&nbsp;2009 from 1.6% in&nbsp;2008, reflecting higher postpaid and prepaid churn. Postpaid churn increased to 1.3% in&nbsp;2009 from 1.2% in the previous year, due to higher economy-driven
deactivations and aggressive acquisition offers from our competitors. Prepaid churn increased to 3.2% in&nbsp;2009 from 3.1% in&nbsp;2008.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a pro forma basis, our blended churn rate increased to 1.8% in&nbsp;2009 from 1.7% last year, reflecting higher postpaid and prepaid churn. Postpaid churn increased to 1.3% in&nbsp;2009 from 1.2% in&nbsp;2008. Prepaid churn
increased to 3.2% in&nbsp;2009 from 3.1% in&nbsp;2008. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of higher gross subscriber activations, total wireless net activations increased 6.3% in&nbsp;2009 to 373,000 compared with 351,000 in&nbsp;2008. Postpaid net activations, which represented 89% of total net
activations in&nbsp;2009, were </font></P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">45</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">essentially stable year over year at 331,000 compared with 332,000 in&nbsp;2008, while prepaid net activations increased to 42,000 in&nbsp;2009 from 19,000 in the previous year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2009, we provided service to 6,833,000 wireless subscribers, representing a 5.2% increase since the end of&nbsp;2008. This figure includes an end-of-year subscriber base adjustment following a company-wide
review of subscriber metrics, which resulted in a decrease of 37,000 customers (35,000 postpaid and 2,000 prepaid). The subscriber base adjustment did not impact net subscriber activations for&nbsp;2009.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2008 Compared to&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">Bell Wireless operating revenues increased 7.9% to &#36;4,479&nbsp;million in&nbsp;2008 from &#36;4,151&nbsp;million in&nbsp;2007. Wireless service<B> </B>revenues grew 7.6% to &#36;4,059&nbsp;million in&nbsp;2008, driven mainly by the combination of a larger subscriber base,
significantly higher data usage and increased roaming revenues. Product revenues were 17.6% higher in&nbsp;2008 at &#36;375&nbsp;million, compared with &#36;319&nbsp;million in&nbsp;2007. The year-over-year improvement in product revenues reflected a higher volume of
handset sales and customer upgrades, driven primarily by continued subscriber base growth, as well as an increase in the average handset price due to a higher proportion of high-end data devices sold.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both postpaid and prepaid ARPU in&nbsp;2008 increased marginally, year over year, to &#36;66.09 per month and &#36;17.14 per month, respectively, from &#36;65.88 per month and &#36;17.11 per month in&nbsp;2007. Accordingly, on a
combined postpaid and prepaid basis, blended ARPU increased in&nbsp;2008 to &#36;54.29 per month compared with &#36;53.92 per month in the previous year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross wireless activations increased 0.7% in&nbsp;2008 to 1,651,000 from 1,640,000 in&nbsp;2007, driven by higher postpaid gross activations. Postpaid gross activations grew by 6.7% in&nbsp;2008, reflecting our promotional offers, the
growing demand for high-end data handsets and smartphones, a higher number of points of sale, and Virgin&#146;s introduction of postpaid rate plans at the beginning of&nbsp;2008. Prepaid gross activations in&nbsp;2008 decreased 6.6%, year over year, mainly as
a result of our increased focus on postpaid customer acquisition.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our blended churn rate for&nbsp;2008 decreased slightly year over year to 1.6% from 1.7% in&nbsp;2007. Postpaid churn decreased to 1.2% in&nbsp;2008 from 1.3% in&nbsp;2007, due mainly to our customer retention and service improvement
strategies, while prepaid churn increased to 3.1% from 2.8% in&nbsp;2007, mainly as a result of a higher number of inactive customer deactivations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid net activations improved significantly in&nbsp;2008, increasing 61% to 332,000 from 206,000 in&nbsp;2007. The year-over-year improvement can be attributed to the combined impact of higher postpaid gross activations and
lower postpaid customer churn. Despite significantly higher postpaid net activations, our total wireless net activations decreased to 351,000 in&nbsp;2008 from 408,000 in the previous year, as a result of lower prepaid net activations, which totalled
19,000 in&nbsp;2008 compared with 202,000 in&nbsp;2007. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the end of&nbsp;2008 we adjusted our end-of-period wireless subscriber base. During the fourth quarter of&nbsp;2008, we decommissioned our analog wireless network that was deployed in the mid-1980s and had reached the end of
its useful service life. We began notifying customers of the pending network shutdown approximately one year earlier. These customers were offered free digital handsets and the option of higher-powered long-range phones at a low cost. The
deactivation of the remaining analog subscribers resulted in the removal of approximately 37,000 subscribers (11,000 postpaid and 26,000 prepaid) from our wireless subscriber base. In addition, we adjusted our end-of-period wireless subscriber base
by 32,000 postpaid customers to reflect customers with credit issues when postpaid service was introduced at Virgin at the beginning of&nbsp;2008. These adjustments were not included in the determination of net activations or customer churn for&nbsp;2008.
Taking into account the aforementioned subscriber-base adjustments, we ended&nbsp;2008 with 6,497,000 wireless subscribers, representing a 4.5% increase over&nbsp;2007.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>BELL&nbsp;WIRELESS OPERATING INCOME</B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009 Compared to&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Our Bell Wireless segment reported operating income of &#36;1,284&nbsp;million in&nbsp;2009, up 3.5% from &#36;1,241&nbsp;million in&nbsp;2008. The year-over-year increase was due to higher operating revenues, lower subscriber acquisition costs, decreased network
operating expenses, reduced payments to other carriers as a result of lower overall roaming volumes in combination with lower rates, lower marketing and sales expenses, as well as decreased customer retention and handset upgrade spending. These
factors were partly offset by: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher costs to support a larger number of subscribers and wireless data usage growth
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">increased costs to provide more data content and support services being offered
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">increased customer care costs,
including increased warranty and repair costs, as a result of supporting more sophisticated devices and services
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher cost of product sales driven by a significant year-over-year increase in smartphone activations
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">increased operating
expenses consistent with the acquisitions of Virgin and The Source </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher U.S. dollar hedge rates in&nbsp;2009 on our U.S. dollar-denominated purchases of wireless devices.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">Wireless COA decreased by 11.4% in&nbsp;2009 to &#36;350 per gross activation from &#36;395 per gross activation in&nbsp;2008. On a pro forma basis, wireless COA decreased by 9.9% in&nbsp;2009 to &#36;336 per gross activation from &#36;373 in the previous year.
The improvement in wireless COA was the result of reductions in selling and advertising costs, and a higher proportion of wireless Internet stick activations compared to last year. Handset subsidies were higher, year over year, due to foreign
exchange losses on U.S. dollar hedges incurred on the purchase of wireless devices and a shift in handset mix towards higher-priced smartphones and data devices.</font></P>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">46</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">
<B>2008 Compared to&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">Our Bell Wireless segment reported operating income of &#36;1,241&nbsp;million in&nbsp;2008, up 3.6% from &#36;1,198&nbsp;million in&nbsp;2007. The year-over-year increase was due primarily to higher revenues and lower subscriber acquisition costs. These factors were
partly offset by:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher network operating expenses to sustain a larger subscriber base, increased data usage and roaming
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">increased costs to provide data content and to support services being offered
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher cost of product sales consistent with increased equipment revenues
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">increased customer retention and handset upgrade expenses
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">higher labour costs associated with increased call centre volumes and new stores.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">Wireless COA decreased 2.2% in&nbsp;2008 to &#36;395 per gross activation from &#36;404 per gross activation. The year-over-year improvement was due mainly to lower handset subsidies, despite increased sales of higher-end data devices, and reduced
marketing costs.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Bell Aliant Segment</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>BELL&nbsp;ALIANT REVENUE</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD colspan=4 width="10%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;ALIANT REVENUE </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009 VS.&nbsp;2008</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 VS.&nbsp;2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Local and access </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,348</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,394 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,426 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long distance </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>399</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">429 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">445 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(7.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Data </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>632</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">598 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">522 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>5.7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Wireless </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>78</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">72 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>8.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">35.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Equipment and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>428</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">462 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">471 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(7.4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total external revenues </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,885</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,955 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,917 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2.4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>289</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">342 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">398 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(15.5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(14.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total Bell Aliant revenue </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,174</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,297 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,315 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3.7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">
<B>2009 Compared to&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Bell Aliant revenues decreased 3.7% to &#36;3,174&nbsp;million in&nbsp;2009 from &#36;3,297&nbsp;million in&nbsp;2008. The year-over-year decline resulted from the continued erosion of Bell Aliant&#146;s local wireline and long distance businesses and reduced telecom
product sales. These declines were partly offset by higher revenues from growth in Internet and IP-based broadband connectivity services, and an increase in wireless and IT revenue. The wind-down of the operations of AMP in the third quarter of
2008, following Bell&#146;s notification that it would terminate its contract with AMP as its exclusive distributor in Atlantic&nbsp;Canada, also adversely impacted Bell Aliant&#146;s operating revenues in&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local and access revenues decreased 3.3% in&nbsp;2009 to &#36;1,348&nbsp;million from &#36;1,394&nbsp;million in&nbsp;2008. This was due to a 5.1% decline in the NAS customer base in&nbsp;2009, reflecting competitive losses driven by aggressive
pricing and increased promotional activity by competitors, as well as expansion in the cable telephony footprint and substitution for other services including wireless and VoIP services. The decline in revenue was moderated by retention programs
that targeted high-value customers, pricing increases in certain areas of Bell Aliant&#146;s territory, and increased penetration of features and service bundles. At December&nbsp;31,&nbsp;2009, Bell Aliant had 2,926,000 NAS in service, compared with
3,082,000 NAS one year earlier.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long distance revenues were &#36;399&nbsp;million in&nbsp;2009, down 7.0% compared with &#36;429&nbsp;million in&nbsp;2008. The decrease was due to a 4.1% annual decline in conversation minutes in&nbsp;2009 resulting from competitive losses and
technology substitution to wireless calling and IP-based services. ARPM decreased 2.1% in&nbsp;2009 to &#36;0.093 from &#36;0.095 in&nbsp;2008, due to price reductions, primarily for business customers, and the continued shift by residential customers from
per-minute rate plans to fixed-price packages.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data revenues increased 5.7% in&nbsp;2009 to &#36;632&nbsp;million from &#36;598&nbsp;million in&nbsp;2008. The year-over-year improvement can be attributed to higher Internet revenues driven by a 7.0% increase in the number of high-speed
subscribers and higher residential ARPU from growth in VAS and price increases over the past year. At December&nbsp;31,&nbsp;2009, Bell Aliant had 810,000 high-speed Internet subscribers compared with 757,000 subscribers one year earlier.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless revenues grew 8.3% in&nbsp;2009 to &#36;78&nbsp;million from &#36;72&nbsp;million in&nbsp;2008, due mainly to a larger subscriber base and higher ARPU. At December&nbsp;31,&nbsp;2009, Bell Aliant had 121,000 wireless customers, representing
a 6.1% increase since the end of&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment and other revenues decreased 7.4% in&nbsp;2009 to &#36;428&nbsp;million from &#36;462&nbsp;million in&nbsp;2008. The year-over-year decline was due to lower telecom product sales in&nbsp;2009 compared with&nbsp;2008. Equipment and other
revenues in&nbsp;2009 were also adversely impacted by the wind-down in the operations of AMP in the third quarter of&nbsp;2008.</font></P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">47</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">
<B>2008 Compared to&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">Bell Aliant segment revenues decreased 0.5% to &#36;3,297&nbsp;million in&nbsp;2008 from &#36;3,315&nbsp;million in&nbsp;2007. The year-over-year decline was due primarily to the wind-down in the operations of AMP in the third quarter of&nbsp;2008, as well as to the
continued decrease in revenues from its local and access and long distance services, which was offset largely by higher revenues from data (including Internet), IT services and wireless.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local and access revenues decreased 2.2% in&nbsp;2008 to &#36;1,394&nbsp;million from &#36;1,426&nbsp;million in&nbsp;2007. This was due to a 3.4% decline in the NAS customer base since the end of&nbsp;2007. The year-over-year revenue decline
was lower than Bell Aliant&#146;s NAS erosion rate, due primarily to the impact of price increases in certain areas of Bell Aliant&#146;s territory and increased penetration of value-added features and service bundles. At December&nbsp;31,&nbsp;2008, Bell
Aliant had 3,082,000 NAS in service, compared with 3,191,000 one year earlier.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long distance revenues totalled &#36;429&nbsp;million in&nbsp;2008, down 3.6% compared with &#36;445&nbsp;million in&nbsp;2007. This was due primarily to a decline in annual long distance minutes of 3.7%. ARPM decreased to &#36;0.095 in
2008 from &#36;0.096 in&nbsp;2007.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data revenues, including Internet, increased 14.6% in&nbsp;2008 to &#36;598&nbsp;million from &#36;522&nbsp;million in&nbsp;2007, mainly as a result of a 9.9% increase in the number of high-speed subscribers, as well as to growth in IP
connectivity broadband services such as VPN. At December&nbsp;31,&nbsp;2008, Bell Aliant had 757,000 high-speed Internet subscribers compared with 689,000 one year earlier.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless revenues grew 35.8% in&nbsp;2008 to &#36;72&nbsp;million from &#36;53&nbsp;million in&nbsp;2007. The year-over-year increase was due to the combined impact of a larger subscriber base and higher ARPU driven primarily by growth in
data services. At December 31,&nbsp;2008, Bell Aliant had 114,000 wireless customers, representing an approximate 20% increase since the end of&nbsp;2007.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment and other revenues decreased 1.9% in&nbsp;2008 to &#36;462&nbsp;million from &#36;471&nbsp;million in&nbsp;2007. The decrease in&nbsp;2008 was due primarily to the wind-down in the operations of AMP, offset partly by higher
year-over-year IT services revenue driven by growth in IT project activity within the healthcare industry and by increased IT product sales to a few key customers.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>BELL&nbsp;ALIANT OPERATING INCOME</B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009 Compared to&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Operating income at Bell Aliant was higher year over year, increasing by 4.5% to &#36;759&nbsp;million in&nbsp;2009 from &#36;726&nbsp;million in&nbsp;2008. The year-over-year improvement was due mainly to lower labour costs as a result of workforce reduction programs
initiated in the fourth quarter of&nbsp;2008 and the first quarter of&nbsp;2009, and to decreased use of consultants and IT services contract labour. Other cost containment initiatives that resulted in reduced selling, general and administrative expenses, as
well as lower restructuring and other charges also contributed to higher operating income in&nbsp;2009. These favourable factors were partly offset by lower total operating revenues and higher net benefit plans cost year over year.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2008 Compared to&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">Operating income at Bell Aliant increased 1.7% in&nbsp;2008 to &#36;726&nbsp;million from &#36;714&nbsp;million in&nbsp;2007. Lower net benefit plans cost and strict management of selling, general and administrative expenses more than offset decreased operating<B>
</B>revenues, higher cost of revenue driven by increased IT-related sales, higher depreciation and amortization expense, and higher restructuring and other charges reflecting a charge recorded in the fourth quarter of&nbsp;2008 related to  a workforce
reduction initiative to remove approximately 500 management positions in&nbsp;2009.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>FINANCIAL AND CAPITAL MANAGEMENT</B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>This section tells you how we manage our cash and capital resources to carry out our strategy and deliver financial results. It provides an analysis of our financial condition, cash flows and liquidity on a consolidated basis.</I></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Net Debt</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Debt due within one year</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>600</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,201 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10,299</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,099 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Securitization of accounts receivable </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,305</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,305 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,770</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Less: Cash and cash equivalents </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(687</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,052 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total net debt </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>14,287</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,323 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table10">
	<tr>
		<td width="2%" valign="top"><font face="Arial">
		<I><FONT size=1>(1)</FONT></I></font></td>
		<td width="98%" valign="top"><font face="Arial">
		<I><FONT size=1>Includes bank advances and notes payable.</FONT></I><font size="1">
</font></font></td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">Net debt increased &#36;964&nbsp;million to &#36;14,287&nbsp;million in&nbsp;2009 due mainly to a decrease in cash and cash equivalents. BCE&nbsp;Inc. paid dividends on common shares of &#36;1,201&nbsp;million, repurchased and cancelled 36&nbsp;million outstanding common shares
for &#36;894&nbsp;million and invested &#36;338&nbsp;million for business acquisitions, including Virgin and The Source. These decreases in cash were partly offset by free cash flow of &#36;1,456&nbsp;million in&nbsp;2009.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Outstanding Share Data</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<I><FONT size=1>(in&nbsp;millions)</FONT></I><font size="1"> </font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>767.2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">803.1 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Stock options </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15.0 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">We had 767.2&nbsp;million common shares outstanding at the end of&nbsp;2009, a decrease of 35.9&nbsp;million from&nbsp;2008 resulting from BCE&nbsp;Inc.&#146;s repurchase of 36&nbsp;million of its outstanding common shares for cancellation through a NCIB, partly offset by stock
options that were exercised in&nbsp;2009. At February&nbsp;28,&nbsp;2010, 765.2&nbsp;million common shares and 10.3&nbsp;million stock options were outstanding.</font></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">4</font></b><font face="Arial" size="1"><b><font color="#0065A4">8</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of stock options outstanding at the end of&nbsp;2009 was 11.3&nbsp;million, a decrease of 3.7&nbsp;million from&nbsp;2008. The weighted average exercise price of the stock options outstanding at December&nbsp;31,&nbsp;2009 was &#36;32. Of
the total outstanding stock options at December&nbsp;31,&nbsp;2009, 8.8&nbsp;million were exercisable at a weighted average exercise price of &#36;34. In&nbsp;2009:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">0.1&nbsp;million previously granted options were exercised
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">3.6&nbsp;million previously granted options were forfeited.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Cash Flows</B></font></P>
<P align="left">
<font face="Arial" size="2">The following table is a summary of our cash inflows and outflows.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD colspan=4 width="10%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009 VS.&nbsp;2008</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 VS.&nbsp;2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from operating activities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,884</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,909 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,730 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(17.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell Aliant distributions to BCE&nbsp;</FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>291</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">290 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">282 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital expenditures </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,854</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,986 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,140 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4.4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other investing activities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(89</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(726 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>87.7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash dividends paid on preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(107</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(129 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>17.1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(369</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(366 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(404 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(0.8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell Aliant free cash flow </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(300</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(303 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(397 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">23.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Free cash flow </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,456</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,689 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,960 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(13.8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(13.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell Aliant undistributed free cash flow </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>9</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">115 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(30.8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(88.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Business acquisitions </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(338</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(56 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(163 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">65.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Business dispositions </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(10 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,123 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Formation of Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">100.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Going-private costs </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(163 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(49 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>95.7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Increase in investments </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(53</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(27 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">70.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Decrease in investments </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>113</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">192 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(99.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net repayment of debt instruments </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,385</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(451 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,766 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">74.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash dividends paid on common shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,201</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(587 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,147 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">48.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Issue of common shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">153 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(96.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(67.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Repurchase of common shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(894</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(92 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(227 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">59.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Redemption of equity securities by subsidiaries from non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(333 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">100.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other financing activities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(90</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(66 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash provided by discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">319 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(33.3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(99.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net (decrease) increase in cash and cash equivalents </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,375</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">405 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,077 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>n.m.</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(80.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0">
<font face="Arial" size="1">
<I>n.m.: not meaningful</I></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Cash Flows from Operating Activities</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009 COMPARED TO&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Cash flows from operating activities were &#36;4,884&nbsp;million, a decrease of &#36;1,025&nbsp;million, or 17.3%, compared to &#36;5,909&nbsp;million in&nbsp;2008. The decrease was due to: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">an increase of &#36;836&nbsp;million in pension contributions, including a
&#36;500&nbsp;million voluntary pension contribution at Bell </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">a decrease of &#36;88&nbsp;million in interest received as a result of lower interest rates on temporary cash investments and lower average cash balances
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">an increase of &#36;56&nbsp;million
in income taxes paid </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">an increase in investment in working capital.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This was partly offset by higher cash earnings from an increase in EBITDA, exclusive of net benefit plans cost of &#36;190&nbsp;million.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2008 COMPARED TO&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">Cash flows from operating activities were &#36;5,909&nbsp;million  in&nbsp;2008, an increase of &#36;179&nbsp;million, or 3.1%, compared to &#36;5,730&nbsp;million in&nbsp;2007. The increase was due to: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">a decrease of &#36;152&nbsp;million in net interest paid as a result
of both lower average debt and higher interest income </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">a decrease of &#36;33&nbsp;million in pension contributions made
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">an improvement in working capital.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These increases were partly offset by: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">an increase of &#36;187&nbsp;million in payments of restructuring and other from workforce reduction initiatives
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">a decrease in EBITDA, exclusive of net benefit plans cost of &#36;147&nbsp;million
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">an increase of &#36;76&nbsp;million in income
taxes paid due to higher refunds received in&nbsp;2007 </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">a decrease of &#36;21&nbsp;million from the securitization of  accounts receivable.</font></P>
	</li>
</ul>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
49</font></b></font></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Free Cash Flow</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009 COMPARED TO&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Free cash flow was &#36;1,456&nbsp;million in&nbsp;2009, a decrease of &#36;233&nbsp;million, or 13.8%, compared to &#36;1,689&nbsp;million in&nbsp;2008. This was due to lower cash flows from operating activities of &#36;1,025&nbsp;million, partly offset by a reduction in
capital expenditures of &#36;132&nbsp;million and a smaller investment in&nbsp;2009 for AWS spectrum licences. In&nbsp;2009, we invested &#36;40&nbsp;million in spectrum licences compared to &#36;741&nbsp;million in&nbsp;2008.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2008 COMPARED TO&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">Free cash flow was &#36;1,689&nbsp;million in&nbsp;2008, a decrease of &#36;271&nbsp;million, or 13.8%, compared to free cash flow of &#36;1,960&nbsp;million in&nbsp;2007. This decrease was due to our purchase of AWS spectrum licences for &#36;741&nbsp;million, partly offset by
higher cash flows from operating activities of &#36;179&nbsp;million and lower capital expenditures of &#36;154&nbsp;million.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Capital Expenditures </I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009 COMPARED TO&nbsp;2008</B></font></P>
<P align="left">
<font face="Arial" size="2">Capital expenditures for BCE&nbsp;were &#36;2,854&nbsp;million in&nbsp;2009, compared with &#36;2,986&nbsp;million in&nbsp;2008. As a percentage of revenues, capital expenditures for BCE&nbsp;decreased to 16.1% in&nbsp;2009 from 16.9% in&nbsp;2008.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell, capital expenditures decreased 2.8% in&nbsp;2009 to &#36;2,390&nbsp;million from &#36;2,459&nbsp;million in the previous year. This represents a capital intensity ratio of 15.9% in&nbsp;2009 compared with 16.5% in&nbsp;2008. Although
total expenditures were lower year over year, we maintained spending on our key priorities within the growth areas of our business with more than 80% of the capital spent in&nbsp;2009 centred on our five strategic imperatives. In&nbsp;2009, we made new
investments in both our wireless and wireline broadband networks, including the deployment of a nation-wide HSPA/HSPA+ network, the continued rollout of FTTN in residential neighbourhoods and fibre to new condominiums and other MDUs primarily in the
Qu&eacute;bec-Windsor corridor, as well as speed and capacity enhancements to our IP backbone network infrastructure. However, reduced spending to maintain our legacy network infrastructure and to support large business customer contracts, as well
as higher real estate expenditures in&nbsp;2008 to form campus environments in Montr&eacute;al, Toronto and Calgary, resulted in lower overall capital expenditures in&nbsp;2009.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital spending at Bell Aliant decreased to &#36;464&nbsp;million in&nbsp;2009 from &#36;527&nbsp;million in&nbsp;2008, due to a planned reduction in capital spending for&nbsp;2009 and higher spending in&nbsp;2008 on the expansion of its broadband
footprint.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2008 COMPARED TO&nbsp;2007</B></font></P>
<P align="left">
<font face="Arial" size="2">Capital expenditures for BCE&nbsp;were &#36;2,986&nbsp;million in&nbsp;2008, compared with &#36;3,140&nbsp;million in&nbsp;2007. As a percentage of revenues, capital expenditures for BCE&nbsp;decreased to 16.9% in&nbsp;2008 from 17.7% in&nbsp;2007. The decrease can be explained
primarily by the sale of Telesat on October&nbsp;31,&nbsp;2007 that resulted in no capital expenditures being reported for Telesat in&nbsp;2008, compared with &#36;188&nbsp;million in&nbsp;2007.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reduced spending at Bell Aliant, particularly in the first half of&nbsp;2008, also contributed to the overall decrease in BCE&#146;s capital expenditures in&nbsp;2008. These reductions stemmed from the completion of the
accelerated phase of its investment in FTTN technology in&nbsp;2007 and planned reduced capital spending for&nbsp;2008. Bell Aliant&#146;s capital expenditures in&nbsp;2008 decreased 1.9% to &#36;527&nbsp;million, compared with &#36;537&nbsp;million in the previous
year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell, capital expenditures increased 1.8% in&nbsp;2008 to &#36;2,459&nbsp;million from &#36;2,415&nbsp;million in&nbsp;2007, corresponding to a stable capital intensity ratio of 16.5% year over year. The majority of spending was focused
on strategic priorities within the growth areas of our business, including investments to enhance and update our wireless network, and expand broadband access and capabilities through Bell&#146;s FTTN program, as well as to meet customer demand and
service expectations. Higher spending on wireless cell site capacity and signal quality, the implementation of a card swap program at Bell TV, and our move to campus environments in Montr&eacute;al, Toronto and Calgary also contributed<B> </B>to
increased capital expenditures year over year. This  was offset partly by lower expenditures to maintain our legacy network infrastructure and reduced IT project-related spending on system upgrades, office equipment and process improvements.</font></P>
<P align="left">
<B><I><font face="Arial" color="#0065A4">Business Acquisitions</font></I></B></P>
<P align="left">
<font face="Arial" size="2">We invested &#36;338&nbsp;million in&nbsp;2009 for business acquisitions, including Virgin and The Source.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We invested &#36;56&nbsp;million in&nbsp;2008 for various business acquisitions, compared to &#36;163&nbsp;million in&nbsp;2007, mainly due to the privatization of Bell Nordiq by Bell Aliant.</font></P>
<P align="left">
<B><I><font face="Arial" color="#0065A4">Business Dispositions</font></I></B></P>
<P align="left">
<font face="Arial" size="2">On October&nbsp;31,&nbsp;2007, we sold Telesat, our satellite services subsidiary, which represented our Telesat segment, and realized net cash proceeds of &#36;3,123&nbsp;million.</font></P>
<P align="left">
<B><I><font face="Arial" color="#0065A4">Going-Private Costs</font></I></B></P>
<P align="left">
<font face="Arial" size="2">Going-private costs of &#36;163&nbsp;million in&nbsp;2008 increased &#36;114&nbsp;million compared to &#36;49&nbsp;million in&nbsp;2007. Amounts paid in&nbsp;2008 included employee retention costs and costs associated with the proposed privatization transaction for financial
advisory, professional and consulting fees. </font> </P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Increase/Decrease in Investments</I></B></font></P>
<P align="left">
<font face="Arial" size="2">The cash provided by investments in&nbsp;2009 and&nbsp;2007 related to the sales of available-for-sale investments in those periods.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cash used in investments in&nbsp;2009 represents our  purchase of a minority interest investment in the Montr&eacute;al Canadiens Hockey Club and Bell Centre.</font></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">50</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Debt Instruments</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>We use a combination of short-term and long-term debt to finance our operations. Our short-term debt consists mostly of bank facilities and notes payable under commercial paper programs. We usually pay fixed rates of interest on our long-term
debt and floating rates on our short-term debt.</I></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009</B></font></P>
<P align="left">
<font face="Arial" size="2">We repaid &#36;1,385&nbsp;million of debt, net of issuances, in&nbsp;2009. The debt repayments included the redemption of &#36;1,450&nbsp;million of debentures at Bell&nbsp;Canada and of &#36;650&nbsp;million of notes at BCE&nbsp;Inc., the repayment of &#36;150&nbsp;million of credit
facilities at Bell Aliant, payments of bank advances and notes payable of approximately &#36;200&nbsp;million and payments under capital leases. This was partly offset by Bell&nbsp;Canada&#146;s issuance of medium-term debentures having a principal amount of
&#36;1&nbsp;billion and the issuance by Bell Aliant Regional Communications, Limited Partnership of medium-term notes with a principal amount of &#36;350&nbsp;million.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2008</B></font></P>
<P align="left">
<font face="Arial" size="2">We repaid &#36;451&nbsp;million of debt, net of issuances, in&nbsp;2008, which were primarily payments under capital leases.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2007</B></font></P>
<P align="left">
<font face="Arial" size="2">We repaid &#36;1,766&nbsp;million of debt, net of issuances, in&nbsp;2007. The repayments included &#36;1,175&nbsp;million of debentures at  Bell&nbsp;Canada, &#36;1,135&nbsp;million of credit facilities at Bell Aliant  and payments under capital leases. This was partly
offset by Bell Aliant&#146;s net issuances of &#36;900&nbsp;million of medium-term notes and increased borrowings in notes payable and  bank advances.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Cash Dividends Paid on Common Shares</I></B></font></P>
<P align="left">
<font face="Arial" size="2">In&nbsp;2009, BCE&nbsp;Inc. paid an annual dividend of &#36;1.54 per common share. BCE&nbsp;Inc. announced three increases in the annual dividend payable on BCE&nbsp;Inc.&#146;s common shares, which represents an increase of 19% from &#36;1.46 per common share at the
beginning of&nbsp;2009 to &#36;1.74 per common share at the beginning of&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2008, the lower dividends paid of &#36;0.73 per common share were due to dividends on our common shares not being paid in the second and third quarters in&nbsp;2008 as a result of the terms associated with the proposed
privatization transaction.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2007, we paid a dividend of &#36;1.425 per common share.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Repurchase of Common Shares</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>2009</B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&nbsp;Inc. repurchased and cancelled 36&nbsp;million outstanding common shares for a total cash outlay of &#36;894&nbsp;million under the&nbsp;2008/2009 NCIB program. The program is complete.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2008</B></font></P>
<P align="left">
<font face="Arial" size="2">In&nbsp;2008, BCE&nbsp;Inc. repurchased 7.5&nbsp;million outstanding common shares under the&nbsp;2008/2009 NCIB program for a total cash outlay of &#36;178&nbsp;million. Of the shares repurchased, 4&nbsp;million were cancelled in&nbsp;2008 for a total cost of &#36;92&nbsp;million and the
remaining 3.5&nbsp;million were cancelled in early&nbsp;2009 for a total cost of &#36;86&nbsp;million.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>2007</B></font></P>
<P align="left">
<font face="Arial" size="2">In&nbsp;2007, BCE&nbsp;Inc. repurchased and cancelled 7.4&nbsp;million  outstanding common shares for a total cash outlay of  &#36;227&nbsp;million under the&nbsp;2007 NCIB program. Common share repurchases under the NCIB were suspended for the remainder of the program.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Financing Activities of Subsidiaries with Third Parties</I></B></font></P>
<P align="left">
<font face="Arial" size="2">In&nbsp;2007, Bell Aliant repurchased 10.6&nbsp;million units under an NCIB program for a total cash outlay of &#36;330&nbsp;million.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Cash Relating to Discontinued Operations</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Cash provided by discontinued operations was &#36;319&nbsp;million in&nbsp;2007. The net proceeds on the sale of ADS by Bell Aliant amounted to &#36;327&nbsp;million.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Credit Ratings</B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>The interest rates we pay are based partly on the quality of our credit ratings. As of March&nbsp;11,&nbsp;2010, the BCE&nbsp;Inc. and Bell&nbsp;Canada ratings have remained unchanged at investment grade levels and assigned stable outlooks from Standard &amp;
Poor&#146;s Financial Services LLC, a subsidiary of The McGraw-Hill Companies,&nbsp;Inc. (S&amp;P), DBRS Limited (DBRS) and Moody&#146;s Investors Service,&nbsp;Inc. (Moody&#146;s). Investment grade ratings usually mean that when we borrow money, we qualify
for lower interest rates than companies that have ratings lower than investment grade.</I></font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">51</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">The table below lists BCE&nbsp;Inc.&#146;s and Bell&nbsp;Canada&#146;s key credit ratings at March&nbsp;11,&nbsp;2010.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BCE&nbsp;INC. </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DBRS </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">MOODY&#146;S </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">S&amp;P </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">BBB (high) </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Baa2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">BBB+ </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Pfd-3 (high) </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">P-2 (low) </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;CANADA </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DBRS </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">MOODY&#146;S </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">S&amp;P </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Commercial paper </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">R-1 (low) </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">P-2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">A-2 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">A (low) </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Baa1 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">BBB+ </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Subordinated long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">BBB </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Baa2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">BBB </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">The investment grade credit ratings by Moody&#146;s, S&amp;P and DBRS reflect the strength of our balance sheet and our business prospects in current economic conditions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our financial policy is to maintain investment grade credit metrics to allow financial flexibility and access to low-cost funding. Our financial policy targets for Bell are to maintain a net debt to Adjusted EBITDA
ratio of between 1.5 and 2.0 times and an Adjusted EBITDA to net interest expense ratio greater than 7.5 times. In these target ratios, net debt includes amounts outstanding under our accounts receivable securitization program and our total
outstanding preferred shares. Net interest expense includes dividends on preferred shares and losses on sales due to our accounts receivable securitization program. Adjusted EBITDA includes cash distributions received from Bell Aliant. The
calculation and components of these ratios are intended to reflect the methodologies generally used by the credit rating agencies.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Liquidity</B></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Sources of Liquidity</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Our cash balances at the end of&nbsp;2009 were &#36;687&nbsp;million. We expect that these cash balances and our&nbsp;2010 estimated cash flows from operations will permit us to meet our cash requirements in&nbsp;2010 for capital expenditures, employee benefit plans
funding, dividend payments, repurchases of BCE&nbsp;Inc.&#146;s common shares under BCE&nbsp;Inc.&#146;s&nbsp;2010 NCIB program, the payment of contractual obligations and outstanding debt, ongoing operations and other cash requirements.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should our&nbsp;2010 cash requirements exceed our cash balances and cash generated from our operations, we expect to cover such shortfall through the committed and uncommitted financing facilities that we currently have in
place or through new facilities, to the extent available.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our cash flows from operations, cash balances and financing facilities should give us flexibility in carrying out our plans for future growth. If necessary, we may, to the extent possible, supplement our liquidity
sources by issuing additional debt or equity, or by selling non-core assets. We might do this to help finance business acquisitions or for contingencies.</font></P>
<P align="left">
<font face="Arial" size="2">The table below is a summary of our total bank credit facilities at December&nbsp;31,&nbsp;2009.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">ISSUED AND </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">UNDRAWN </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">LETTERS OF </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NET </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVAILABLE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DRAWN </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CREDIT </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVAILABLE </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Committed credit facilities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial">
<FONT size=2>Bell&nbsp;Canada</FONT><SUP><FONT size=2>(1)<B> </B> </FONT></SUP><FONT size=2>&#150; </FONT>
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Revolving facility (including supporting commercial paper program) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,400 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">268 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,132 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial">
<FONT size=2>Bell Aliant</FONT><SUP><FONT size=2>(1)<B> </B> </FONT></SUP><FONT size=2>&#150; </FONT>
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Revolving facility (including supporting commercial paper program) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">550 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">523 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">558 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">241 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">277 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total committed credit facilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,508 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">536 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,932 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-committed credit facilities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Canada </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">225 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">89 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">134 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total non-committed credit facilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">239 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">90 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">147 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total committed and non-committed credit facilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,747 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">42 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">626 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,079 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table11">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top"><font face="Arial" size="1">
		<I>Bell&nbsp;Canada&#146;s current &#36;1,400&nbsp;million supporting committed revolving bank credit facility expires in May&nbsp;2012 and Bell Aliant&#146;s current &#36;550&nbsp;million supporting  committed revolving bank credit facility expires in July&nbsp;
2011.</I></font></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">52</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>
<p align="right" style="margin-top: 0">&nbsp;</p>

<P align="left">
<font face="Arial" size="2">Bell&nbsp;Canada and Bell Aliant may issue notes under their commercial paper programs up to the net available amount of their supporting committed revolving bank credit facilities, which may be drawn at any time. Bell&nbsp;Canada and Bell Aliant had no
commercial paper outstanding at December&nbsp;31,&nbsp;2009. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our expectations relating to our ability to meet our cash requirements in&nbsp;2010 with our cash flows from operations and our cash balances are based on certain key economic, market and operational assumptions that are
described in the section entitled <I>Business Outlook and Assumptions</I>. For a description of risk factors that could affect our business and, consequently, our cash flows from operations refer to <I>Our Competitive Environment</I>, <I>Our
Regulatory Environment</I> and <I>Risks that Could Affect Our Business and Results</I>. In addition, our ability to supplement our liquidity sources by issuing additional debt and equity depends largely on prevailing market conditions and the
outlook for our business and credit ratings at the time capital is raised. For a description of risk factors that could affect our ability to issue additional debt or equity refer to the risk entitled <I>If we are unable to raise the capital we
need, we may need to limit our capital expenditures or our investments in new business, or try to raise capital by disposing of assets</I> under <I>Risks that Could Affect Our Business and Results</I>.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Cash Requirements</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>CAPITAL EXPENDITURES</B></font></P>
<P align="left">
<font face="Arial" size="2">In&nbsp;2010, our capital spending will be focused on our strategic priorities, demand growth and service quality, reflecting an appropriate level of investment in our networks and services.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>EMPLOYEE BENEFIT PLANS FUNDING</B></font></P>
<P align="left">
<font face="Arial" size="2">Our employee benefit plans include both defined benefit and defined contribution plans, as well as other post-employment benefits. The funding requirements of our employee benefit plans, resulting from valuations of our plan assets and liabilities,
depend on a number of factors, including actual returns on pension plan assets, long-term interest rates, plan demographics and pension regulations. Our expected funding<B> </B>for&nbsp;2010 is detailed in the following table and is subject to actuarial
valuations being completed in&nbsp;2010. An actuarial valuation was last performed on most of our pension plans as at December&nbsp;31,&nbsp;2008.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a more detailed description of risks that could cause our actual employee benefit plans funding to differ materially from our current estimates, please refer to the risk entitled
<I>We may be required to increase contributions to our employee benefit plans in the future depending on various factors </I>under <I>Risks that Could Affect Our Business and Results.</I></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">2010 EXPECTED FUNDING </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL&nbsp;</FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL&nbsp;ALIANT </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Defined benefit pension &#150; service cost </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">200 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">250 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Defined benefit pension &#150; deficit </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">170 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">100 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">270 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Defined benefit </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">370 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">150 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">520 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other post-employment benefits </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">90 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">100 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Defined contribution </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total net benefit plans </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">500 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">170 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">670 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">We expect to contribute approximately &#36;520&nbsp;million to all of our defined benefit pension plans in&nbsp;2010, including subsidiary and supplemental plans, subject to actuarial valuations being completed. We also expect, in&nbsp;2010, to pay approximately
&#36;100&nbsp;million to beneficiaries under other post-employment benefit plans and to contribute approximately &#36;50&nbsp;million to the defined contribution pension plans.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2010, funding of our defined benefit pension plans is expected to be lower than&nbsp;2009 mainly as a result of higher returns on pension plan assets in&nbsp;2009 and a &#36;500&nbsp;million voluntary pension contribution made in
2009, partly offset by an increase in the solvency discount rate. Our cash funding estimate does not take into account the proposed federal pension reform announced by the Minister of Finance on October&nbsp;27,&nbsp;2009.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Canada closed the membership of its defined benefit plan in January&nbsp;2005 to eliminate its pension obligation volatility in respect of all new employees who now enroll in the defined contribution plan. Similarly in
2006, we announced the phase-out over a ten-year period of post-employment benefits for all employees, which will result in Bell&#146;s post-employment benefits funding being gradually phased out after 2016.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>DIVIDEND PAYMENTS</B></font></P>
<P align="left">
<font face="Arial" size="2">In&nbsp;2010, the cash dividends to be paid on BCE&nbsp;Inc.&#146;s common shares are expected to be higher than in&nbsp;2009 as the board of directors of BCE&nbsp;Inc. approved three increases in the annual dividend on BCE&nbsp;Inc.&#146;s common shares in&nbsp;2009. As a
result, BCE&nbsp;Inc.&#146;s common share dividend increased by 19% from &#36;1.46 per common share at the beginning of&nbsp;2009 to &#36;1.74 per common share at the beginning of&nbsp;2010. These increases are consistent with BCE&nbsp;Inc.&#146;s common share dividend
policy of a target payout ratio of 65% to 75% of Adjusted EPS. BCE&nbsp;Inc.&#146;s dividend policy and the declaration of dividends are subject to the discretion of BCE&nbsp;Inc.&#146;s board of directors.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>BCE&nbsp;INC.&#146;S&nbsp;2010 NCIB PROGRAM</B></font></P>
<P align="left">
<font face="Arial" size="2">Under BCE&nbsp;Inc.&#146;s&nbsp;2010 NCIB program, it is authorized to repurchase up to &#36;500&nbsp;million of its outstanding common shares over the course of&nbsp;2010. As at February&nbsp;28,&nbsp;2010, BCE&nbsp;Inc. has spent approximately &#36;75&nbsp;million under its&nbsp;2010 NCIB
program.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
53</font></b></font></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>
<p align="left" style="margin-top: 0">&nbsp;</p>

<P align="left">
<font face="Arial" size="2">
<B>CONTRACTUAL OBLIGATIONS</B></font></P>
<P align="left">
<font face="Arial" size="2">The following table is a summary of our contractual obligations at December&nbsp;31,&nbsp;2009 that are due in each of the next five years and thereafter.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2011 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2012 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2013 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2014 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">THERE-<br>
AFTER </font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Long-term debt</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">357 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,009 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">513 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">73 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,559 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5,349 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">8,860 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Notes payable and bank advances </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital leases </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">332 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">363 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">224 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">225 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">199 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,784 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,127 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating leases </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">215 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">185 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">154 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">139 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">127 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">686 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,506 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Commitments for capital expenditures </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">78 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">56 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">98 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">88 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">82 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">826 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,228 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Purchase obligations </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,364 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">994 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">696 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">360 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">350 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">887 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4,651 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest payable on long-term debt, notes payable and bank advances </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">567 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">530 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">470 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">450 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">400 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5,516 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">7,933 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net interest receipts on derivatives </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(32 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(23 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(13 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(81 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,934 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,114 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,142 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,327 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,714 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">15,046 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">27,277 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table12">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(1)</I></font></td>
		<td width="98%" valign="top">
		<P align="left">
<font face="Arial" size="1">
<I>Includes &#36;750&nbsp;million of long-term debt maturing in&nbsp;2011, comprised of Bell Aliant&#146;s &#36;750&nbsp;million 4.72% Series 1 medium-term notes.</I></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">Our treasury strategy, executed over the past years, has resulted in an attractive long-term debt maturity schedule.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital leases include imputed interest of &#36;1,157&nbsp;million.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental expense relating to operating leases was &#36;236&nbsp;million in&nbsp;2009, &#36;233&nbsp;million in&nbsp;2008 and &#36;260&nbsp;million in&nbsp;2007.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase obligations consist mainly of contractual obligations under service contracts. Our commitments for capital expenditures include investments to expand and update our networks, and to meet customer demand.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2009, we had other long-term liabilities that are excluded from the table, including an accrued employee benefit liability, future income tax liabilities, deferred revenue and various other long-term
liabilities.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accrued employee benefit liability and future income tax liabilities are excluded as we cannot accurately determine the timing and cash requirements as:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">future contributions to the pension plans depend
largely on how well they are funded. This varies based on the results of actuarial valuations that are performed periodically and on the investment performance of the pension fund assets.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">future payments of income taxes depend on the amount of taxable earnings and on whether there are tax loss carryforwards available to reduce income tax liabilities.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">Deferred revenue and gains on assets are excluded as they do not represent future cash payments.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>OTHER CASH REQUIREMENTS</B></font></P>
<P align="left">
<font face="Arial" size="2">Our cash requirements may also be affected by the liquidity risks related to our contingencies and off-balance sheet arrangements. We may not be able to quantify all of these risks for the reasons described as follows.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Off-Balance Sheet Arrangements</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>GUARANTEES</B></font></P>
<P align="left">
<font face="Arial" size="2">As a regular part of our business, we enter into agreements that provide for indemnifications and guarantees to counterparties in transactions involving business dispositions, sales of assets, sales of services, purchases and development of assets,
securitization agreements and operating leases.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We cannot reasonably estimate the maximum potential amount we could be required to pay counterparties because of the nature of almost all of these indemnifications. As a result, we cannot determine how they could affect
our future liquidity, capital resources or credit risk profile. We have not made any significant payments under these indemnifications in the past. See Note 25 to the consolidated financial statements for more information.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>SECURITIZATION OF ACCOUNTS RECEIVABLE</B></font></P>
<P align="left">
<font face="Arial" size="2">Bell&nbsp;Canada and Bell Aliant have sale of receivable agreements in place that provide them with what we believe is an attractive form of financing compared to debt financing.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the agreements, Bell&nbsp;Canada and Bell Aliant sold interests in accounts receivable to securitization trusts for a total of &#36;1,305&nbsp;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accounts receivable that were sold must meet minimum performance targets. These are based on specific delinquency, default and receivable turnover ratio calculations, as well as minimum credit ratings. If these
accounts receivable fail to meet these performance targets, Bell&nbsp;Canada and Bell Aliant would no longer be able to sell their receivables and would need to find an alternate source of financing.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These securitization agreements are an important part of our capital structure and liquidity. If we did not have them, we would have had to issue &#36;1,305&nbsp;million of additional debt and/or equity to replace the
financing they provided at year end. See Note 9 to the consolidated financial statements for more information.</font></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">54</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<i>
<font face="Arial" color="#0065A4">
<B>Litigation</B></font></i></P>
<P align="left">
<font face="Arial" size="2">We become involved in various claims and litigation as a part of our business. While we cannot predict the final outcome of claims and litigation that were pending at December&nbsp;31,&nbsp;2009, based on information currently available and management&#146;s
assessment of the merits of such claims and litigation, management believes that the resolution of these claims and litigation will not have a material and negative effect on our consolidated financial position or results of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will find a more detailed description of the material claims and litigation pending at December&nbsp;31,&nbsp;2009 in the BCE&nbsp;2009 AIF and in Note 24 to the consolidated financial statements.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>OUR COMPETITIVE ENVIRONMENT</B></font></P>
<P align="left">
<font face="Arial" size="2">We face intense competition from cable companies and from other CLECs that could adversely affect our market shares, volumes and pricing strategies and, consequently, our financial results. The rapid development of new technologies, services and
products has altered the traditional lines between telecommunications, Internet and broadcasting services and brought new competitors to our markets. Technology substitution and VoIP, in particular, have reduced barriers to entry in our industry.
This has allowed competitors to launch new products and services and gain market share with far less investment in financial, marketing, personnel and technological resources than has historically been required. We expect this trend to continue in
the future, which could adversely affect our growth and our financial performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition affects our pricing strategies and could reduce our revenues and lower our profitability. We are under constant pressure to keep our prices and service offerings competitive. Changes in our pricing
strategies that result in price increases for certain services or products, or changes in pricing strategies by our competitors, could affect our ability to gain new customers and retain existing ones. We need to be able to anticipate and respond
quickly to the constant changes in our businesses and markets. If we fail to do so, our business and market position could be adversely affected.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CRTC regulates the prices we can charge for basic access services in areas where it determines there is not enough competition to protect the interests of users. Since August&nbsp;2007, the CRTC has determined that
competition was sufficient to grant forbearance from price regulation for over 90% of Bell&nbsp;Canada&#146;s residential local telephone service lines and over 80% of Bell&nbsp;Canada&#146;s business local telephone service lines in Ontario and
Qu&eacute;bec. See <I>Our Regulatory Environment</I> for more information.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We already have several domestic and foreign competitors. In recent years, the Government of&nbsp;Canada has reviewed the foreign ownership restrictions that apply to telecommunications carriers and to broadcast distribution
undertakings. On June&nbsp;26,&nbsp;2009, the Competition Policy Review Panel provided its report to the Government of&nbsp;Canada and suggested that the federal government adopt a two-phased approach
to foreign participation in the telecommunications and broadcast industry. On March&nbsp;3 and 4,&nbsp;2010, the federal government issued its Speech from the Throne and federal budget, respectively, wherein it indicated that the limits on foreign ownership
in the Canadian telecommunications industry will be reviewed. No specific proposals were put forward and there are no details regarding the timing of any review of  the foreign ownership limits. Removing or easing the limits on foreign ownership
could result in more foreign companies entering the Canadian market by making acquisitions or investments. This could result in greater access to capital  for our competitors or the arrival of new competitors with global scale, which would increase
competitive pressure. Until further details are released, we cannot predict what action the Government of&nbsp;Canada will take and we are unable to determine how any potential reform proposals may affect us.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Wireline</B></font></P>
<P align="left">
<font face="Arial" size="2">Our main competitors in local and access services are: Rogers Cable&nbsp;Inc. (Rogers Cable); TELUS Corporation (TELUS); Allstream Enterprise Solutions (a division of MTS Allstream&nbsp;Inc.) (Allstream); Primus Telecommunications&nbsp;Canada&nbsp;Inc. (Primus);
Vid&eacute;otron Lt&eacute;e (Vid&eacute;otron), in Qu&eacute;bec; Cogeco Cable&nbsp;Inc. (a subsidiary of Cogeco&nbsp;Inc.) (Cogeco Cable), in Ontario and Qu&eacute;bec; Bragg Communications&nbsp;Inc. operating under the Eastlink trade-name, in New Brunswick,
Nova Scotia and Prince Edward Island; Maskatel&nbsp;Inc., in Qu&eacute;bec; and Shaw Communications&nbsp;Inc. (Shaw), in British Columbia, Alberta, Saskatchewan and Manitoba.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our major competitors in long distance services are: Allstream; TELUS; Primus; Vonage&nbsp;Canada (a division of Vonage Holdings Corp.) (Vonage); dial-around providers, such as Yak and Looney Call, which are divisions of
YAK Communications (Canada)&nbsp;Inc. which is owned by Globalive Communications Corporation; prepaid long distance providers, such as Group of Gold Line and Vonage; Cogeco Cable, in Ontario and Qu&eacute;bec; Rogers Cable, in Ontario; Vid&eacute;otron,
in Qu&eacute;bec; and Eastlink, in New Brunswick, Nova Scotia and Prince Edward Island.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continue to face cross-platform competition as customers replace traditional services with new and non-traditional technologies. For example, our wireline business competes with VoIP, wireless and Internet services,
including chat services, instant messaging and e-mail. Industry Canada&#146;s licensing of AWS spectrum to ten new potential wireless competitors, one of which already started providing services, as discussed in more detail below, could result in
additional technology substitution.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are facing significant competitive pressure from cable companies as a result of them offering voice services over their networks. Cable telephony is being driven by its inclusion in discounted bundles and is now
offered by cable operators in most major and mid-sized communities and in small communities as well. Although we expect the rate of expansion of the cable companies&#146; footprints to moderate, cable companies will continue to put downward pressure
on our </font></P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">55</font></b></P>

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<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">market share, especially in the residential market. This could continue to have an adverse effect on our business and results of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we expect the rate of our residential NAS losses in&nbsp;2010 to remain relatively steady and the rate of our business NAS losses to improve, there is a risk that adverse changes in certain factors, including, in
particular, competitive actions by cable providers and higher wireless substitution that may result especially from new entrants starting to provide wireless services at lower prices relative to our prices and those of other existing wireless
service providers, may result in acceleration, beyond our current assumptions, in  our rates of NAS erosion. This could have an adverse effect on our results of operations. Furthermore, additional competitive pressure from the adoption of
alternative technologies, products and services is making significant inroads into our legacy services, which typically represent our higher-margin business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prices for long distance services have been declining since this segment was opened to competition. Our long distance services continue to face intense competitive pressure given the expanded presence of cable telephony
and the continuing impact of non-traditional suppliers, including prepaid card suppliers, dial-around services and VoIP providers, as well as from traditional competitors such as inter-exchange carriers and resellers. We also experience competition
from telecommunications providers such as Skype Technologies  (a division of eBay) that provide long distance service at low prices using personal computers and broadband connections.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition for contracts to supply long distance services to large business customers is very intense. Customers may choose to switch to competitors that offer lower prices to gain market share. Such competitors may be
less concerned about the quality of service or impact on their margins than we are. Competitors are also offering IP-based telephony to business customers at attractive prices.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Bell Aliant&#146;s residential markets, competition for most product lines is well established. Competition for local telephone service is most established in Nova Scotia and Prince Edward Island, where it was
introduced in the residential market in 1999 and 2001, respectively. In more recent years, the competitive local service market has continued to expand with the introduction of local service competition in New Brunswick and Newfoundland and
Labrador, as well as in Ontario and Qu&eacute;bec. In the business customer base, Bell Aliant operates in an increasingly competitive marketplace, with competition emerging from VoIP providers, cable television operators and system integrators.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The current competitive environment suggests that the number of our legacy wireline customers and the volume of our long distance traffic will continue to decline in the future. Continued decline will lead to reduced
economies of scale in those businesses and, in turn, lower margins. Our strategy is to seek to mitigate these declines through cost reductions and by building the business for newer growth services, but the margins on newer services are generally
less than the margins on legacy services and we cannot provide any assurance that our efforts will be successful. If legacy services margins decline faster than the rate of growth in margins for our newer growth services, our financial performance could be adversely affected. In addition, if a large portion of the
customers who stop using our voice services also cease using our other services, our financial performance could be adversely affected. Bringing to market new growth products and services is expensive and inherently risky as it requires capital and
other investments at a time when the demand for the products or services is uncertain. It may also require us to compete in areas outside our core connectivity business against highly capable competitors. The launch of new products or services could
be delayed or cancelled due to reductions in the amount of available capital to be invested. Any such delay or cancellation could have an adverse effect on our business, cash flows and results of operations.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Wireless</B></font></P>
<P align="left">
<font face="Arial" size="2">Competition for subscribers to wireless services is based on price, products, services and enhancements, technical quality, coverage and capacity of the wireless networks, customer service and distribution. The Canadian wireless telecommunications
industry is highly competitive. We compete for wireless subscribers, dealers and retail distribution outlets, content and device access, and personnel directly with the following wireless service providers: Rogers Wireless&nbsp;Inc. (including its
subsidiary Fido Solutions&nbsp;Inc.), TELUS Mobility (a business unit of TELUS), Globalive Wireless Management Corp. (Globalive), and with a multitude of resellers known as mobile virtual network operators that aggressively introduce, price and market
their products and services. We expect competition to intensify as new technologies, products and services are developed which could adversely affect our ability to achieve our subscriber additions and ARPU  targets. For example, mobile handsets
that bypass wireless service providers&#146; networks to access the Internet are now available from a number of manufacturers and service providers. If these products significantly penetrate the marketplace, usage of our wireless networks may
decline, which could adversely affect our wireless revenues.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition is also expected to increase as a result of Industry&nbsp;Canada&#146;s licensing of AWS spectrum to ten new facilities-based wireless competitors that each acquired spectrum in separate regions, many of which
overlap. In addition to Globalive, which started providing services in Toronto and Calgary in December&nbsp;2009, and which may launch services in other cities in&nbsp;2010 where Globalive owns spectrum, and Data and Audio Visual Enterprises Wireless&nbsp;Inc.
(DAVE), which has announced its launch for spring&nbsp;2010 in Toronto, spectrum was also awarded to the following entities, or one of their affiliates, which have indicated launch dates of mid-2010 or later: Shaw, Vid&eacute;otron, Bragg Communications
Inc., Public Mobile&nbsp;Inc., Celluworld&nbsp;Inc., Rich Telecom Corp., Blue&nbsp;Canada Wireless&nbsp;Inc. and Novus Wireless&nbsp;Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increase in the level of competitive intensity in the Canadian wireless industry will depend on when and in what regions these new competitors will start providing wireless
</font></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">56</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">services, as well as their pricing, marketing and other strategies. In order to gain market share, the new wireless competitors&#146; strategies are expected to include price discounting relative to our and other incumbents&#146; pricing as well as
increased competition at the distribution level. The pricing and other strategies of these new wireless competitors, as well as the pricing and other strategies of existing wireless service providers in response to the new wireless competitors&#146;
actions, could adversely affect our ability to gain new customers and retain existing ones and require us to adjust our own pricing and other strategies, which in turn could have an adverse effect on our business and results of operation. The new
wireless carriers could achieve higher market shares than we currently expect particularly as a result of their pricing strategies and focused product offerings. The ultimate number and viability of new competitors will remain unknown until they
actually commence operations or make specific announcements in relation thereto. See <I>Our Regulatory Environment &#150; Radiocommunication Act &#150; AWS Spectrum</I> for more details on this subject.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The wireless communications industry commits significant resources to research and development (R&amp;D). A majority of this work is expended in the refinement of mainstream wireless standardization activities that
result in highly successful technology such as HSPA and long-term evolution (LTE). Some of this technology is transferable into competing or complementary technology tracks that can be standards-based in the case of wireless fidelity (Wi-Fi) and
WiMAX or proprietary vendor-specific solutions. Although these technology tracks have not gained significant revenue market share in&nbsp;Canada, we expect that continued development and refinement of the business model will increase competition.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pressures on our ARPU, COA and costs of retention would likely result if competitors increase subsidies for handsets, particularly for smartphones, lower airtime and wireless data prices and offer other incentives to
attract new customers. Wireless competition has also intensified due to an increased emphasis on multi-product bundles and new data plans. This emphasis could also pressure our ARPU and increase churn and COA.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Internet Access</B></font></P>
<P align="left">
<font face="Arial" size="2">We compete with cable companies and Internet service providers (ISPs) to provide high-speed and dial-up Internet access and related services. In particular, cable companies have focused on increased bandwidth and discounted pricing on bundles to
compete against us, which could directly affect our ability to maintain ARPU performance and could adversely affect our results of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable companies have aggressively rolled out Internet networks offering higher speeds to their customers, forcing us to incur significant capital expenditures in order to also be able to offer higher speeds on our
networks. The failure to make continued investments in our Internet networks enabling us to offer Internet services at higher speeds to our customers as well as our inability to offer a different range of
products and services compared to our competitors would adversely affect the pricing of our products and services and our results of operations. Furthermore, as penetration of the Canadian broadband Internet market reaches higher levels, the
possibility to acquire new customers increasingly depends on our ability to win customers away from our competitors. However, as customers increasingly choose to bundle services, our ability to acquire customers from our competitors is adversely
affected.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developments in wireless broadband services may also lead to increased competition in certain geographic areas. This could have an adverse effect on the financial performance of our Internet access services
business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the high-speed Internet access services market, we compete with large cable companies such as: Rogers Cable, in Ontario and New Brunswick, Nova Scotia and Prince Edward Island; Vid&eacute;otron, in Qu&eacute;bec;
Cogeco Cable, in Ontario and Qu&eacute;bec; Eastlink, in New Brunswick, Nova Scotia and Prince Edward Island; and Persona Communications&nbsp;Inc., which was acquired by Eastlink in&nbsp;2007, in all provinces except New Brunswick, Nova Scotia and Prince
Edward Island.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Video</B></font></P>
<P align="left">
<font face="Arial" size="2">Competition for subscribers is based on the number and kinds of channels offered, quality of the signal, STB features, availability of service in the region, price and customer service. Bell TV competes throughout&nbsp;Canada directly with Shaw Direct (a
business unit of Shaw Communications&nbsp;Inc.), which like Bell TV operates a DTH satellite TV service, and with cable companies across&nbsp;Canada. Most of these cable companies continue to upgrade their networks, operational systems and services, which
will improve their competitiveness. This could negatively affect our financial performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Canada holds broadcasting distribution licences for major centres in Ontario and Qu&eacute;bec to offer video services on a wireline basis. Bell&nbsp;Canada and Bell TV offer video services through DTH satellite, VDSL
and hybrid fibre co-axial cable. Bell&nbsp;Canada is currently offering IPTV services on a limited basis and intends to start offering IPTV services on a broader basis in the course of&nbsp;2010 starting with the cities of Toronto and Montr&eacute;al. The
launch of our IPTV services will provide us the opportunity to gain market share and enhance our competitive position in core urban markets starting with the cities of Toronto and Montr&eacute;al.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell TV&#146;s and Bell&nbsp;Canada&#146;s competitors also include Canadian cable companies such as: Rogers Cable, in Ontario, New Brunswick and Newfoundland; Vid&eacute;otron, in Qu&eacute;bec; Cogeco Cable, in Ontario
and Qu&eacute;bec; Shaw, in British Columbia, Alberta, Saskatchewan, Manitoba and northwestern Ontario; Eastlink, in New Brunswick, Nova Scotia and Prince Edward Island; and Persona Communications&nbsp;Inc., in all provinces except New Brunswick, Nova
Scotia and Prince Edward Island. In addition to these traditional video competitors, certain traditional telephone companies have recently launched or are contemplating the launch of IPTV services that would compete with Bell TV in certain
markets.</font></P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">57</font></b></P>

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<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell TV continues to face competition from unregulated U.S. DTH satellite television services that are sold illegally in Canada. In response, we are participating in legal actions that are challenging the sale of U.S.
DTH satellite television equipment in&nbsp;Canada. This competition and the outcome of the related legal actions could have an adverse effect on the business and results of operations of Bell TV.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the licenced broadcast distribution undertakings noted above, new unregulated video services and offerings available over high-speed Internet connections are beginning to compete with traditional
television services. The continued growth and adoption by customers of these alternative TV services could negatively affect the financial performance of Bell TV and Bell&nbsp;Canada.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Wholesale</B></font></P>
<P align="left">
<font face="Arial" size="2">The main competitors in our wholesale business include both traditional carriers and emerging carriers. Traditional competitors include Allstream and TELUS, both of which may wholesale some or all of the same products and services as Bell&nbsp;Canada.
Non-traditional competitors include electrical utility-based telecommunications providers, cable operators, domestic CLECs and U.S.-based carriers for certain services. Despite intense competitive pressure, our new products and unregulated services
markets continue to grow. However, growth of end-user technologies such as VoIP is continuing to increase pressure on some legacy product lines.</font></P>
<P align="left">
<b><font face="Arial" color="#0065A4">OUR REGULATORY ENVIRONMENT</font></b></P>
<P align="left">
<font face="Arial" size="2">This section describes the legislation that governs our businesses, and provides highlights of recent regulatory initiatives and proceedings and government consultations that affect us. Bell&nbsp;Canada, Bell Aliant and several of Bell&nbsp;Canada&#146;s
direct and indirect subsidiaries and significantly influenced companies, including NorthernTel, Limited Partnership (NorthernTel), T&eacute;l&eacute;bec, Limited Partnership (T&eacute;l&eacute;bec), Northwestel, Bell Mobility and Bell TV, are
governed by the <I>Telecommunications Act</I>, the <I>Broadcasting Act</I>, the <I>Radiocommunication Act</I> and the <I>Bell&nbsp;Canada Act</I>. Our business is affected by decisions made by various regulatory agencies, including the CRTC. The CRTC, an
independent agency of the Government of&nbsp;Canada, is responsible for regulating&nbsp;Canada&#146;s telecommunications and broadcasting industries. Other aspects of the businesses of these companies are regulated in various ways by federal government
departments, in particular Industry&nbsp;Canada. </font> </P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Telecommunications Act </B></font></P>
<P align="left">
<font face="Arial" size="2">The <I>Telecommunications Act</I> governs telecommunications in&nbsp;Canada. It defines the broad objectives of&nbsp;Canada&#146;s telecommunications policy and provides the Government of&nbsp;Canada the power to give general direction to the CRTC on any of these
objectives. It applies to several of the Bell&nbsp;Canada companies and partnerships, including Bell&nbsp;Canada, Bell Mobility, Bell Aliant, NorthernTel, Northwestel and T&eacute;l&eacute;bec.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the <I>Telecommunications Act</I>, all telecommunications common carriers must seek regulatory approval for all proposed tariffs for telecommunications services, unless the services are exempt from regulation or
are not regulated. The CRTC may exempt an entire class of carriers from regulation under the <I>Telecommunications Act</I> if the exemption meets the objectives of&nbsp;Canada&#146;s telecommunications policy.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>Telecommunications Act</I> includes the following ownership requirements for companies, such as Bell&nbsp;Canada, Bell Aliant and Bell Mobility, that operate as telecommunications common carriers: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">they must be
eligible to operate as Canadian carriers; </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">they must be Canadian owned and controlled corporations. Direct ownership must be at least 80% Canadian ownership of voting shares and indirect ownership, such as indirect ownership through BCE&nbsp;Inc.,
must be at least 66<SUP>2</SUP>/</font><font face="Arial" size="1">3</font><font face="Arial" size="2">% Canadian ownership of voting shares;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">they must not otherwise be controlled by non-Canadians; and
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">at least 80% of the members of their board of directors must be Canadian.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">BCE&nbsp;Inc. monitors and periodically reports on the level of non-Canadian ownership of its common shares.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Key Telecommunications Issues </I></B></font></P>
<P align="left">
<font face="Arial" size="2">This section describes key regulatory issues which are being addressed, or have been addressed in past years, that influence or have influenced our business and may continue to affect our flexibility to compete in the marketplace.</font></P>
<P align="left">
<b><font face="Arial" size="2">COMMITMENT UNDER THE CRTC DEFERRAL ACCOUNT
MECHANISM</font></b></P>
<P align="left">
<font face="Arial" size="2">Bell&nbsp;Canada&#146;s accumulated deferral account commitment is estimated at &#36;488&nbsp;million. The clearing of the deferral account is subject to CRTC approval.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Telecom Decision&nbsp;2008-1, the CRTC approved Bell Canada&#146;s proposed initiatives to improve access to telecommunications services for persons with disabilities using &#36;24&nbsp;million from its deferral account. The
CRTC determined that these funds should be fully utilized within a four-year period ending in&nbsp;2011, and directed Bell&nbsp;Canada to file a report each year, by March&nbsp;31, providing updates on the status. The CRTC also approved the use of deferral account
funds to fund the uneconomic cost of expanding broadband services to 112 communities, and determined that the remainder in Bell Canada&#146;s deferral account should be returned to residential customers in urban, non-high-cost serving areas within
the Ontario and Qu&eacute;bec portions of the serving areas of Bell&nbsp;Canada and Bell Aliant.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the follow-up processes related to Telecom Decision&nbsp;2008-1, on February&nbsp;26,&nbsp;2010, Bell&nbsp;Canada and Bell Aliant advised the CRTC that as part of their deferral account-funded broadband expansion program, they
intended to provide wireless broadband services to the approved communities and indicated that the uneconomic cost of this program would
</font> </P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">58</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">be approximately &#36;454&nbsp;million, leaving &#36;10&nbsp;million for returns to eligible customers. On January&nbsp;29,&nbsp;2010, Bell&nbsp;Canada and Bell Aliant also filed their proposals on the manner in which funds would be returned to customers, and will be filing
additional information in this regard on March&nbsp;15,&nbsp;2010. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRTC approval of these proposals is pending, and a decision is expected later this year.</font></P>
<P align="left">
<b><font face="Arial" size="2">REVIEW OF REGULATORY FRAMEWORK FOR WHOLESALE
SERVICES</font></b></P>
<P align="left">
<font face="Arial" size="2">In light of several CRTC decisions and appeals to the Governor-in-Council, the CRTC is required to rule on several wholesale issues by September&nbsp;1,&nbsp;2010. An oral proceeding is scheduled to begin on May&nbsp;31,&nbsp;2010 and will include a consideration of
whether aggregated wholesale DSL services must be made available at speeds equivalent to the incumbents&#146; retail offerings (speed-matching). This proceeding will also include an examination of the appropriateness of mandating access to any new
types of Internet access infrastructure as well as whether the respective wholesale obligations imposed on incumbent telephone companies and cable companies are equitable or represent a competitive disadvantage. The CRTC will examine whether such
wholesale obligations: 1) would unduly diminish incentives to invest in new network infrastructure, 2) are necessary to enable sufficient competition to protect the interest of users, and 3) unduly impair the ability of incumbent telephone companies
to offer new converged services like IPTV. This proceeding introduces the possibility that new additional wholesale obligations could be imposed on Bell&nbsp;Canada or that, on a going-forward basis, certain wholesale services could be priced at lower
rates. Neither would have a retroactive effect on current rates or revenues. Depending on the outcome, these issues could, however, require Bell&nbsp;Canada to modify its investment plans and its retail and wholesale commercial practices, pricing and
plans.</font></P>
<P align="left">
<b><font size="2" face="Arial">REVIEW OF UNBUNDLED LOCAL LOOP RATES</font></b></P>
<P align="left">
<font face="Arial" size="2">On June&nbsp;2,&nbsp;2009, Bell&nbsp;Canada and Bell Aliant proposed changes to the existing rates for their wholesale service that provides unbundled local loops to competitors in their Ontario and Qu&eacute;bec serving areas, and requested the CRTC to make the
current rates interim until it issues its final determination. The companies filed updated cost studies to support their tariff application. On December&nbsp;14,&nbsp;2009, the CRTC issued Telecom Order&nbsp;2009-775 and made the current loop rates interim,
pending a complete review of the companies&#146; updated cost studies. The process is scheduled to conclude on May&nbsp;28,&nbsp;2010, with unbundled loop rates expected to be finalized within 120 days of the close of the record. The CRTC&#146;s newly
determined rates may then be retroactively applied to the date of interim approval (December&nbsp;14,&nbsp;2009).</font></P>
<P align="left">
<b><font face="Arial" size="2">REVIEW OF SUPPORT STRUCTURE RATES</font></b></P>
<P align="left">
<font face="Arial" size="2">In August&nbsp;2009, the CRTC launched a proceeding to review the large incumbent local exchange carriers&#146; (ILECs) support
structure service rates and declared that each ILEC&#146;s current support structure service rates have interim approval effective the date of the CRTC&#146;s notice. This proceeding will review the rates that competitors must pay ILECs such as Bell
Canada in order to lease space on the poles and underground conduit owned by the ILECs. Current support structure rates are expected to increase given the rise in costs since the last review, which ended in 1993, but there is also a slight risk
that they will decrease. A decision is expected in the fourth quarter of&nbsp;2010, after which the new rates may be retroactively applied to competitors back to the date of interim approval.</font></P>
<P align="left">
<b><font face="Arial" size="2">REVIEW OF THE INTERNET TRAFFIC MANAGEMENT
PRACTICES (ITMPS) OF ISPS</font></b></P>
<P align="left">
<font face="Arial" size="2">On November&nbsp;20,&nbsp;2008, the CRTC issued Telecom Public Notice&nbsp;2008-19 where it initiated a proceeding to consider ITMPs  for retail and wholesale Internet services. The CRTC sought comments with supporting rationale on the changes in bandwidth
consumption that can lead to network congestion, technical or economic ITMPs that are currently available or may be developed in the future, and the impact of these practices on end-users. In addition, the CRTC examined the appropriateness of
implementing regulatory measures in relation to Internet traffic management by ISPs. The CRTC issued its decision on October&nbsp;21,&nbsp;2009, in which it: preserved ISPs&#146; flexibility to manage their networks and established certain transparency
requirements. The CRTC approved the use of technical ITMPs, including application-specific ITMPs such as those applied by Bell&nbsp;Canada; encouraged the use of economic ITMPs such as usage-based billing; established a framework against which future
complaints about traffic management will be assessed; and established certain privacy and notification requirements with which Bell&nbsp;Canada is already largely compliant.</font></P>
<P align="left">
<b><font face="Arial" size="2">PROCEEDING TO REVIEW ACCESS TO BASIC
TELECOMMUNICATIONS SERVICES AND OTHER MATTERS</font></b></P>
<P align="left">
<font face="Arial" size="2">The CRTC has a &#36;208&nbsp;million subsidy (contribution) regime (using&nbsp;2009 data) to support local service in high-cost (i.e. rural and remote) areas. This subsidy is funded by an industry tax on revenues which was set at 0.81% of eligible telecom
revenues in&nbsp;2009. While Bell&nbsp;Canada draws monies from the contribution subsidy fund, it is also the largest payer into the fund. On January&nbsp;28,&nbsp;2010, the CRTC initiated a proceeding to review issues associated with access to basic telecommunications
service. The proceeding will include a review of the obligation to serve, the basic service objective, and the local service subsidy (contribution) regime. It will also re-examine the local competition and wireless number portability frameworks in
the territories of the small ILECs. Finally, as wireless data was forborne completely from retail and wholesale regulation in 1996, the CRTC will examine whether it would be appropriate to modify the wireless data forbearance framework in order for
the guidelines established in the previously mentioned ITMPs proceeding to be applicable to wireless service providers.
</font> </P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
59</font></b></font></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proceeding will include a two-week oral hearing scheduled to begin on October&nbsp;25,&nbsp;2010. This proceeding may result in changes to various regulatory regimes, including possible increased annual contributions to the
subsidy regime, which could have an adverse effect on Bell&nbsp;Canada&#146;s business and financial results. A decision is expected in the first quarter of&nbsp;2011.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Broadcasting Act </B></font></P>
<P align="left">
<font face="Arial" size="2">The <I>Broadcasting Act</I> assigns the regulation and supervision of the broadcasting system to the CRTC. Key policy objectives of the <I>Broadcasting Act</I> are to:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">protect and strengthen the cultural, political, social and economic fabric
of&nbsp;Canada; and </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">encourage the development of Canadian expression.
	</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">Most broadcasting activities require a broadcasting licence or broadcasting distribution licence from the CRTC. The CRTC may exempt broadcasting undertakings from complying with
certain licensing and regulatory requirements if the CRTC is satisfied that complying with those requirements will not materially affect the implementation of Canadian broadcasting policy. A corporation must meet the following ownership requirements
to obtain a broadcasting or a broadcasting distribution licence:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">it must be Canadian-owned and controlled. At least 80% of all outstanding and issued voting shares and at least 80% of the votes must be beneficially owned directly by
Canadians; </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">it must not otherwise be controlled by non-Canadians;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">at least 80% of the board of directors, as well as the Chief Executive Officer (CEO), must be Canadian; and
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">at least 66<SUP>2</SUP>/</font><font face="Arial" size="1">3</font><font face="Arial" size="2">%
	of all outstanding and issued voting shares, and at least 66<SUP>2</SUP>/</font><font face="Arial" size="1">3</font><font face="Arial" size="2">% of the votes of the parent corporation must be beneficially owned and controlled, directly or indirectly, by Canadian interests.
	</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">If the parent corporation of a broadcasting licencee has fewer than 80% Canadian directors on its board of directors, a non-Canadian CEO or less than 80% Canadian ownership, the parent corporation must demonstrate to the CRTC that it or its
directors do not have control or influence over any of the broadcasting licencee&#146;s programming decisions. Corporations must have the CRTC&#146;s approval before they can transfer effective control of a broadcasting licencee. The CRTC may impose
certain requirements, including the payment of certain benefits, as a condition of the transfer.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Canadian ownership rules for broadcasting licencees, such as Bell TV, set out in the Direction to the CRTC (ineligibility of Non-Canadians) issued by the Governor General in Council under the <I>Broadcasting
Act</I>, restrict allowable foreign investments in voting shares at the licencee
operating company level, and at the level of any broadcasting licencee, to a
maximum of 20%, and at the holding company level to a maximum of 33<sup>1</sup>/</font><font face="Arial" size="1">3</font><font face="Arial" size="2">%. Because BCE&nbsp;Inc. previously held a broadcasting licence as a limited partner in Bell TV, BCE&nbsp;Inc. was also subject to the 20% foreign ownership limit for broadcasting licencees. However, following a recent corporate
reorganization, BCE&nbsp;Inc. has ceased to be a broadcasting licencee, with the
result that foreign ownership in BCE&nbsp;Inc. is now permitted up to a maximum of 33<sup>1</sup>/</font><font face="Arial" size="1">3</font><font face="Arial" size="2">%.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Canada holds broadcasting distribution licences, for major centres in Ontario and Qu&eacute;bec, to offer video on a wireline basis. In addition, Bell TV, Bell Aliant, Northwestel and Cablevision du Nord du
Qu&eacute;bec&nbsp;Inc., a T&eacute;l&eacute;bec subsidiary, have broadcasting distribution licences that allow them to offer services. Bell TV is permitted to offer services nationally. Bell Aliant is permitted to offer services in Newfoundland and
Labrador, Nova Scotia and New Brunswick. T&eacute;l&eacute;bec is permitted to offer services in specific areas of Ontario and Qu&eacute;bec. Northwestel is permitted to offer services in specific areas of the Northwest Territories.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Bell TV </I></B></font></P>
<P align="left">
<font face="Arial" size="2">Bell TV is subject to programming and carriage requirements under CRTC regulations. Changes to the regulations that govern broadcasting could negatively affect Bell TV&#146;s competitive position or the cost of providing its services. Bell TV&#146;s
DTH satellite television distribution undertaking licence was renewed in March&nbsp;2004 and expires on August&nbsp;31,&nbsp;2010. While we expect this licence will be renewed at term, there is no assurance that this will happen, or of the terms under which
renewal will be granted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;30,&nbsp;2008, the CRTC issued Broadcasting Public Notice&nbsp;2008-100, in which it established its regulatory frameworks for broadcast distribution undertakings and discretionary programming services, and set out its
policies related to signal carriage and distant signals. The majority of the CRTC&#146;s determinations are to be implemented on August&nbsp;31,&nbsp;2011 and in certain respects will provide Bell TV a measure of added flexibility in service packaging.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CRTC rejected the over-the-air broadcasters&#146; fee-for-carriage proposal, which would have required cable and<B> </B>satellite operators to pay for the right to carry local signals. However, the CRTC determined
that cable and satellite operators would be required, starting in September&nbsp;2009, to contribute 1% of their annual revenue to a new local programming improvement fund (LPIF) administered by an independent third party chosen by the Canadian
Association of Broadcasters (CAB).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CRTC&#146;s Broadcasting Public Notice&nbsp;2008-100 also altered its policies regarding delivery of distant or out-of-market signals. Cable and satellite operators can continue to deliver these signals without consent
or fees within the province of origin but will require the permission of broadcasters to deliver the signals to subscribers in other provinces. The CRTC determined that broadcasters and cable and satellite operators should negotiate the terms under
which the signals will be delivered but that it will arbitrate disputes when parties are unable to reach mutually satisfactory agreements. Those negotiations have subsequently been suspended pending the determination of the FFC/VFS (as defined
below) hearings described below.</font></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">60</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;27,&nbsp;2009, the CRTC announced that it would reexamine the LPIF in its consultation on licence renewals for private conventional television stations to determine if the 1% contribution will provide sufficient
support for local programming in non-metropolitan markets, either on a short-term or a longer-term basis. At the same time, and in light of the impact of the current economic uncertainty on broadcasters, the CRTC announced that it would again
address the issue of fee-for-carriage for local signals as part of its spring&nbsp;2010 licence renewal process.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;6,&nbsp;2009, and before the LPIF was implemented, the CRTC issued a decision increasing the required amount to be contributed by cable and satellite operators to 1.5% and deciding that funds generated by the LPIF do
not need to be spent on additional local programming by TV stations. Subsequently, regulations were issued under the <I>Broadcasting Act</I> requiring cable and satellite operators to commence paying the LPIF as of September&nbsp;1,&nbsp;2009. In order to
meet the CRTC&#146;s orders without impacting the current and future quality of our products and services, Bell TV has decided to apply a monthly fee to customer bills which will not exceed 1.5% of the total monthly Bell TV charges incurred by a
customer on and after September&nbsp;1,&nbsp;2009. The CRTC held a public hearing from November&nbsp;16 to November&nbsp;27,&nbsp;2009 to, among other things, consider the appropriate contribution level for the LPIF. There can be no assurance that the LPIF contribution
level will be reduced, maintained, or increased.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;11,&nbsp;2009, the CRTC also decided to consider whether it would be appropriate for over-the-air broadcasters to be compensated for the &#147;value&#148; of their conventional TV signals. This form of compensation
is commonly called fee-for-carriage (FFC) but is referred to by the CRTC as value for signal (VFS). Under one proposal, all distributors, including Bell TV, would be required to compensate the conventional broadcasters in order to distribute their
signals. The CRTC held a public hearing from November&nbsp;16 to November&nbsp;27,&nbsp;2009 to consider whether FFC/VFS is appropriate and, if so, how it should be implemented. In addition, the CRTC held a public hearing from December&nbsp;7 to December&nbsp;11,&nbsp;2009,
after being ordered to do so by the Governor-in-Council, in order to issue a report to the Governor-in-Council on FFC/VFS taking into account how FFC/VFS would impact the affordability of cable and satellite TV services and the impact of FFC/VFS, on
the broadcast industry. Because it is uncertain whether a FFC/VFS regime will be adopted, or at what levels, we are unable to estimate the potential impact of FFC/VFS at this time. The CRTC is required to issue a report to the Governor-in-Council on
the FFC/VFS<B> </B>issue as soon as practicable.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Radiocommunication Act </B></font></P>
<P align="left">
<font face="Arial" size="2">Industry&nbsp;Canada regulates the use of radio spectrum by Bell&nbsp;Canada, Bell Mobility and other wireless service providers under the <I>Radiocommunication Act</I>. Under the <I>Radiocommunication Act</I>, Industry&nbsp;Canada ensures that radio
communication in&nbsp;Canada is developed and operated efficiently.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Minister of Industry has the discretion to: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">issue and amend radio licences </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">set technical standards for radio equipment
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">establish licensing conditions </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">decide how radio spectrum is allocated and used.
	</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">Under the Radiocommunication Regulations, companies that are eligible for radio licences, such as Bell&nbsp;Canada and Bell Mobility, must meet the same ownership requirements that apply to corporations under the <I>Telecommunications Act</I>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>Radiocommunication Act</I> contains provisions which make it a criminal offence to manufacture, offer for sale or sell any device used to decode an encrypted subscription signal in connection with unauthorized
reception of satellite signals. Bell TV, Bell&nbsp;Canada, the CAB and members of&nbsp;Canada&#146;s broadcasting production community continue to encourage the Government of&nbsp;Canada to strengthen the <I>Radiocommunication Act</I> in order to combat the black
market in signal theft.</font></P>
<P align="left">
<font color="#0065A4"><b><i><font face="Arial">S</font></i></b><font face="Arial"><B><I>pectrum
Licences </I></B></font></font></P>
<P align="left">
<font face="Arial" size="2">Companies must have a spectrum licence to operate wireless systems in&nbsp;Canada. The Minister of Industry awards spectrum licences, through a variety of methods, at his or her discretion under the <I>Radiocommunication Act</I>. While we anticipate that
the licences under which we provide cellular and personal communications services (PCS) will be renewed at term, there is no assurance that this will happen. In Industry&nbsp;Canada&#146;s November&nbsp;28,&nbsp;2007 decision regarding the licensing and auction
policy for the auctioning of AWS spectrum, Industry&nbsp;Canada indicated that an upcoming consultation regarding the renewal process may affect the renewal of both existing cellular and PCS as well as future AWS spectrum licence renewals. Industry
Canada can revoke a company&#146;s licence at any time if the company does not comply with the licence&#146;s conditions. Moreover, in its AWS decision, Industry&nbsp;Canada indicated that even with full compliance with the conditions of a licence,
Industry&nbsp;Canada could withdraw a licence based on circumstances in existence at the time of renewal. While we believe that we comply with the conditions of our licences, there is no assurance that Industry&nbsp;Canada will agree. Should there be a
disagreement, this could have a negative effect on our business and financial results.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of a 2003 Industry&nbsp;Canada decision, the cellular and PCS licences under which we provide service, which would have expired on March&nbsp;31,&nbsp;2006, will now expire in&nbsp;2011. The PCS licences that were awarded in
the 2001 PCS auction will expire on November&nbsp;29,&nbsp;2011. As a result, our cellular and PCS licences are now classified as &#147;spectrum licences&#148;, that is, licences issued on a geographic basis rather than on a radio-site-by-radio-site basis,
with a standard ten-year licence term.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Wireless and Radio Towers </I></B></font></P>
<P align="left">
<font face="Arial" size="2">In its November&nbsp;28,&nbsp;2007 AWS decision, Industry&nbsp;Canada adopted a new policy which mandates the sharing of wireless towers and cell sites at commercial rates, where technically feasible, and prohibits exclusive rooftop arrangements with landlords. On
February&nbsp;29,&nbsp;2008, Industry&nbsp;Canada issued its conditions of licence for mandated roaming and antenna
</font> </P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">61</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">tower and site sharing and to prohibit exclusive site arrangements. On November&nbsp;21,&nbsp;2008, the conditions of licence came into effect, incorporating the arbitration rules and procedures issued on the same day. As noted by Industry&nbsp;Canada, the revised
conditions of licence are intended to facilitate competitive entry into the Canadian wireless market and, taken collectively, are intended to result in increased competition. On April&nbsp;14,&nbsp;2009, Industry&nbsp;Canada issued its guidelines for compliance
with its conditions of licence for mandated roaming and antenna tower and site sharing. The guidelines outlined the content which should be included in requests for preliminary tower and cell site information and established the time lines for
licencee response. Industry&nbsp;Canada also clarified its tower space reservation considerations with respect to licencee&#146;s future requirements and third-party contracts, as well as its site access and confidentiality requirements. Due to the
nature and number of uncertainties that remain concerning mandated tower sharing, we are unable to estimate the potential impact of the revised conditions of licence on our business at this time.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Consultation on the Renewal of Cellular and PCS Spectrum Licences</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Spectrum licences are issued with a ten-year term. Bell Mobility holds a number of cellular and PCS spectrum licences that expire in&nbsp;2011 and that are used for providing cellular and PCS services. Industry&nbsp;Canada&#146;s policy for spectrum licences
is to hold consultations two years prior to licence expiry to consider the renewal of existing licences as well as the terms and conditions that will apply to renewed licences. Accordingly, on March&nbsp;25,&nbsp;2009, Industry&nbsp;Canada initiated a consultation
to consider the renewal of those cellular and PCS spectrum licences which expire in&nbsp;2011. The proposed renewal conditions of licence include retention of the ten-year licence term and elimination of the implementation of spectrum usage requirement.
Industry&nbsp;Canada has also indicated that the current R&amp;D investment requirement is under active consideration in the concurrent consultation regarding changes to&nbsp;Canada&#146;s spectrum auction framework (see below <I>Consultation on Revisions to
the Framework for Spectrum Auctions</I><B><I> </I></B><I>in&nbsp;Canada</I>).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry&nbsp;Canada has commissioned a separate study to assess the current market value of cellular and PCS spectrum as input into its consideration of renewal fees. This study was completed for Industry&nbsp;Canada late in the
fourth quarter of&nbsp;2009 and is expected to be publicly released late in the first quarter or in the second quarter of&nbsp;2010. It will include an international fee comparison and a review of auction prices paid for similar spectrum in&nbsp;Canada as well as
internationally. The Industry&nbsp;Canada decision on renewal fees has the potential to significantly affect the cost of spectrum for all carriers including Bell Mobility. Bell Mobility filed comments in response to the initial Industry&nbsp;Canada
consultation on May&nbsp;29,&nbsp;2009 and filed reply comments on June&nbsp;30,&nbsp;2009. Among other things, Bell Mobility argued for indefinite or 20-year licence terms, as opposed to the ten-year term proposed by Industry
Canada. Bell Mobility also argued that no renewal fees should apply at all, but if any such fees are imposed, that they should be restricted to a level sufficient to recover Industry Canada&#146;s cost of managing the spectrum, as is currently the
case in the U.S. It is not possible to estimate, at this time, the impact that Industry&nbsp;Canada&#146;s conclusions will have on our operations and financial results.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Consultation on Revisions to the Framework for Spectrum Auctions in&nbsp;Canada</I></B></font></P>
<P align="left">
<font face="Arial" size="2">On April&nbsp;8,&nbsp;2009, Industry&nbsp;Canada initiated the previously announced consultation regarding, among other issues, the renewal of long-term spectrum licences. The consultation, which considers changes to the 2001 Framework for spectrum auctions in
Canada, invites comments on: the use of auction types other than the currently used simultaneous multiple-round ascending auction format; the use of auctions to award satellite licences; restructuring the tier service areas for licensing so as to
distinguish between rural and urban areas; and on the continued need for the condition of licence requiring that licencees invest a percentage of their adjusted gross revenues in R&amp;D.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry&nbsp;Canada&#146;s consultation also invites comments on the renewal of long-term, or ten-year, auctioned and non-auctioned spectrum licences including Industry&nbsp;Canada&#146;s proposal to apply licence fees to
subsequent terms beyond the initial ten-year term. Industry&nbsp;Canada also seeks comments on its proposal that licence fees, applicable in subsequent renewal terms, be based on an estimation of the market value of the spectrum in question. Industry
Canada has stated that market value could be estimated by considering fees for similar spectrum in&nbsp;Canada, the fees charged for similar spectrum in other jurisdictions, or as reflected in the prices paid at auction for similar spectrum. Determining
the market value of spectrum will likely be a contentious issue and could significantly affect the cost of spectrum for all carriers, including Bell Mobility. Bell Mobility filed its comments on June&nbsp;15,&nbsp;2009, and reply comments on July&nbsp;15,&nbsp;2009.
Among other things, Bell Mobility argued for significantly longer licence terms and supported Industry&nbsp;Canada&#146;s proposal to remove the 2% R&amp;D investment requirement applicable to cellular and PCS licences. The 2% R&amp;D condition of
licence requires licencees to invest an amount equal to a minimum of 2% of the adjusted gross revenues derived from its operations using the spectrum in telecommunications-related<B> </B>R&amp;D. In&nbsp;2008, Bell Mobility&#146;s R&amp;D requirement
amounted to &#36;48&nbsp;million. It is not possible to estimate, at this time, the impact that Industry&nbsp;Canada&#146;s conclusions will have on our operations and results.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Consultation on Transition to Broadband Radio Services (BRS) in the Band 2500&#150;2690
Megahertz (MHz)</I></B></font></P>
<P align="left">
<font face="Arial" size="2">In March&nbsp;2009, Industry&nbsp;Canada issued its long anticipated consultation which addresses issues surrounding the implementation of mobile service in the 2500 MHz band. The consultation is the next phase in Industry&nbsp;Canada&#146;s&nbsp;2006 2500
</font> </P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">62</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>
<p align="right" style="margin-top: 0">&nbsp;</p>

<P align="left">
<font face="Arial" size="2">MHz policy, which enables use of the Bell&#150;Rogers Inukshuk Wireless&nbsp;Inc. spectrum for mobile services, provided that approximately one-third of the licensed (fixed-use) spectrum is returned to Industry&nbsp;Canada. Among other things, the
consultation addresses whether to apply a firm transition date to existing multipoint communication system (MCS) and multipoint distribution service (MDS) licences, the criteria to be used when issuing BRS licences, treatment of incumbents and
proposed licence conditions applicable to BRS licences. Regarding licence fees, Industry&nbsp;Canada indicated its intention to consult on a new licence fee regime that will apply to BRS licences. The consultation also indicates that a forthcoming
stakeholder proposal development (SPD) process would facilitate discussions among incumbents with the goal of developing proposals for an internationally compatible band plan for BRS. A joint submission, on behalf of Bell&nbsp;Canada, Inukshuk and Rogers
Communications&nbsp;Inc., was filed in response to Industry&nbsp;Canada&#146;s consultation on June&nbsp;15,&nbsp;2009 and reply comments on July&nbsp;17,&nbsp;2009. Although it is not possible to estimate, at this time, the impact that Industry&nbsp;Canada&#146;s conclusions will
have on our operations and financial results, it is anticipated that Industry&nbsp;Canada will hold an auction to award the returned and unused 2500 MHz spectrum in&nbsp;2011.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>AWS Spectrum </I></B></font></P>
<P align="left">
<font face="Arial" size="2">As previously mentioned, on November&nbsp;28,&nbsp;2007, Industry&nbsp;Canada released its decision concerning the policy and rules governing the licensing of additional mobile spectrum for AWS in the 1.7 and 2.1 gigahertz (GHz) bands. The licensing process also
made an additional 10 MHz of PCS spectrum available in the 1.9 GHz band and 5 MHz in the 1.6 GHz band. In total, 105 MHz of spectrum, 90 MHz of which is AWS spectrum, was available to be licensed through the competitive spectrum auction, the bidding
stage of which ended on July&nbsp;21,&nbsp;2008. Industry&nbsp;Canada&#146;s AWS decision set aside 40 MHz of the available 90 MHz of AWS spectrum for which only new entrants were able to bid. The remaining 50 MHz of AWS spectrum was open to bidding by any party,
including incumbent carriers and new entrants. In order to provide an expansion path for next-generation technologies and future services, we purchased new wireless licences in the AWS spectrum auction. We acquired 20 MHz of spectrum in Ontario
(including Toronto and surrounding areas), in Canada&#146;s Atlantic provinces, and in Northern&nbsp;Canada, as well as<B> </B>10 MHz in Qu&eacute;bec and in Western&nbsp;Canada, for a total investment of &#36;741&nbsp;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry&nbsp;Canada&#146;s policies relating to the auction and to the licensing of AWS spectrum favoured the entry of new competitors into the Canadian wireless market and resulted in ten potential new competitors, one of
which already started providing services, securing blocks of spectrum in the auction, some of which are on a regional basis.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refer to <I>Our Competitive Environment &#150; Wireless</I> for more details, including the identity of the ten new entrants.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>700 MHz Auction</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Industry&nbsp;Canada is also planning to auction the 700 MHz band for mobile and fixed wireless service, likely within the next five years. The band is currently used by broadcasters for over the air analog TV service and a decision to auction the 700
MHz band is complicated by the requirement to first move the broadcasters off the spectrum. In this regard, current policy dictates that the broadcasters must vacate the band by August&nbsp;31,&nbsp;2011. However, it is uncertain whether broadcasters will
meet this deadline. This auction is expected to provide an opportunity for incumbents to expand their services and may also enable new entrants.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Accessibility for Ontarians with Disabilities Act, 2005 (AODA) &#150; Proposed
Standard for Pay Telephone Furniture</I></B></font></P>
<P align="left">
<font face="Arial" size="2">The Ontario government is currently considering a proposed standard under the AODA process which could require significant changes to the arrangement of all pay telephone furniture in Ontario. Bell&nbsp;Canada currently has in excess of 35,000 pay
telephones installed in Ontario. The average cost of renovating pay telephones to comply with the proposed standard is estimated to exceed &#36;1,000 per unit. Bell&nbsp;Canada has submitted comments on October&nbsp;16,&nbsp;2009 to reduce the cost of
compliance.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Bell&nbsp;Canada Act </B></font></P>
<P align="left">
<font face="Arial" size="2">Under the <I>Bell&nbsp;Canada Act</I>, the CRTC must approve any sale or other disposal of Bell&nbsp;Canada voting shares that are held by BCE&nbsp;Inc., unless the sale or disposal would result in BCE&nbsp;Inc. retaining at least 80% of all of the issued and
outstanding voting shares of Bell&nbsp;Canada. Except in the ordinary course of its business, the CRTC must also approve the sale or other disposal of facilities integral to Bell&nbsp;Canada&#146;s telecommunications activities.</font></P>
<P align="left">
<b><font face="Arial" color="#0065A4">RISKS THAT COULD AFFECT OUR BUSINESS AND
RESULTS</font></b></P>
<P align="left">
<font face="Arial" size="2">This section describes the principal risks that could have a material adverse effect on our business, financial condition or results of operations, and cause actual results or events to differ materially from our expectations expressed in or implied
by our forward-looking statements, in addition to the risks previously described under <I>Our Competitive Environment</I> and <I>Our Regulatory Environment</I> or those described elsewhere in the MD&amp;A. A risk is the possibility that an event
might happen in the future that could have a negative effect on our business, financial condition or results of operations. The actual effect of any event could be materially different from what we currently anticipate. The risks described below are
not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we  currently deem to be immaterial may also have a material adverse effect on our business, financial condition or results of
operations.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">63</font></b></P>

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<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2" color="#0065A4">
<I>A decline in economic growth and in retail and commercial activity and/or adverse conditions in the financial markets could decrease demand for our products and services, potentially reducing profitability and threatening the ability of our
customers to pay their expenses.</I></font></P>
<P align="left">
<font face="Arial" size="2">Our business is affected by general economic and financial conditions, consumer confidence and spending, and the demand for, and prices of, our products and services. Declines in economic growth and in retail and commercial activity, and/or adverse
conditions in the financial markets, could result in lower demand for our products and services. During these periods, customers may delay buying our products and services, reduce purchases or discontinue using them. Weak economic and financial
conditions could lower our profitability and reduce cash flows from operations. Such conditions could also negatively affect the financial condition and creditworthiness of our customers, which could increase uncertainty about our ability to collect
receivables and potentially increase our bad debt expenses, which could adversely affect our results of operations.</font></P>
<P align="left">
<i>
<font face="Arial" size="2" color="#0065A4">
Failure to achieve our business objectives could have an adverse impact on our financial performance and growth prospects.</font></i></P>
<P align="left">
<font face="Arial" size="2">We continue to pursue our goal to be recognized by customers as&nbsp;Canada&#146;s leading communications company through focused execution against our five strategic imperatives.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executing against these imperatives requires shifts in employee skills, investing capital to implement our strategies and operating priorities as well as targeted cost reductions. If our management, processes or
employees are not able to adapt to these changes or if required capital is not available on favourable terms, we may fail to achieve our business objectives, which could have an adverse effect on our business, financial performance and growth
prospects.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our strategies require us to continue to transform our cost structure. Accordingly, we are continuing to implement several initiatives to reduce costs while containing our capital expenditures. Our objectives for
targeted cost reductions continue to be aggressive and there is no assurance that we will be successful in reducing costs, especially because on an ongoing basis, incremental cost savings are more difficult to achieve. Our cost reduction objectives
require aggressive negotiations with our key suppliers and there can be no assurance that such negotiations will be successful or that replacement products or services provided will not lead to operational issues.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improved customer service and an enhanced perception of Bell&nbsp;Canada&#146;s service offerings by existing and potential customers are critical to increasing customer retention and ARPU and attracting new customers.
However, there is a risk that the increasing complexity of our networks could hinder the effective management of such networks, which could adversely affect service levels. In addition, the increasing
number of smartphone users could require more support from our customer contact centres than currently anticipated, which could have an adverse effect on customer service and on our costs of providing such service. Delays in the planned
implementation of improvements within our customer contact centres could also adversely affect customer service and delay the achievement of cost reductions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, there is a risk that customer service improvements will be delayed or not be achieved or that, even if achieved, that they will not necessarily translate into an enhanced public perception of Bell
Canada&#146;s service offerings or the achievement of customer retention objectives. There is also a risk that customer service improvements will be more costly to implement than currently anticipated, which could adversely affect our results of
operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we are unable to achieve any or all of these objectives, our business and results of operations could be adversely affected.</font></P>
<P align="left">
<font face="Arial" size="2" color="#0065A4">
<I>We need to anticipate technological change and invest in or develop new technologies, products and services. If we are unable to launch new technologies, products and services on a timely basis or if regulation expands to delay newer
technologies, our business and results of operations may be adversely affected.</I></font></P>
<P align="left">
<font face="Arial" size="2">We operate in markets that are affected by constant technological change, evolving industry standards, changing client needs, frequent introductions of new products and services and short product life cycles. Investment in new technologies, products
and services and the ability to launch, on a timely basis, such technologies, products and services are critical to increasing the number of our subscribers and achieving our financial performance objectives.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may face additional risks as we develop new products, services and technologies, and update our networks to stay competitive. Newer technologies, for example, may quickly become obsolete or may need more capital than
initially expected. Development could be delayed for reasons beyond our control. Substantial investments usually need to be made before new technologies prove to be commercially viable. There is also a risk that current regulation could be expanded
to apply to newer technologies which could delay our launch of new services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no assurance that we will be successful in developing, implementing and marketing new technologies, products, services or enhancements in a reasonable time, or that they will gain market acceptance. New
products or services that use new or evolving technologies could reduce demand for our existing offerings or cause prices for those services to decline. Our failure to successfully develop, implement and market new technologies, products, services
or enhancements in a reasonable time could have an adverse effect on our business and results of operations.</font></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">64</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2" color="#0065A4">
<I>We may be required to increase contributions to our employee benefit plans in the future depending on various factors.</I></font></P>
<P align="left">
<font face="Arial" size="2">The funding requirements of our employee benefit plans, resulting from valuations of our plan assets and liabilities, depend on a number of factors, including actual returns on pension plan assets, long-term interest rates, plan demographics and
pension regulations. Changes in these factors could cause actual future contributions to significantly differ from our current estimates and could require us to increase contributions to our employee benefit plans in the future and, therefore, could
have a negative effect on our liquidity and results of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no assurance that our pension plans will be able to earn their assumed rate of return. A substantial portion of our pension plans&#146; assets is invested in both public equity and debt securities. As a result,
the ability of our pension plans to earn the rate of return that we have assumed significantly depends on the performance of capital markets. Market conditions also impact the discount rate used to calculate our solvency obligations and thereby
could also significantly affect our cash funding requirements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, our estimated funding requirements for&nbsp;2010 are based on preliminary calculations which do not take into account the Federal Minister of Finance&#146;s announcement on October&nbsp;27,&nbsp;2009 of a proposed federal
pension reform in&nbsp;2010. Based on our interpretation of the information currently available, if this reform project is applicable to actuarial calculations with an effective date of December&nbsp;31,&nbsp;2009 or later, the impact on funding requirements would
not be materially negative. However, such funding requirements may still be higher than expected if the results of our actuarial valuations materially and negatively differ from our preliminary calculations and if the final federal pension reform
law and regulations differ significantly from what we currently anticipate.</font></P>
<P align="left">
<font face="Arial" size="2" color="#0065A4">
<I>Our operations depend on how well we protect, maintain and replace our networks, equipment, It systems and software.</I></font></P>
<P align="left">
<font face="Arial" size="2">Our operations depend on how well we protect our networks, equipment, IT systems and software, and the information stored in our data centres, against damage from fire, natural disaster (including seismic and severe weather-related events such as
ice, snow and wind storms, flooding and tornadoes), power loss, hacking, computer viruses, disabling devices, acts of war or terrorism, sabotage, vandalism and other events. Global climate change could exacerbate certain of those threats, including
the frequency and severity of weather-related events. Our operations also depend on the timely replacement, maintenance and upgrade of our networks, equipment, IT systems and software. Any of these and other events could result in network failures,
billing errors and delays in customer service. Our operations also depend on our ability to protect the information stored in our data centres against theft. The theft of such information could adversely affect our customer relationships and expose
us to claims in damages by customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our networks are connected with the networks of other telecommunications carriers, and we rely on them to deliver some of our services. Any of the events mentioned above, as well as strikes or other work disruptions,
bankruptcies or other insolvency proceedings, technical difficulties or other events affecting the networks of these other carriers, could also harm our business and our customer relationships.</font></P>
<P align="left">
<font face="Arial" size="2" color="#0065A4">
<I>We depend on key third-party suppliers to provide products and services that we need to operate our business.</I></font></P>
<P align="left">
<font face="Arial" size="2">We depend on key third-party suppliers over which we have no operational or financial control for certain products and services that are critical to our operations. These critical products and services may only be available from a limited number of
suppliers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, at any time, suppliers cannot provide us with products or services, including, without limitation, telecommunications equipment, software and maintenance services, that comply with evolving telecommunications
standards or that are compatible with our equipment, IT systems and software, our business and results of operations could be adversely affected. In addition, if we are unable to obtain products or services that are essential to our operations on a
timely basis and  at an acceptable cost, or if telecommunications equipment, such as handsets, that we sell or otherwise provide to customers or network equipment that we use to provide services has manufacturing defects, our ability to offer our
products and services and to roll out our advanced services, and the quality of our services and networks, may be negatively impacted, our network development and expansion could be impeded, and our business, strategy and results of operations could
be adversely affected. These suppliers may be subject to litigation with respect to technology that we depend on for our service offerings. In addition, the business and operations of our suppliers and their ability to continue to provide us with
products and services could be adversely affected by various factors, including, without limitation, general economic and financial market conditions, the intensity of competitive activity, labour disruptions, availability of and accessibility to
capital, bankruptcy or other insolvency proceedings, and changes in technological standards.</font></P>
<P align="left">
<font face="Arial" size="2" color="#0065A4">
<I>Renegotiating collective bargaining agreements with employees could result in higher labour costs and work disruptions.</I></font></P>
<P align="left">
<font face="Arial" size="2">Approximately 45% of our employees are represented by unions and are covered by collective bargaining agreements. Renegotiating collective bargaining agreements could result in higher labour costs and work disruptions, including work stoppages or
work slowdowns. There can be no assurance that should a strike or work disruption occur, it would not adversely affect service to our customers and our results  of operations. In addition, work disruptions at our service providers, including work
slowdowns and work stoppages due to strikes, could harm our business, including our customer relationships and results of operations.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">65</font></b></P>

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<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following collective agreements will expire in&nbsp;2010: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the collective agreement between the CEP and Bell Canada covering approximately 770 communications sales employees will expire on December&nbsp;31,&nbsp;2010
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the collective agreement between the CEP and Expertech Network Installation&nbsp;Inc. covering approximately 165 clerical employees will expire on November&nbsp;30,&nbsp;2010
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the collective agreement between the CEP and Bell Canada covering approximately
115 craft employees located in Western&nbsp;Canada will expire on May&nbsp;10,&nbsp;2010.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">In addition, negotiations with respect to a first collective agreement between the CEP and Bell&nbsp;Canada covering approximately 50 clerical employees located in Western&nbsp;Canada are scheduled to commence later this year.</font></P>
<P align="left">
<font color="#0065A4"><i><font face="Arial" size="2">T</font></i><font face="Arial" size="2"><I>he significant increase in broadband demand could have an adverse effect on our business and financial results.</I></font></font></P>
<P align="left">
<font face="Arial" size="2">With the rapid growth in video and other bandwidth-intensive applications on the Internet and on mobile devices, we may need to incur significant capital expenditures to provide additional capacity on our Internet and wireless networks. We may not
be able to recover these costs from customers due to competitors&#146; short-term pricing of comparable services. There is also a risk that our efforts to optimize network performance, in the face of increasing broadband demand, through paced fibre
deployment, traffic management and rate plan changes could be unsuccessful and/or generate adverse publicity, potentially resulting in an increase in our subscriber churn rate beyond our current expectations, or new regulation, and thereby
compromising our efforts to attract new customers. This could have an adverse effect on our business and results of operations.</font></P>
<P align="left">
<font face="Arial" size="2" color="#0065A4">
<I>If we are unable to raise the capital we need, we may need to limit our capital expenditures or our investments in new businesses, or try to raise capital by disposing of assets.</I></font></P>
<P align="left">
<font face="Arial" size="2">As previously discussed under <I>Financial and Capital Management &#150; Liquidity</I>, we have significant cash requirements to implement our business plan and meet our financial obligations. These cash requirements may be adversely affected by the
risks associated with our contingencies, off-balance sheet arrangements and assumptions built into our business and financial plans. Our ability to meet our cash requirements and provide for planned growth depends on our having access to adequate
sources of capital and on our ability to generate cash flows from operations, which is subject to general economic, market, competitive, regulatory and other risk factors described in this document, many of which are not within our control. Also,
the amount of working capital available to operate our business and our ability to achieve our working capital objectives could be adversely impacted by the quality of, and our level of success in collecting, accounts receivable through the use of
our employees, systems and technology.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, our capital needs are funded from cash generated by our operations or investments, by borrowing from commercial banks, through debt and equity offerings in the capital markets, or by selling or otherwise
disposing of assets (including the sale of accounts receivable).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to raise financing depends on our ability to access the public equity and debt capital markets as well as the bank credit market. Our ability to access such markets and the cost and amount of funding
available depend largely on prevailing market conditions and the outlook for our business and credit ratings at the time capital is raised. An increased level of debt borrowings could result in lower credit ratings, increased borrowing costs and a
reduction in the amount of funding available to us (including through equity offerings). Business acquisitions could also adversely affect our outlook and credit ratings and have similar adverse consequences. In addition, participants in the public
capital and bank credit markets have internal policies limiting their ability to invest in, or extend credit to, any single entity or entity group or to a particular industry.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bank credit facilities, including credit facilities supporting our commercial paper programs, are with various financial institutions. While it is our intention to renew such credit facilities from time to time,
there are no assurances that these facilities will be renewed on favourable terms or in similar amounts.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we cannot raise the capital we need to implement our business plan upon acceptable terms, we may have to limit our ongoing capital expenditures, limit our investment in  new businesses, or try to raise additional
capital by selling or otherwise disposing of assets. Any of these could have an adverse effect on our cash flows from operations and on our growth prospects.</font></P>
<P align="left">
<font face="Arial" size="2" color="#0065A4">
<I>We may not be able to discontinue certain services as necessary to improve capital and operating efficiencies.</I></font></P>
<P align="left">
<font face="Arial" size="2">We are in the process of moving traffic on our core circuit-based infrastructure to IP technology. As part of this move, we are in the process of discontinuing certain services that are based on circuit-based infrastructure. This is a necessary
component of improving capital and operating efficiencies. In some cases, this could be delayed or prevented by customers or regulatory actions. If we cannot discontinue these services as planned, we will not be able to achieve the efficiencies as
expected and this may adversely affect our results of operations.</font></P>
<P align="left">
<font face="Arial" size="2" color="#0065A4">
<I>Regulatory initiatives or proceedings, pending or future litigation, changes in laws or regulations or government tax audits could have an adverse effect on our business and results of operations.</I></font></P>
<P align="left">
<font face="Arial" size="2">Our business is affected by decisions made by various regulatory agencies, including the CRTC. Decisions of the CRTC may have an adverse effect on our business and results of
</font> </P>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">66</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">operations. In addition, we become involved in various claims and litigation as a part of our business. Pending or future  litigation, including an increase in class action claims which, by their nature, could result in sizeable damage awards, could
have an adverse effect on our business and results  of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in laws or regulations or in how they are interpreted, and the adoption of new laws or regulations, could negatively affect us. These include changes in tax laws or the adoption of new tax laws that result in
higher tax rates or new taxes. They also include amendments to Canadian securities laws that introduced statutory civil liability for misrepresentations in continuous disclosure. These amendments have facilitated the introduction in&nbsp;Canada of class
action lawsuits by secondary market investors against public companies for alleged misrepresentations in public disclosure documents and oral statements. Significant damages could be awarded by courts in these types of actions should they be
successful. Such awards of damages and costs relating to litigation could adversely affect our results of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that we have adequately provided for all income and commodity taxes based on all of the information that is currently available. The calculation of income taxes and the applicability of commodity taxes in
many cases, however, require significant judgment in interpreting tax rules and regulations. Our tax filings are subject to government audits which could result in material changes to the amount of current and future income tax assets and
liabilities and other liabilities and could, in certain circumstances, result in an assessment of interest and penalties.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of the principal regulatory initiatives and proceedings affecting us, see <I>Our Regulatory Environment</I>. For a description of the principal legal proceedings involving us, please see the section
<I>Legal Proceedings</I> contained in the BCE&nbsp;2009 AIF.</font></P>
<P align="left">
<font color="#0065A4"><i><font face="Arial" size="2">S</font></i><font face="Arial" size="2"><I>atellites used by Bell
TV are subject to significant operational risks and satellites that are not yet built are subject to construction and launch delays that could have an adverse effect on Bell
TV&#146;s business and financial
results.</I></font></font></P>
<P align="left">
<font face="Arial" size="2">In conjunction with the sale by BCE&nbsp;Inc. of its subsidiary Telesat on October&nbsp;31,&nbsp;2007, a set of commercial arrangements between Telesat and Bell TV were put into place that provide Bell TV access to satellite capacity. Pursuant to these commercial
arrangements, Bell TV currently uses three satellites. Telesat operates or directs the operation of these satellites.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Satellites utilize highly complex technology and operate in the harsh environment of space and are therefore subject to significant operational risks while in orbit. The risks include in-orbit equipment failures,
malfunctions and other kinds of problems commonly referred to as anomalies that could reduce the commercial usefulness of a satellite used by Bell TV. Acts of war or terrorism, magnetic, electrostatic or solar storms, and space debris or
micrometeoroids could also damage the satellites used by Bell TV.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any loss, failure, manufacturing defects, damage or destruction of these satellites, of Bell TV&#146;s terrestrial broadcasting infrastructure or of Telesat&#146;s tracking, telemetry and control facilities to operate
the satellites could have an adverse effect on Bell TV&#146;s business and results of operations and could result in many customers terminating their subscription to Bell TV&#146;s DTH satellite television service.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, there are certain risks related to the construction and launch of new satellites. Launch delays can result from delays in the construction of satellites and launch vehicles, the periodic unavailability of
reliable launch opportunities, possible delays in obtaining regulatory approvals, and launch failures. If satellite construction schedules are not met, a launch opportunity may not be available at the time the satellite is ready to be launched.
Launch vehicles may fail resulting in significant delays in the deployment of satellites because of the need to construct replacement satellites, which typically takes up to 30 months or longer, and to obtain another launch vehicle. Such significant
delays could adversely affect Bell TV&#146;s ability to launch new services and reduce the competitiveness of its television services, and may adversely affect our results of operations.</font></P>
<P align="left">
<font color="#0065A4"><i><font face="Arial" size="2">T</font></i><font face="Arial" size="2"><I>he theft of our satellite television services could have an adverse effect on Bell
TV&#146;s business and results of operations.</I></font></font></P>
<P align="left">
<font face="Arial" size="2">Bell TV faces a loss of revenue resulting from the theft of its services. In&nbsp;2008, Bell TV introduced and completed a smart card exchange for its authorized digital receivers that is designed to block unauthorized reception of Bell TV&#146;s
signals. However, as with any technology-based security system, it is not possible to prevent with absolute certainty the compromise or circumvention of that security system. As is the case for all other television distributors, Bell TV has
experienced, and continues to experience, ongoing efforts to steal its services by way of compromise or circumvention of Bell TV&#146;s signal security systems. The theft of Bell TV&#146;s services could have an adverse effect on Bell TV&#146;s
business and results of operations.</font></P>
<P align="left">
<font face="Arial" size="2" color="#0065A4">
<I>BCE&nbsp;Inc. is dependent on the ability of its subsidiaries, joint ventures and other companies in which it has an interest to pay dividends or otherwise make distributions to it.</I></font></P>
<P align="left">
<font face="Arial" size="2">BCE&nbsp;Inc. has no material sources of income or assets of its own, other than the interests that it has in its subsidiaries, joint ventures and other companies, including its direct ownership of the equity of Bell&nbsp;Canada. BCE&nbsp;Inc.&#146;s cash flow
and, consequently, its ability to service its indebtedness and to pay dividends on its equity securities are therefore dependent upon the ability of its subsidiaries, joint ventures and other companies in which it has an interest to pay dividends or
otherwise make distributions to it.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">67</font></b></P>

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<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&nbsp;Inc.&#146;s subsidiaries, joint ventures and other companies in which it has an interest are separate and distinct legal entities and have no obligation, contingent or otherwise, to pay any dividends or make any
other distributions to BCE&nbsp;Inc. In addition, any right of BCE&nbsp;Inc. to receive assets of its subsidiaries, joint ventures and other companies in which it has an interest upon their liquidation or reorganization will be structurally subordinated to
the prior claims of creditors of such subsidiaries, joint ventures and other companies.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As for Bell Aliant, it intends, subject to approval of the trustees of Bell Aliant, to make cash distributions to its unit-holders, including BCE&nbsp;Inc. and Bell&nbsp;Canada, but there can be no guarantee regarding the amounts
of these cash distributions, which may fluctuate with Bell Aliant&#146;s performance and other variables. Bell Aliant also has the discretion to establish cash reserves for the proper conduct of its business, which would reduce the amount of cash
available for distributions in the year. Accordingly, we cannot provide any assurance regarding the actual levels of distributions by Bell Aliant.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Government of&nbsp;Canada&#146;s changes to the tax treatment of income trusts announced on October&nbsp;31,&nbsp;2006 received royal assent and were enacted into law on June&nbsp;22,&nbsp;2007 (the SIFT Rules). Effective in&nbsp;2011, income
trusts that were publicly traded before November&nbsp;2006, like Bell Aliant, will be subject to taxation at corporate tax rates and certain distributions to unitholders will be taxed like dividends received from a corporation. All else being equal, the
taxation of income trusts at corporate tax rates is likely to result in less cash being available to Bell Aliant to pay distributions. The Government of&nbsp;Canada specified that while there was no intention to prevent existing income trusts from normal
growth during the transitional period, any undue expansion of an existing income trust before&nbsp;2011 would make the new rules effective immediately. To qualify for the delay in applying the SIFT Rules, Bell Aliant must comply with the
government&#146;s normal growth guidelines regarding equity capital that were issued on December&nbsp;15,&nbsp;2006, as amended from time to time. In particular, the equity of Bell Aliant is only permitted to grow by a prescribed annual amount up to and
including  the&nbsp;2010 calendar year. In December&nbsp;2008, the Minister of Finance released Explanatory Notes to the November&nbsp;28,&nbsp;2008 Notice of Ways and Means Motion which revised the normal growth guidelines to accelerate the safe harbour amounts for
2009 and&nbsp;2010 to make them available on and after December&nbsp;4,&nbsp;2008. This change did not alter the maximum permitted growth of a trust, but generally allowed a trust, like Bell Aliant, to use the remaining growth room in a single year, rather than
incrementally over&nbsp;2009 and&nbsp;2010. Because there is still uncertainty as to the interpretation of these guidelines and what constitutes growth in certain situations, there can be no assurance that Bell Aliant will be able to retain the benefit of the
deferral of the SIFT Rules. A reduction in distributions from Bell Aliant could have an adverse effect on our cash flows and results of operations.</font></P>
<P align="left">
<font face="Arial" size="2" color="#0065A4">
<I>We cannot guarantee that BCE&nbsp;Inc.&#146;s dividend policy will  be maintained or that dividends will be declared.</I></font></P>
<P align="left">
<font face="Arial" size="2">The board of directors of BCE&nbsp;Inc. reviews from time to time the adequacy of BCE&nbsp;Inc.&#146;s dividend policy. On February&nbsp;10,&nbsp;2009, the board of directors of BCE&nbsp;Inc. adopted a new common share dividend policy with a target dividend payout ratio of
65% to 75% of Adjusted EPS. This new dividend policy was adopted with the objective of allowing sufficient financial flexibility to continue investing in BCE&#146;s business while growing returns to shareholders. Under this dividend policy,
increases in the common share dividend are directly linked to growth in BCE&nbsp;Inc.&#146;s Adjusted EPS. BCE&nbsp;Inc.&#146;s dividend policy and the declaration of dividends are subject to the discretion of BCE&nbsp;Inc.&#146;s board of directors and,
consequently, there can be no guarantee that BCE&nbsp;Inc.&#146;s dividend policy will be maintained or that dividends will be declared.
</font> </P>
<P align="left">
<font face="Arial" size="2" color="#0065A4">
<I>A major decline in the market price of BCE&nbsp;Inc.&#146;s securities may negatively impact our ability to raise capital, issue debt, retain employees, make strategic acquisitions or enter into joint ventures.</I></font></P>
<P align="left">
<font face="Arial" size="2">Differences between BCE&nbsp;Inc.&#146;s actual or anticipated financial results and the published expectations of financial analysts may contribute to volatility in BCE&nbsp;Inc.&#146;s securities. A major decline in the capital markets in general, or an
adjustment in the market price or trading volumes of BCE&nbsp;Inc.&#146;s securities, may negatively affect our ability to raise capital, issue debt, retain employees, make strategic acquisitions or enter into joint ventures.</font></P>
<P align="left">
<font face="Arial" size="2" color="#0065A4">
<I>Health concerns about radio frequency emissions from wireless devices, as well as epidemics and other health risks, could have an adverse effect on our business.</I></font></P>
<P align="left">
<font face="Arial" size="2">It has been suggested that some radio frequency emissions from cellular phones may be linked to certain medical conditions. Interest groups have also requested investigations into claims that digital transmissions from handsets used with digital
wireless technologies pose health concerns and cause interference with hearing aids and other medical devices. Increasing concern over the use of cellular phones and the possible related health risks is expected to put additional pressure on the
wireless communications industry to demonstrate their safe use and could lead to additional government regulation, which could have a negative effect on our business. In addition, actual or perceived health risks of using wireless communications
devices could result in fewer new network subscribers, lower network usage per subscriber, higher churn rates, product liability lawsuits or less outside financing being available to the wireless communications industry. We rely on our suppliers to
ensure that the network equipment and customer equipment supplied to us meets all applicable safety requirements. Epidemics, pandemics and other health risks
</font> </P>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">68</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">could also occur which could adversely affect our ability to maintain operational networks and provide services to our customers. Any of these events could have an adverse effect on our business and results of operations.</font></P>
<P align="left">
<font color="#0065A4"><i><font face="Arial" size="2">O</font></i><font face="Arial" size="2"><I>ur business depends on the performance of and our ability to retain our employees.</I></font></font></P>
<P align="left">
<font face="Arial" size="2">Our business depends on the efforts, abilities and expertise of our employees and, more specifically, of our senior executives and other key employees. A key component of our retention strategy for our key personnel lies in our ability to provide
clear, meaningful and challenging objectives that will drive performance and enhance their skills and expertise. Our senior executives and other key employees are important to our success because they have been instrumental in setting our strategic
direction, operating our business, identifying, recruiting and training key personnel, and identifying business opportunities. The loss of one or more of these key individuals could impair our business and development until qualified replacements
are found. We cannot assure you that these individuals could quickly be replaced with persons of equal experience and capabilities. Although we have retention plans in place and employment agreements with certain of these individuals, we cannot
prevent them from terminating their employment with us.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, deterioration in employee morale resulting from recent significant staff reductions, wage freezes, ongoing cost reductions or unresolved collective agreements could also adversely affect our business and
financial results.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Risk Management Practices</B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&nbsp;Inc.&#146;s audit committee (Audit Committee) is responsible for the oversight of our risk management processes. Such processes are designed to manage, rather than eliminate, the risk of failure to achieve our business objectives. The Audit
Committee also takes into account significant social, environmental and ethical matters that relate to our business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have enterprise-wide risk assessment processes which incorporate the internal control and enterprise risk management frameworks of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Risk
assessment and evaluation is an important part of the annual business planning cycle. In developing their annual plans, BCE&#146;s business units identify and assess significant risks to the achievement of their business objectives and, where
necessary, develop mitigation plans. The risk information generated is reviewed with senior management and BCE&nbsp;Inc.&#146;s board of directors in evaluating the business plans for each of the business units and the company as a whole. The Internal
Audit group plans its annual activities employing a risk-based review of internal control processes in the company. Throughout the year the Internal Audit group carries out continuing
assessments of the quality of controls. On a quarterly basis the Internal Audit group reports to the Audit Committee on the results of their internal audits and on areas identified for specific improvement. The Internal Audit group also promotes
effective risk management in our lines of business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee considers the effectiveness of the operation of our internal control procedures, reviewing reports from the Internal Audit group and BCE&nbsp;Inc.&#146;s external auditors. The Audit Committee reports its
conclusions to BCE&nbsp;Inc.&#146;s board of directors.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>OUR ACCOUNTING POLICIES</B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>This section discusses key estimates and assumptions that management has made and how they affect the amounts reported in the financial statements and notes. It also describes key changes in accounting standards and our accounting policies, and
how they affect our financial statements.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We have prepared our consolidated financial statements according to Canadian GAAP. Other significant accounting policies, not involving the same level of measurement uncertainty as those discussed in this section,
are nevertheless important to an understanding of our financial statements. Estimates related to revenues, allowance for doubtful accounts, useful lives of capital assets, asset impairments, inventory reserves, employee compensation plans,
evaluation of minimum lease terms for operating leases, and business combinations require difficult judgments on complex matters that are often subject to multiple sources of authoritative guidance. See Note 1 to the consolidated financial
statements for more information about the accounting principles we used to prepare our financial statements.</I></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Critical Accounting Estimates</B></font></P>
<P align="left">
<font face="Arial" size="2">As required under Canadian GAAP, we make estimates when we account for and report assets, liabilities, revenues and expenses, and disclose contingent assets and liabilities in our financial statements. We are also required to regularly evaluate the
estimates that we make. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We base our estimates on a number of factors, including historical experience, current events and actions that we may undertake in the future, and other assumptions that we believe are reasonable based on information
available at the time they are made. Given the inherent uncertainty involved in making estimates, actual results reported in future periods could differ from these estimates.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider the estimates described in this section to be an important part of understanding our financial statements because they require management to make assumptions about matters that are highly uncertain at the
time the estimate was made and changes to these estimates could have a material impact on our financial statements.</font></P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
69</font></b></font></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior management has discussed the development and selection of the critical accounting estimates described in this section with the Audit Committee of our board of directors. The Audit Committee has reviewed these
critical accounting estimates.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any sensitivity analysis included in this section should be used with caution as the changes are hypothetical and the impact of changes in each key assumption may not be linear.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Employee Benefit Plans</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>We maintain defined benefit plans that provide pension and other post-employment benefits for most of our employees. The amounts reported in the financial statements relating to these benefits are determined using actuarial calculations that are
based on several assumptions.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We perform a valuation at least every three years to determine the actuarial present value of the accrued pension and other post-employment benefits. The valuation uses management&#146;s assumptions for the discount
rate, expected long-term rate of return on plan assets, rate of compensation increase, trends in healthcare costs and expected average remaining years of service of employees.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While we believe that these assumptions are reasonable, differences in actual results or changes in assumptions could materially affect employee benefit obligations and future net benefit plans costs.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We account for differences between actual and assumed results by recognizing differences in benefit obligations and plan performance over the estimated average working lives of the employees who benefit from the plans.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The two most significant assumptions used to calculate the net employee benefit plans cost are the discount rate and the expected long-term rate of return on plan assets. Each of our operating segments is affected by
these assumptions.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>DISCOUNT RATE</B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>The discount rate is the interest rate used to determine the present value of the future cash flows that we expect will be needed to settle employee benefit obligations. It is based on the yield on long-term high-quality corporate fixed income
investments, with maturities matching the estimated cash flows from the plan.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine the appropriate discount rate at the end of every year. Our discount rate was 6.4% at December&nbsp;31,&nbsp;2009, a decrease from 7.0% at December&nbsp;31,&nbsp;2008. The following table shows the impact of a 0.5% increase
and a 0.5% decrease in the discount rate on the net benefit plans cost for&nbsp;2009 and the accrued benefit asset at December&nbsp;31,&nbsp;2009.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">IMPACT ON </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">ACCRUED </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">IMPACT ON NET </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">BENEFIT ASSET </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">BENEFIT PLANS </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">AT DECEMBER 31, </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">COST FOR&nbsp;2010 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<font face="Arial">
<I><FONT size=1>INCREASE/</FONT></I><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<font face="Arial">
<I><FONT size=1>INCREASE/</FONT></I><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<font face="Arial">
<I><FONT size=1>(DECREASE)</FONT></I><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<font face="Arial">
<I><FONT size=1>(DECREASE)</FONT></I><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Discount rate increased to 6.9% </FONT>
	</TD>
	<TD align=left width="15%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Wireline </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(42 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">42 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Wireless </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(19 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(62 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">62 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="15%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="15%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Discount rate decreased to 5.9% </FONT>
	</TD>
	<TD align=left width="15%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Wireline </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">69 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(69 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Wireless </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(22 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">92 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(92 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">Although there is no immediate impact on our balance sheet, a lower discount rate results in a higher accrued benefit obligation and a higher pension deficit.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>EXPECTED LONG-TERM RATE OF RETURN</B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>The expected long-term rate of return is a weighted average rate of our forward-looking view of long-term returns on each of the major plan asset categories in our funds.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine the appropriate expected long-term rate of return at the end of every year. We assumed an expected long-term rate of return on plan assets of 7.0% in&nbsp;2009, compared to 7.25% in&nbsp;2008. The following table
shows the impact of a 0.5% increase and a 0.5% decrease in the expected rate of return on plan assets on the net benefit plans cost for&nbsp;2009 and the accrued benefit asset at December&nbsp;31,&nbsp;2010.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">IMPACT ON </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">ACCRUED </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">IMPACT ON NET </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">BENEFIT ASSET </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">BENEFIT PLANS </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">AT DECEMBER 31, </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">COST FOR&nbsp;2010 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<font face="Arial">
<I><FONT size=1>INCREASE/</FONT></I><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<font face="Arial">
<I><FONT size=1>INCREASE/</FONT></I><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<font face="Arial">
<I><FONT size=1>(DECREASE)</FONT></I><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<font face="Arial">
<I><FONT size=1>(DECREASE)</FONT></I><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%" colspan=2>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected rate of return increased to 7.5% </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Wireline </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(58 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">58 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Wireless </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(14 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(73 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">73 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%" colspan=2>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="15%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%" colspan=2>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected rate of return decreased to 6.5% </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="15%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Wireline </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">58 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(58 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Wireless </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(14 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">73 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">(73 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="66%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">70</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">Although there is no immediate impact on our balance sheet, poor fund performance results in a lower fair value of plan assets and a higher pension deficit. This means that we may have to increase cash contributions to the pension fund.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Useful Lives of Property, Plant and Equipment</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>We review estimates of the useful lives of property, plant and equipment on a periodic basis and adjust them on a prospective basis, if necessary.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant proportion of our total assets consist of property, plant and equipment. Changes in technology or in our intended use of these assets, as well as changes in business prospects or economic and industry
factors may cause the estimated useful lives of these assets to change.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We perform internal studies to assess the appropriateness of depreciable lives of property, plant and equipment. These studies use models, which take into account actual and expected future usage, physical wear and
tear, replacement history and assumptions about technology evolution to calculate the remaining life of our assets. When these factors indicate that assets&#146; useful lives are different from the original assessment, we depreciate the remaining
carrying values prospectively over the adjusted estimated useful lives.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Goodwill Impairment</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>We assess goodwill impairment of individual reporting units in the fourth quarter of every year and when events or changes in circumstances indicate that goodwill might be impaired. </I>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We test goodwill impairment in two steps:
</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">we compare the fair value of a reporting unit to its carrying value. Fair value is based on estimates of discounted future cash flows or other valuation methods. When the fair value of a reporting unit is less than its carrying value, fair
values are determined for all of its identifiable assets and liabilities. The excess of the fair value of the reporting unit over the total of the amounts assigned to its assets and  liabilities is the fair value of goodwill.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">an impairment charge is deducted from earnings for any excess of the carrying value of goodwill over its fair value. </font></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">We make a number of significant estimates when calculating fair value using discounted future cash flows or other valuation
methods. These estimates include the assumed growth rates for future cash flows, the numbers of years used in the cash flow model, the discount rate and others.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that all of our estimates are reasonable. They are consistent with our internal planning and reflect our best estimates, but they have inherent uncertainties that management may not be able to control.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any changes in each of the estimates used could have a material impact on the calculation of the fair value and resulting impairment charge. As a result, we are unable to reasonably quantify the changes in our overall
financial performance if we had used different assumptions. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the asset values we have reported.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no impairment charges recorded in&nbsp;2009,&nbsp;2008 or&nbsp;2007.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Contingencies</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>We become involved in various claims and litigation and regulatory matters as a part of our business. Each of our operating segments may be affected. Pending litigation, regulatory initiatives or regulatory proceedings represent potential
financial loss to our business.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We accrue a potential loss if we believe the loss is probable and it can be reasonably estimated. We base our decision on information that is available at the time. We estimate the amount of the loss by consulting with
the outside legal counsel that is handling our defence. This involves analyzing potential outcomes and assuming various litigation and settlement strategies.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the final resolution of a legal or regulatory matter results in a judgment against us or requires us to pay a large settlement, it could have a material effect on our results of operations, cash flows and financial
position in the period in which the judgment or settlement occurs. Any accrual would be charged to operating income and included in <I>Accounts payable and accrued liabilities</I> or <I>Other long-term liabilities</I>. Any cash settlement would be
deducted from cash from operating activities.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of our operating segments had any significant provisions relating to pending litigation, regulatory initiatives or regulatory proceedings at December&nbsp;31,&nbsp;2009. We have not made any significant changes to our
estimates in the past two years.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Income Taxes</I></B></font></P>
<P align="left">
<font face="Arial" size="2">The calculation of income tax expense requires significant judgment in interpreting tax rules and regulations, which are changing constantly. There are many transactions and calculations for which the ultimate tax determination is uncertain. Our tax
filings are also subject to audits, the outcome of which could materially change the amount of current and future income tax assets and liabilities.
</font> </P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">71</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management believes that it has sufficient amounts accrued for outstanding income tax matters based on all of the information that is currently available.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future tax assets and liabilities require management judgment in determining the amounts to be recognized. In particular, significant judgment is required when assessing the timing of the reversal of the temporary
differences to which future tax rates are applied. Further, the amount of future tax assets, which is limited to the amount that is more likely than not to be realized, is estimated with consideration given to the timing, sources and level of future
taxable profit.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Recent Changes to Accounting Standards</B></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Goodwill and Intangible Assets</I></B></font></P>
<P align="left">
<font face="Arial" size="2">The Canadian Accounting Standards Board (AcSB) issued section 3064, <I>Goodwill and Intangible Assets</I>, which establishes standards for the recognition, measurement, presentation and disclosure of intangible assets. Section 3064 came into effect
on January&nbsp;1,&nbsp;2009, replacing section 3062, <I>Goodwill and Other Intangible Assets</I> and section 3450, <I>Research and Development Costs</I>. Adoption of this new standard did not have a significant impact on our financial results.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Future Changes to Accounting Standards</B></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Multiple Deliverable Revenue Arrangements</I></B></font></P>
<P align="left">
<font face="Arial" size="2">In December&nbsp;2009, the Emerging Issues Committee of the AcSB issued EIC-175, <I>Multiple Deliverable Revenue Arrangements</I>, which addresses certain aspects of accounting by a vendor for arrangements under which it will perform multiple
revenue-generating activities, amending the previous guidance under EIC-142, <I>Revenue Arrangements with Multiple Deliverables</I>. The amendments require a vendor to allocate arrangement consideration at the inception of an arrangement to all
deliverables using the relative selling price method, thus prohibiting the use of the residual method. EIC-175 also changes the level of evidence of the standalone selling price required to separate deliverables when more objective evidence of the
selling price is not available.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIC-175 may be applied prospectively and must be applied to revenue arrangements with multiple deliverables entered into or materially modified in the first annual fiscal period beginning on or after January&nbsp;1,&nbsp;2011.
Early adoption is permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are currently evaluating the impact and effective date of adoption of EIC-175.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>International Financial Reporting Standards (IFRS)</I></B></font></P>
<P align="left">
<font face="Arial" size="2">The AcSB has set January&nbsp;1,&nbsp;2011 as the date that IFRS will replace Canadian GAAP for publicly accountable enterprises, which includes Canadian reporting issuers. We will prepare our financial statements in accordance with IFRS commencing January&nbsp;1,
2011. Financial reporting under IFRS differs from Canadian GAAP in a number of respects, some of which are significant. IFRS on the date of adoption also is expected to differ from current IFRS due to new IFRS that are expected to be issued before
the changeover date. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We describe below our IFRS changeover plan, selected key activities and their status, and the significant known impacts on our financial reporting. This information is provided to allow investors and others to obtain a
better understanding of our IFRS changeover plan and the resulting possible effects on our financial statements and operating performance measures. Readers are cautioned, however, that it may not be appropriate to use such information for any other
purpose. This information also reflects our most recent assumptions and expectations; circumstances may arise, such as changes in IFRS, regulations or economic conditions, which could change these assumptions or expectations.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>IFRS Changeover Plan</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We have developed a detailed plan for our changeover to IFRS comprised of three related phases: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Review and Assessment </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Design </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">Implementation.</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">
<B>PHASE 1: REVIEW AND ASSESSMENT</B></font></P>
<P align="left">
<font face="Arial" size="2">The objective of this phase was to identify the required changes to our accounting policies and practices resulting from the changeover to IFRS to determine the scope of  the work effort required for the Design and Implementation phases. Phase 1
involved: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">a detailed review of all relevant IFRS standards to identify differences with our current accounting policies and practices
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the separate consideration of one-time accounting choices that must be addressed at the changeover
date and those accounting policy choices that will be applied on an ongoing basis in periods subsequent to the changeover to IFRS</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the prioritization of those differences that could have a more than inconsequential impact on our financial statements, business processes or IT systems
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the identification of internal stakeholders and business areas that may be
affected by the changeover.</font></P></li>
</ul>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">72</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">
<B>PHASE 2: DESIGN</B></font></P>
<P align="left">
<font face="Arial" size="2">Phase 2 involved the design and development of detailed solutions to address the differences identified in the first phase of our changeover plan. These solutions resulted in certain necessary changes to our internal business processes and financial
systems to comply with IFRS accounting and disclosure requirements. Phase 2 activities included: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the evaluation of accounting policy alternatives
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the investigation, development and documentation of solutions to resolve differences
identified in Phase 1, reflecting changes to existing accounting policies and practices, business processes, IT systems and internal controls
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the implementation of a change management strategy to address the information and training needs of
internal and external stakeholders.</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">
<B>PHASE 3: IMPLEMENTATION</B></font></P>
<P align="left">
<font face="Arial" size="2">In the third and final phase of our changeover plan, currently underway, we will implement the changes to affected accounting policies and practices, business processes, systems and internal controls. These changes will be tested prior to the formal
reporting requirements under IFRS to ensure all significant differences are appropriately addressed in time for the changeover.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Progress towards Completion of Our IFRS Changeover Plan</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We have identified the differences between Canadian GAAP and IFRS that impact our financial statements. Our detailed analysis identified a number of accounting differences and policy alternatives under IFRS as compared to Canadian GAAP. We also have
determined, however, that our accounting policies generally are aligned with IFRS requirements in many key areas. We will continue to monitor changes to IFRS throughout&nbsp;2010. We will review and assess any new or modified standards that are issued
prior to our changeover.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phase 2 of our changeover plan is substantially complete. During&nbsp;2010, we will complete our selection of our accounting policies and transition options under IFRS.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phase 3 work on development and implementation of system changes is complete. During&nbsp;2010, we will complete the work effort undertaken to ready our business processes and internal controls for the changeover.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appropriate resources have been secured to complete the changeover on a timely basis according to our plan milestones. We have ensured training needs are met and will continue to be addressed throughout the changeover
period.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have detailed project plans and progress reporting in place to support and communicate the changeover. Summarized below is a description of our progress towards completion of selected key activities of our IFRS
changeover plan as of December&nbsp;31,&nbsp;2009. At this time, we cannot quantify the impact that the future adoption of IFRS will have on our financial statements and operating performance measures; however, such impact may be material. The changeover to
IFRS will impact internal controls over financial reporting, disclosure controls and procedures, and IT systems and processes. Additional information will be provided as we move towards the changeover date.</font></P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">73</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<i><font face="Arial" size="2" color="#0065A4">P</font></i><font face="Arial" size="2" color="#0065A4"><I>rogress towards Completion of
Our IFRS Changeover
Plan</I></font></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table13">
	<tr>
		<td width="10%" valign="bottom">
		<font size="1">&nbsp;</font></td>
		<td width="2%" valign="bottom"><font size="1">&nbsp;</font></td>
		<td width="28%" valign="bottom">
		<P align="left">
<font face="Arial" size="1">
<B>SELECTED KEY ACTIVITIES </B></font></P></td>
		<td width="2%" valign="bottom">
<font size="1">&nbsp;</font></td>
		<td width="28%" valign="bottom">
<font face="Arial" size="1">
<B>MILESTONES/DEADLINES </B></font></td>
		<td width="2%" valign="bottom"><font size="1">&nbsp;</font></td>
		<td width="28%" valign="bottom">
<P align="left">
<font face="Arial" size="1">
<B>PROGRESS TO DATE</B></font></P>
		</td>
	</tr>
	<tr>
		<td width="10%" valign="top" colspan="7">

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




		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<P align="left">
<font face="Arial" size="2">
<B>Financial statement preparation</B></font></P></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="28%" valign="top">
<font face="Arial" size="2">Identify relevant differences between IFRS and our accounting policies and practices and design and implement solutions</font><p>
<font face="Arial" size="2">Evaluate and select one-time and ongoing accounting policy alternatives </font>
</p>
<p><font face="Arial" size="2">Benchmark findings with peer companies </font>
</p>
<p><font face="Arial" size="2">Prepare financial
statements and related note disclosures to comply with IFRS </font></p>
<p><font face="Arial" size="2">Quantify the effects of changeover to IFRS</font></td>
		<td width="2%" valign="top">
&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">Assessment and quantification of the significant effects of the changeover completed by approximately the third quarter of&nbsp;2010 </font></P>
<P align="left">
<font face="Arial" size="2">Final selection of accounting policy alternatives by the changeover date</font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">Completed the identification of IFRS differences </font></P>
<P align="left">
<font face="Arial" size="2">Completed the design of solutions, including business processes, to resolve substantially all IFRS differences </font></P>
<P align="left">
<font face="Arial" size="2">Implementation decisions on virtually all accounting differences have been made
</font></P>
<P align="left">
<font face="Arial" size="2">Assessment and quantification of the impact of one-time transition choices is underway </font></P>
<P align="left">
<font face="Arial" size="2">Evaluation and preliminary selection of accounting policies is substantially complete but will continue to be assessed</font></P>
		</td>
	</tr>
	<tr>
		<td width="10%" valign="top" colspan="7">

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




		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<P align="left">
<font face="Arial" size="2">
<B>Training and communication</B></font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">Provide training to affected employees of operating units, management and the board of directors and relevant committees thereof, including the Audit Committee </font></P>
<P align="left">
<font face="Arial" size="2">Engage subject matter experts to assist in the transition </font></P>
<P align="left">
<font face="Arial" size="2">Communicate progress of
changeover plan to internal and external stakeholders</font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top">
&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">Timely training provided to align with work under changeover &#150; training completed by mid-2010 </font></P>
<P align="left">
<font face="Arial" size="2">Communicate effects of changeover in time for&nbsp;2011 financial planning process by the third quarter of&nbsp;2010</font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">Completed detailed training for resources directly engaged in the changeover and general training to broader group of finance employees, including senior finance management and the board of directors </font></P>
<P align="left">
<font face="Arial" size="2">Periodic internal and external communications
about our progress<B> </B>are ongoing </font></P>
<P align="left">
<font face="Arial" size="2">Change management plans have been developed to address training needs for the remainder of the changeover period to the end of&nbsp;2010 </font></P>
<P align="left">
<font face="Arial" size="2">Third-party subject matter experts have validated our design work and continue
to provide assistance in the transition </font></P>
<P align="left">
<font face="Arial" size="2">Our auditors are providing input as significant milestones are met</font></P>
		</td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="7">

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




		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<P align="left">
<font face="Arial" size="2">
<B>IT systems</B></font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">Identify and address IFRS differences that require changes to financial systems </font></P>
<P align="left">
<font face="Arial" size="2">Evaluate and select methods to address need for dual record-keeping during&nbsp;2010 (i.e., IFRS and Canadian GAAP) for comparatives and budget and planning purposes in
2011</font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top">
&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">Changes to significant systems and dual record-keeping process completed in time for the first quarter of&nbsp;2010</font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">IFRS differences with system impacts identified and design of significant IT solutions is complete </font></P>
<P align="left">
<font face="Arial" size="2">IT development and testing of dual record-keeping, capital accounting and other system solutions is complete </font></P>
<P align="left">
<font face="Arial" size="2">Financial accounting systems have been
modified and we have commenced dual record-keeping</font></P>
		</td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="7">

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




		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<P align="left">
<font face="Arial" size="2">
<B>Contractual arrangements and compensation</B></font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">Identify impact of changeover on contractual arrangements, including customer and supplier agreements, financial covenants and employee compensation plans </font></P>
<P align="left">
<font face="Arial" size="2">Make any required changes to arrangements and plans</font></P></td>
		<td width="2%" valign="top">
&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">Changes completed by the third quarter of&nbsp;2010</font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">IFRS differences with potential impacts on contractual arrangements and compensation plans are minimal </font></P>
<P align="left">
<font face="Arial" size="2">The impact of IFRS differences on debt and other financial covenants has been assessed and is not significant</font></P>
		</td>
	</tr>
	<tr>
		<td width="10%" valign="top" colspan="7">

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




		</td>
	</tr>
</table>
<p align="left">&nbsp;</p>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">74</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table14">
	<tr>
		<td width="10%" valign="bottom">
		<font size="1">&nbsp;</font></td>
		<td width="2%" valign="bottom"><font size="1">&nbsp;</font></td>
		<td width="28%" valign="bottom">
		<P align="left">
<font face="Arial" size="1">
<B>SELECTED KEY ACTIVITIES </B></font></P></td>
		<td width="2%" valign="bottom">
<font size="1">&nbsp;</font></td>
		<td width="28%" valign="bottom">
<font face="Arial" size="1">
<B>MILESTONES/DEADLINES </B></font></td>
		<td width="2%" valign="bottom"><font size="1">&nbsp;</font></td>
		<td width="28%" valign="bottom">
<P align="left">
<font face="Arial" size="1">
<B>PROGRESS TO DATE</B></font></P>
		</td>
	</tr>
	<tr>
		<td width="10%" valign="top" colspan="7">

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




		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<P align="left" style="margin-bottom: 0">
<font face="Arial" size="2">
<B>Internal controls </B></font></P>

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




		<p style="margin-top: 0">
<font face="Arial" size="2">
<B>Internal control over financial reporting (ICFR)</B></font></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">Revise existing internal control processes and procedures to address significant changes to existing accounting policies and practices, including the need for dual record-keeping during&nbsp;2010 </font> </P>
<P align="left">
<font face="Arial" size="2">Design and implement internal controls with respect to
one-time changeover adjustments and related communications </font> </P></td>
		<td width="2%" valign="top">
&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">Changes completed by the first quarter of&nbsp;2010 </font></P>
<P align="left">
<font face="Arial" size="2">Conduct management evaluation of new or revised controls throughout&nbsp;2010</font></P>
<P align="left">
<font face="Arial" size="2">Update CEO/Chief Financial Officer (CFO) certification process by the fourth quarter of&nbsp;2010</font></P></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">Monitored design of solutions to address IFRS differences to design or revise and implement the necessary internal controls </font></P>
<P align="left">
<font face="Arial" size="2">Testing of automated controls has commenced</font></P>
		</td>
	</tr>
	<tr>
		<td width="10%" valign="top" colspan="7">

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




		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<P align="left" style="margin-bottom: 0">
<font face="Arial" size="2">
<B>Internal controls</B></font></P>

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




		<p style="margin-top: 0">
<font face="Arial" size="2">
<B>Disclosure controls and procedures (DC&amp;P)</B></font></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">For changes to accounting policies and practices identified, assess the DC&amp;P design and effectiveness implications</font></P></td>
		<td width="2%" valign="top">
&nbsp;</td>
		<td width="28%" valign="top">
<P align="left">
<font face="Arial" size="2">See ICFR deadlines above</font></P></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="28%" valign="top">
<font face="Arial" size="2">MD&amp;A disclosures began in December&nbsp;2008 </font>
<p><font face="Arial" size="2">Project steering committee, including Investor Relations, meets monthly to track progress</font></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="7">

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




		</td>
	</tr>
	</table>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>First-Time Adoption of IFRS</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Our financial statements for the year ended December&nbsp;31,&nbsp;2011, will be prepared according to IFRS with comparative amounts for the year ended December&nbsp;31,&nbsp;2010. IFRS 1, <I>First-Time Adoption of International Financial Reporting Standards</I>,
generally requires that we apply IFRS on a retrospective basis in our opening balance sheet as at January&nbsp;1,&nbsp;2010. IFRS 1 also provides certain mandatory exceptions and elective exemptions to retrospective application. We expect that our IFRS 1
elections will be approved by senior management  during the first half of&nbsp;2010, once we have completed our analysis of, and quantified on a preliminary basis, each exemption.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Accounting Policies under IFRS</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Our analysis of IFRS and comparison with our accounting policies under Canadian GAAP has identified a number of  differences. Many of these differences are not expected to have a significant impact on our financial position or results of
operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain cases, IFRS provides for a choice of accounting policies. Set out below is a description of our proposed changes in accounting policies under IFRS that we believe may result in a significant impact to our
consolidated financial statements, based on Canadian GAAP and IFRS issued at December 31,&nbsp;2009, except as otherwise noted.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>EMPLOYEE BENEFIT PLANS</B></font></P>
<P align="left">
<font face="Arial" size="2">We use the corridor method approach under Canadian GAAP to recognize actuarial gains and losses in earnings relating to our defined benefit pension and other post-employment benefit plans. We deduct 10% of the greater of the benefit obligation or
the market-related value of plan assets from the unamortized net actuarial gains or losses on a market-related value basis. Any excess is amortized to earnings on a straight-line basis over the average remaining service period of active employees.
Past service costs under Canadian GAAP are also amortized on a straight-line basis over the average remaining service period of active employees.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, we plan to recognize actuarial gains and losses on a current basis directly in equity with no impact to earnings. Vested past service costs are recognized immediately<B> </B>in earnings; unvested past
service costs are amortized on a straight-line basis over the vesting period. IFRS also requires that plan assets be measured using market values, instead of the market-related values we currently use.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>AMORTIZATION OF CAPITAL ASSETS</B></font></P>
<P align="left">
<font face="Arial" size="2">We amortize most of our telecommunications assets using the group depreciation method under Canadian GAAP. When we retire assets in the ordinary course of business, we charge their original cost to accumulated depreciation; no gain or loss is
recorded on retirement of the asset.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will discontinue the use of the equal life group depreciation method under IFRS, and gains and losses on retirement of assets will be included in earnings as incurred. In addition, the estimated useful life of assets
will not be determined using the group method. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, we will depreciate capital assets using the straight-line method over their estimated useful lives.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>BORROWING COSTS</B></font></P>
<P align="left">
<font face="Arial" size="2">We capitalize borrowing costs under Canadian GAAP on capital assets that we build or develop when the expenditure is significant.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, we will capitalize borrowing costs to capital assets that take in excess of one year to build or develop. Amounts capitalized will be amortized using the method and over the estimated useful life of the
corresponding asset, similar to Canadian GAAP.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>SECURITIZATION OF ACCOUNTS RECEIVABLE</B></font></P>
<P align="left">
<font face="Arial" size="2">We currently account for a transfer of receivables as a sale when we give up control of the accounts receivable in exchange for proceeds other than our retained beneficial ownership interest in those receivables. We recognize a loss on the
derecognition of the receivables, calculated as the </font> </P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">75</font></b></P>

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<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">excess of the carrying value of the receivables over the fair value of the consideration received.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, the criteria to derecognize financial assets are substantially different than under Canadian GAAP. Our securitization of accounts receivable program will not qualify for derecognition under current IFRS.
Therefore, both the accounts receivable balance and related obligation will be shown on the balance sheet as a current asset and current liability, respectively.
</font></P>
<P align="left">
<font face="Arial" size="2">
<B>PROVISIONS, INCLUDING ASSET RETIREMENT OBLIGATIONS</B></font></P>
<P align="left">
<font face="Arial" size="2">Under Canadian GAAP, we record provisions when a present obligation exists as a result of past transactions or events, there is a likely outflow of resources required to settle the obligation and the amount of the obligation can be reliably
estimated. Asset retirement obligations are recorded when a legal or contractual obligation exists.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions are recorded under IFRS when an outflow of resources is more likely than not, instead of the higher &#147;likely&#148; threshold under Canadian GAAP. Other specific differences exist in relation to the
methods used to estimate the amount of provisions. Asset retirement obligations are recorded when a legal, contractual or constructive obligation exists.
</font></P>
<P align="left">
<font face="Arial" size="2">
<B>JOINT VENTURE INTERESTS</B></font></P>
<P align="left">
<font face="Arial" size="2">We account for our interests in joint ventures using the proportionate consolidation method under Canadian GAAP. Under this method, we record our pro-rata share of the revenues and expenses, cash flows and balance sheet amounts of our joint
ventures.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although IFRS currently permits the use of the proportionate consolidation method to account for joint venture interests, we expect that IFRS will be modified prior to January&nbsp;1,&nbsp;2011 to require the use of the equity
method to account for joint venture interests.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>BUSINESS COMBINATIONS AND CONSOLIDATION</B></font></P>
<P align="left">
<font face="Arial" size="2">We consolidate 100% of the assets and liabilities of our subsidiaries under Canadian GAAP; any non-controlling interest in subsidiaries is recorded in our balance sheet based on carrying values. When we acquire control of an entity in steps, each
step is recorded based on the fair value of consideration paid; any previously held investment in that entity continues to be reflected in our consolidated financial statements based on our carrying value for that investment. Subsequent decreases in
our ownership may result in gains and losses recorded through income; increases in ownership are accounted for as an acquisition in steps. We also include certain transaction and restructuring costs relating to acquisitions in the cost of the
purchase or the purchase price allocation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, non-controlling interest in a subsidiary is recorded based on fair values at the date of acquisition; when we acquire control of an entity, any previously held interest is remeasured to fair value resulting
in a gain or loss recorded in current period earnings. Subsequent increases or decreases in ownership interest are accounted for as equity
transactions. Transaction costs and most restructuring costs relating to acquisitions are expensed as incurred.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>AVAILABLE-FOR-SALE FINANCIAL ASSETS</B></font></P>
<P align="left">
<font face="Arial" size="2">Under Canadian GAAP, we initially record our portfolio investments in privately-held securities at their fair value  at the date of acquisition; subsequent changes in the fair value of these investments are recorded when realized or when we
determine that a decline in fair value is other than temporary.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, changes in the fair value of portfolio investments in privately-held securities are recorded if the range of fair value estimates is not significant or the probabilities of the estimates within the range can
be reasonably assessed and used in estimating fair value. Changes in fair value would be recorded in other comprehensive income, similar to Canadian GAAP.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>IMPAIRMENT OF ASSETS</B></font></P>
<P align="left">
<font face="Arial" size="2">Under Canadian GAAP, we determine whether to record an impairment of assets, other than goodwill and indefinite-life intangible assets, using a two-step approach. The first step identifies whether an impairment of assets exists by comparing the
carrying value of assets to their associated undiscounted future cash flows. If the undiscounted future cash flows are insufficient to demonstrate recoverability of the carrying value of assets, we proceed with the second step, which involves
measuring the amount of impairment to record as the difference between the carrying value and the fair value of assets. Impairment of assets recognized under Canadian GAAP cannot be reversed in a subsequent period if circumstances change.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, identification and measurement of impairment of assets is performed in a single test by comparing the carrying value of assets to the greater of their fair value less costs to sell and value-in-use
(generally discounted future cash flows). Impairment of assets, other than goodwill, is reversed in a subsequent period if circumstances change such that the previously determined impairment is reduced or eliminated.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>EFFECTIVENESS OF INTERNAL CONTROLS</B></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Disclosure Controls and Procedures</B></font></P>
<P align="left">
<font face="Arial" size="2">Our disclosure controls and procedures are designed to  provide reasonable assurance that information required to be disclosed by us is recorded, processed, summarized and reported within the time periods specified under Canadian and U.S. securities
laws and include controls and procedures that are designed to ensure that the information is accumulated and communicated to management, including BCE&nbsp;Inc.&#146;s President and CEO and Executive Vice-President and CFO, to allow timely decisions
regarding required disclosure.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31,&nbsp;2009, management evaluated, under the supervision of and with the participation of the CEO and the CFO, the effectiveness of our disclosure controls and
</font></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">76</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" size="2">procedures, as defined in Rule 13a-15(e) under the <I>U.S. Securities Exchange Act of 1934</I> and under <I>National Instrument 52-109 &#150; Certification of Disclosure in Issuers&#146; Annual&nbsp;and Interim Filings</I>. The CEO and CFO have limited
the scope of their design and evaluation of our disclosure controls and procedures to exclude the disclosure controls and procedures of BCE&nbsp;Inc.&#146;s wholly-owned subsidiary The Source. We acquired the assets held by The Source on July&nbsp;1,&nbsp;2009.
The Source&#146;s contribution to our consolidated financial statements for the year ended December&nbsp;31,&nbsp;2009 was less than 2% of consolidated revenues and less than 1% of consolidated earnings. Additionally, at December&nbsp;31,&nbsp;2009, The Source&#146;s
current assets and current liabilities were 7% and 2% of consolidated current assets and current liabilities, respectively, and its long-term assets and long-term liabilities were both less than 1% of consolidated long-term assets and long-term
liabilities. Further details related to acquisitions are disclosed in Note 13 to BCE&#146;s consolidated financial statements for the year ended December&nbsp;31,&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on that evaluation, which excluded The Source&#146;s disclosure controls and procedures, the CEO and CFO concluded that our disclosure controls and procedures were effective as of December&nbsp;31,&nbsp;2009.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Internal Control over Financial Reporting</B></font></P>
<P align="left">
<font face="Arial" size="2">Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under the <I>U.S. Securities Exchange Act of 1934 </I>and under<I> National Instrument 52-109</I>. Our
internal control over financial reporting is a process designed under the supervision of the CEO and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with GAAP. However, because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management evaluated, under the supervision of and with the participation of the CEO and the CFO, the effectiveness of our internal control over financial reporting as of December 31,&nbsp;2009, based on the framework and
criteria established in the <I>Internal Control &#150; Integrated Framework</I> issued by the COSO. The CEO and CFO have limited the scope of their design and evaluation of our internal control over financial reporting to exclude The Source&#146;s
internal control over financial reporting.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on that evaluation, which excluded The Source&#146;s internal control over financial reporting, the CEO and CFO concluded that our internal control over financial reporting was effective as of December&nbsp;31,&nbsp;2009.
There were no material weaknesses that have been identified by management as of December&nbsp;31,&nbsp;2009.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No changes were made in our internal control over financial reporting during the year ended December&nbsp;31,&nbsp;2009 that have materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NON-GAAP FINANCIAL MEASURES</B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>This section describes the non-GAAP financial measures we use in the MD&amp;A to explain our financial results. It also provides reconciliations of the non-GAAP financial measures to the most comparable Canadian GAAP financial measures.</I></font></P>
<P align="left">
<font face="Arial" color="#0065A4" size="2">
<B>EBITDA</B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>The term EBITDA (earnings before interest, taxes, depreciation and amortization of intangible assets) does not have any standardized meaning according to GAAP. It is therefore unlikely to be comparable to similar measures presented by other
companies.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We define EBITDA as operating revenues less cost of revenue and selling, general and administrative expenses, meaning it represents operating income before depreciation, amortization of intangible assets and
restructuring and other.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use EBITDA, among other measures, to assess the operating performance of our ongoing businesses without the effects of depreciation, amortization of intangible assets and restructuring and other. We exclude these
items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. We exclude depreciation and amortization of intangible assets because it largely depends on the
accounting methods and assumptions a company uses, as well as non-operating factors such as the historical cost of capital assets. Excluding restructuring and other does not imply they are non-recurring.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA allows us to compare our operating performance on a consistent basis. We believe that certain investors and analysts use EBITDA to measure a company&#146;s ability to service debt and to meet other payment
obligations, or as a common measurement to value companies in the telecommunications industry.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measure is operating income. The following tables are reconciliations of operating income to EBITDA on a consolidated basis for BCE, Bell and for our Bell Wireline and Bell
Wireless segments.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BCE&nbsp;</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,191</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,869 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,479 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,371</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,264 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,181 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>527</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">871 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">331 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>7,089</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,004 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,991 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;</FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,432</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,143 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,652 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,804</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,685 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,559 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>483</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">810 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">308 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>5,719</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,638 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,519 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">77</font></b></P>

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




<P align="left" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>
<p>&nbsp;</p>

<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELINE </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,148</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">902 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,454 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,284</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,193 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,121 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>475</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">773 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">304 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,907</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,868 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,879 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD width=2%>
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELESS </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,284</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,241 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,198 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>520</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">492 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">438 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">37 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,812</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,770 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,640 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">The following tables are reconciliations of operating income to EBITDA on a consolidated basis for BCE, Bell and for our Bell Wireline and Bell Wireless segments for the fourth quarter of&nbsp;2009 and&nbsp;2008.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BCE&nbsp;</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>Q4&nbsp;2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">Q4&nbsp;2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>751</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">666 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>904</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">868 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>82</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">207 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,737</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,741 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD width=2%>
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;</FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>Q4&nbsp;2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">Q4&nbsp;2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>572</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">520 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>758</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">715 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>65</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">146 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,395</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,381 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD width=2%>
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELINE </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>Q4&nbsp;2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">Q4&nbsp;2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>280</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">226 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>622</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">580 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>58</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">131 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>960</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">937 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD width=2%>
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELESS </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>Q4&nbsp;2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">Q4&nbsp;2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>292</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">294 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>136</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">135 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>435</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">444 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Operating Income before Restructuring and Other</B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>The term operating income before restructuring and other does not have any standardized meaning according to Canadian GAAP. It is therefore unlikely to be comparable to similar measures presented by other companies.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use operating income before restructuring and other, among other measures, to assess the operating performance of our ongoing businesses without the effects of restructuring and other. We exclude these items because
they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding restructuring and other does not imply they are non-recurring.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measure is operating income. The following tables are reconciliations of operating income to operating income before restructuring and other on a consolidated basis for BCE,
Bell and our Bell Wireline and Bell Wireless segments.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BCE&nbsp;</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,191</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,869 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,479 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>527</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">871 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">331 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income before restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,718</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,740 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,810 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD width=2%>
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;</FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" size="1" color="#0065A4">
<B>2009</B> </font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,432</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,143 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,652 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>483</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">810 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">308 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income before restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,915</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,953 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,960 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD width=2%>
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELINE </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,148</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">902 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,454 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>475</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">773 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">304 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income before restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,623</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,675 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,758 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD width=2%>
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELESS </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,284</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,241 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,198 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">37 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income before restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,292</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,278 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,202 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">78</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b>
<font face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>Adjusted Net Earnings </B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>The terms Adjusted net earnings and Adjusted EPS do not have any standardized meaning according to Canadian GAAP. They are therefore unlikely to be comparable to similar measures presented by other companies.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We define Adjusted net earnings as net earnings before restructuring and other and net (gains) losses on investments. We define Adjusted EPS as Adjusted net earnings per BCE&nbsp;Inc. common share.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use Adjusted net earnings and Adjusted EPS, among other measures, to assess the operating performance of our
ongoing businesses without the effects of after-tax restructuring and other, and net (gains) losses on investments. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of
trends in business performance. Excluding these items does not imply they are non-recurring.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measures are net earnings applicable to common shares and earnings per share. The following table is a reconciliation of net earnings applicable to common shares and earnings
per share to Adjusted net earnings on a consolidated basis and per BCE&nbsp;Inc. common share (Adjusted EPS), respectively.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="20%" colspan="4">
<font face="Arial">
<B><FONT size=1 color="#0065A4">2009</FONT></B></font></TD>
	<TD align=center width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="20%" colspan="4">
<font face="Arial" size="1">2008</font></TD>
	<TD width="1%" align="center">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="20%" colspan="4">
<font face="Arial" size="1">2007</font></TD>
</TR>
<tr>
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=right width="20%" colspan="4">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="20%" colspan="4">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="20%" colspan="4">
<HR noshade size=1 color="#000000">
	</TD>
	</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>TOTAL</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=1>PER SHARE</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">PER SHARE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">PER SHARE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="38%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings applicable to common shares </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,631</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">819 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">1.02 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,926 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4.88 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>339</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.44</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">572 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">0.71 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">206 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">0.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net (gains) losses on investments </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(41</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(0.05</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">420 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">0.52 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2,248 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2.79 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="38%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjusted net earnings </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,929</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.50</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,811 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">2.25 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,884 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2.34 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="38%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Free Cash Flow</B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>The term free cash flow does not have any standardized meaning according to Canadian GAAP. It is therefore unlikely to be comparable to similar measures presented by other companies.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We define free cash flow as cash flows from operating activities and distributions received from Bell Aliant less capital expenditures, preferred share dividends, dividends/distributions paid by subsidiaries to
non-controlling interest, other investing activities and Bell Aliant free cash flow.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider free cash flow to be an important indicator of the financial strength and performance of our business because it shows how much cash is available to repay debt and reinvest in our company. We present free
cash flow consistently from period to period, which allows us to compare our financial performance on a consistent basis.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that certain investors and analysts use free cash flow to value a business and its underlying assets.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measure is cash from operating activities. The following table is a reconciliation of cash flows from operating activities to free cash flow on a consolidated basis.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from operating activities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,884</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,909 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,730 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell Aliant distributions to BCE&nbsp;</FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>291</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">290 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">282 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital expenditures </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,854</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,986 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,140 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other investing activities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(89</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(726 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends paid on preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(107</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(129 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends/distributions paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(369</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(366 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(404 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell Aliant free cash flow </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(300</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(303 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(399 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Telesat free cash flow </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Free cash flow </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,456</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,689 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,960 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
79</font></b></font></P>

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




<P align="left">
<font face="Arial" size="5" color="#0065A4">Consolidated Financial Statements</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>MANAGEMENT&#146;S RESPONSIBILITY FOR FINANCIAL REPORTING</B></font></P>
<P align="left">
<font face="Arial" size="2">These financial statements form the basis for all of the financial information that appears in this annual report.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements and all of the information in this annual report are the responsibility of the management of BCE&nbsp;Inc. and have been reviewed and approved by the board of directors. The board of directors is
responsible for ensuring that management fulfills its financial reporting responsibilities. Deloitte &amp; Touche LLP, Independent Registered Chartered Accountants, have audited the financial statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management has prepared the financial statements according to generally accepted accounting principles. Under these principles, management has made certain estimates and assumptions that are reflected in the financial
statements and notes. Management believes that these financial statements fairly present BCE&#146;s consolidated financial position, results of operations and cash flows.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management has a system of internal controls designed to provide reasonable assurance that the financial statements are accurate and complete in all material respects. This is supported by an internal audit group that
reports to the Audit Committee, and includes communication with employees about policies for ethical business conduct. Management believes that the internal controls provide reasonable assurance that our financial records are reliable and form a
proper basis for preparing the financial statements, and that our assets are properly accounted for and safeguarded.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors has appointed an Audit Committee, which is made up of unrelated and independent directors. The Audit Committee&#146;s responsibilities include reviewing the financial statements and other
information in this annual report, and recommending them to the board of directors for approval. You will find a description of the Audit Committee&#146;s other responsibilities on page 124 of this annual report. The internal auditors and the
shareholders&#146; auditors have free and independent access to the Audit Committee.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>(signed) George A. Cope</B><I><br>
President and Chief Executive Officer</I></font></P>
<P align="left">
<font face="Arial" size="2">
<B>(signed) Siim A. Vanaselja</B><I><br>
Executive Vice-President and Chief Financial Officer </I></font></P>
<P align="left">
<font face="Arial" size="2">
<B>(signed) Karyn A. Brooks</B><I><br>
Senior Vice-President and Controller</I></font></P>
<P align="left">
<font face="Arial" size="2">March&nbsp;11,&nbsp;2010</font></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">82</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">CONSOLIDATED FINANCIAL STATEMENTS</font></b></P>
<p align="right" style="margin-top: 0">&nbsp;</p>

<P align="left">
<font face="Arial" color="#0065A4">
<B>REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS</B></font></P>
<P align="left">
<font face="Arial" size="2">To the board of directors and shareholders of BCE&nbsp;Inc.</font></P>
<P align="left">
<font face="Arial" size="2">We have audited the accompanying consolidated balance sheets of BCE&nbsp;Inc. and subsidiaries (the &#147;Company&#148;) as at December&nbsp;31,&nbsp;2009 and&nbsp;2008, and the related consolidated statements of operations, comprehensive income, deficit and cash flows
for each of the three years in the period ended December&nbsp;31,&nbsp;2009. These financial statements are the responsibility of the Company&#146;s management. Our responsibility is to express an opinion on these financial statements based on our audits.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of BCE&nbsp;Inc. and subsidiaries as at December&nbsp;31,&nbsp;2009 and&nbsp;2008 and the results of their operations
and their cash flows for each of the three years in the period ended December&nbsp;31,&nbsp;2009 in accordance with Canadian generally accepted accounting principles.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company&#146;s internal control over financial reporting as of December&nbsp;31,&nbsp;2009, based on the
criteria established in <I>Internal Control &#150; Integrated Framework</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March&nbsp;11,&nbsp;2010 expressed an unqualified opinion on the Company&#146;s
internal control over financial reporting.
</font>
</P>
<P align="left">
<font face="Arial" size="2">
<B>(signed) </B>Deloitte &amp; Touche LLP<SUP> (1)</SUP><I><br>
Independent Registered Chartered Accountants</I></font></P>
<P align="left">
<font face="Arial" size="2">Montr&eacute;al,&nbsp;Canada <br>
March&nbsp;11,&nbsp;2010<I><br>
</I></font><I>
<font face="Arial" size="1">(1) Chartered accountant auditor permit no. 13633</font></I></P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">83</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">CONSOLIDATED FINANCIAL STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" size="5" color="#0065A4">Consolidated Statements of Operations</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=1>FOR THE YEAR ENDED DECEMBER 31 </FONT><I><FONT size=1>(in &#36;&nbsp;millions, except share amounts)</FONT></I><font size="1">
</font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>17,735</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,661 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,707 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cost of revenue, exclusive of depreciation and amortization </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(4,525</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,389 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,058 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Selling, general and administrative expenses </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(6,121</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,268 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,658 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,595</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,537 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,547 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(776</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(727 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(634 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(527</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(871 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(331 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total operating expenses </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(14,544</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(14,792 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(14,228 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,191</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,869 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,479 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other (expense) income </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(18</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(253 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,406 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(723</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(791 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(859 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Pre-tax earnings from continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,450</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,825 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,026 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(368</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(469 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(735 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(333</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(323 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(332 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,749</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,033 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,959 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(90 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">98 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,738</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">943 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,057 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends on preferred shares </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(107</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(131 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings applicable to common shares </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,631</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">819 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,926 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings per common share &#150; basic </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.12</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.13 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.76 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(0.01</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.11 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.02 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.88 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings per common share &#150; diluted </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.12</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.75 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(0.01</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.11 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.01 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.87 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends per common share </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.58</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.73 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.46 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average number of common shares outstanding &#150; basic (millions) </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>772.9</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">805.8 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">804.8 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font face="Arial" size="5" color="#0065A4">Consolidated Statements of Comprehensive Income</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=1>FOR THE YEAR ENDED DECEMBER 31 </FONT><I><FONT size=1>(in &#36;&nbsp;millions)</FONT></I><font size="1">
</font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,738</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">943 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,057 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other comprehensive income (loss) &#150; net of income taxes and non-controlling interest </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net change in unrealized gains (losses) on available-for-sale financial assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>82</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(33 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">49 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net change in unrealized (losses) gains on derivatives designated as cash flow hedges </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(29</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net change in unrealized gains (losses) on currency translation adjustment </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other comprehensive income (loss) </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>53</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(29 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">63 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Comprehensive income </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,791</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">914 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,120 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<font face="Arial" size="5" color="#0065A4">Consolidated Statements of Deficit</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=1>FOR THE YEAR ENDED DECEMBER 31 </FONT><I><FONT size=1>(in &#36;&nbsp;millions)</FONT></I><font size="1">
</font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at beginning of year </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,468</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,679 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,343 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjustments to deficit upon adoption of new financial instruments accounting standards on January&nbsp;1,&nbsp;2007 </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,738</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">943 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,057 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends declared on preferred shares </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(107</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(131 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends declared on common shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,218</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(588 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,172 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Excess of purchase price over stated capital of cancelled common shares and related contributed surplus </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(244</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(20 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(95 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at end of year </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,299</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,468 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,679 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">84</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">CONSOLIDATED FINANCIAL STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" size="5" color="#0065A4">Consolidated Balance Sheets</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=1>AT DECEMBER 31 </FONT><I><FONT size=1>(in &#36;&nbsp;millions)</FONT></I><font size="1">
</font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<B><FONT size=2>ASSETS</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Current assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash and cash equivalents </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>687</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,052 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accounts receivable </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,605</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,826 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>110</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">86 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inventory </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>448</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">272 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Prepaid expenses </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>296</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">249 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other current assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>137</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">54 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Current assets of discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total current assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,284</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,578 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Property, plant and equipment </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>19,441</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19,406 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Finite-life intangible assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,541</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,693 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Indefinite-life intangible assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,803</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,697 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total capital assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>25,785</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25,796 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other long-term assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,207</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,610 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Goodwill </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>5,774</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,659 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-current assets of discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>38,050</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39,663 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial">
<B><FONT size=2>LIABILITIES</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Current liabilities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accounts payable and accrued liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,716</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,528 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest payable </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>113</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">139 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends payable </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>354</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">337 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Debt due within one year </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>600</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,201 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Current liabilities of discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total current liabilities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,786</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,227 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10,299</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,099 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other long-term liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,942</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,946 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total liabilities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>20,027</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">21,272 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">18 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,049</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,080 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Commitments and contingencies </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">24 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<B><FONT size=2>SHAREHOLDERS&#146; EQUITY</FONT></B><font size="2"> </font>
</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 style="border-style: dotted; border-width: 1px" color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,770</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common shareholders&#146; equity </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>12,921</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,525 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Treasury stock </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(86 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Contributed surplus </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,490</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,531 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accumulated other comprehensive income </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>92</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deficit </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,299</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,468 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total common shareholders&#146; equity </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>14,204</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,541 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total shareholders&#146; equity </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>16,974</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,311 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total liabilities and shareholders&#146; equity </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>38,050</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39,663 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">On behalf of the board of directors:</font></P>
<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table15">
	<tr>
		<td width="50%" valign="top">
		<P align="left">
<font face="Arial" size="2">(signed) Thomas C. O&#146;Neill <I><br>
Director </I> </font> </P></td>
		<td width="50%" valign="top">
<P align="left">
<font face="Arial" size="2">(signed) Paul R. Weiss<I><br>
Director</I></font></P></td>
	</tr>
</table>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">85</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">CONSOLIDATED FINANCIAL STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" size="5" color="#0065A4">Consolidated Statements of Cash Flows</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=1>FOR THE YEAR ENDED DECEMBER 31 </FONT><I><FONT size=1>(in &#36;&nbsp;millions)</FONT></I><font size="1">
</font></font>
	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from operating activities </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,738</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">943 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,057 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Less: (Losses) earnings from discontinued operations, net of income tax and non-controlling interest </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(90 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">98 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,749</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,033 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,959 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjustments to reconcile earnings from continuing operations to cash flows from operating activities </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">2, 11 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,371</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,264 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,181 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net benefit plans cost </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">23 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>355</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">250 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">410 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">2, 3 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>527</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">871 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">331 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">(Gains) losses on investments </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(49</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">308 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,414 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Future income taxes </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>32</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">129 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">413 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>333</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">323 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">332 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Contributions to employee pension plans </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">23 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,068</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(232 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(265 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other employee future benefit plan payments </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">23 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(96</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Payments of restructuring and other </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(310</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(305 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(118 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Operating assets and liabilities </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">26 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>40</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">364 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from operating activities </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,884</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,909 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,730 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in investing activities </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital expenditures </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,854</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,986 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,140 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Business acquisitions </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(338</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(56 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(163 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Business dispositions </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(10 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,123 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Formation of Bell Aliant </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Going-private costs </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(163 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(49 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Increase in investments </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(53</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(27 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Decrease in investments </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>113</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">192 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other investing activities </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(89</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(726 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in investing activities </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3,217</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,948 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(58 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in financing activities </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">(Decrease) increase in notes payable and bank advances </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(194</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">211 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Issue of long-term debt </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,348</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,071 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Repayment of long-term debt </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,539</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(502 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,048 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Issue of common shares </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">153 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Repurchase of common shares </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(894</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(92 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(227 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Redemption of equity securities by subsidiaries from non-controlling interest </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(333 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash dividends paid on common shares </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,201</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(587 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,147 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash dividends paid on preferred shares </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(107</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(129 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(369</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(366 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(404 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other financing activities </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(90</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(66 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in financing activities </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(4,044</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,559 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,914 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows (used in) from continuing operations </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,377</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">402 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,758 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in discontinued operations activities </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(9</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(22 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(19 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from discontinued investing activities </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">338 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in discontinued financing activities </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net (decrease) increase in cash and cash equivalents </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,375</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">405 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,077 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash and cash equivalents at beginning of year </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,063</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,658 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">581 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash and cash equivalents at end of year </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>688</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,063 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,658 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=10%>
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Consists of: </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Cash and cash equivalents of continuing operations </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>687</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,052 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,646 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Cash and cash equivalents of discontinued operations </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>688</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,063 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,658 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=10%>
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes paid (net of refunds) </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>168</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">112 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">36 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest paid </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>789</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">787 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">880 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">86</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="left">
<font face="Arial" size="5" color="#0065A4">Notes to Consolidated Financial Statements</font></P>
<P align="left">
<font face="Arial" size="2">
<I>This section of our annual report contains the audited consolidated financial statements of BCE&nbsp;Inc. and detailed notes with explanations and additional information.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The financial statements contain our results and financial history for the past three years. The notes are an important part of understanding our financial results. They explain how we arrived at the numbers in the
financial statements, describe significant events or changes that affect the numbers, and explain certain items in the financial statements. </I></font></P>
<P align="left">
<font face="Arial" size="2">
<I>The notes also include details about our results that do not appear in the financial statements.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We<I>, </I>us<I>, </I>our<I> and </I>BCE<I> mean BCE&nbsp;Inc., its subsidiaries and joint ventures; </I>Bell<I> means our Bell Wireline and Bell Wireless segments on an aggregate basis; and </I>Bell<I> </I>Aliant<I> means
Bell Aliant Regional Communications Income Fund and its subsidiaries.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>All amounts are in&nbsp;millions of Canadian dollars, except where noted.</I></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 1: SIGNIFICANT ACCOUNTING POLICIES</B></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Basis of Presentation</B></font></P>
<P align="left">
<font face="Arial" size="2">We have prepared the consolidated financial statements  according to Canadian generally accepted accounting principles (GAAP).</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Basis of Consolidation</B></font></P>
<P align="left">
<font face="Arial" size="2">We consolidate the financial statements of all of the companies we control. We proportionately consolidate our share<B> </B>of the financial statements of our joint venture interests. All transactions and balances between these companies have been
eliminated on consolidation.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Comparative Figures</B></font></P>
<P align="left">
<font face="Arial" size="2">We have reclassified some of the amounts for the previous periods in the consolidated financial statements to make them consistent with the presentation for the current period.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have restated financial information for the previous periods to reflect our decisions in&nbsp;2009 to cease the operations of or to sell certain of our businesses.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Using Estimates</B></font></P>
<P align="left">
<font face="Arial" size="2">When preparing financial statements according to GAAP, management makes estimates and assumptions relating to: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">reported amounts of revenues and expenses </font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">reported amounts of assets and liabilities
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">disclosure of contingent assets
and liabilities.</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">We base our estimates on a number of factors, including historical experience, current events and actions that the company may undertake in the future, and other assumptions that we believe are reasonable under the circumstances. By their nature,
these estimates are subject to measurement uncertainty and actual results could differ, the impact of
which would be recorded in future periods. In particular, we use estimates when accounting for certain items such as  revenues, allowance for doubtful accounts, useful lives of capital assets, asset impairments, legal and tax contingencies, employee
compensation plans, employee benefit plans, retained interest in securitized receivables, and income  taxes. We also use estimates when recording the fair values of assets acquired and liabilities assumed in a business combination.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Recognizing Revenue</B></font></P>
<P align="left">
<font face="Arial" size="2">We recognize revenues when they are earned, specifically when all the following conditions are met:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">services are provided or products are delivered to customers
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">there is clear evidence that an arrangement exists
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">amounts are
fixed or can be determined </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">our ability to collect is reasonably assured.
	</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">In particular, we recognize:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">fees for local, long distance and wireless services when we provide the services
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">other fees, such as network access fees, licence fees, hosting fees, maintenance fees and standby fees, over the term of the contract
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">subscriber
revenues when customers receive the service </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">revenues from the sale of equipment when the equipment is delivered and accepted by customers
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">revenues on long-term contracts as services are provided, equipment is delivered and accepted,
and contract milestones are met </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">rebates and allowances to customers as a reduction of revenue.
	</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">Revenues exclude sales taxes and other taxes we collect from our customers.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">87</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Multiple-Element Arrangements</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We enter into arrangements that may include the sale of a number of products and services, notably in our wireless and video product lines and in our business portfolio. In all such cases, we separately account for each product or service according
to the methods previously described when the following three conditions are met:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the product or service has value to our customer on a stand-alone basis
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">there is objective and reliable evidence of the fair value of any undelivered
product or service </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">if the sale includes a general right of return relating to a delivered product or service, the delivery or performance of any undelivered product or service is probable and substantially in our control.
	</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">If there is objective and reliable evidence of fair value for all products and services in a sale, the total price to the customer is allocated to each product and service based on its relative fair value. Otherwise, we first allocate a portion of
the total price to any undelivered products and services based on their fair value and the remainder to the products and services that have been delivered.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the conditions to account separately for each product or service are not met, we recognize revenue pro rata over the term of the customer agreement.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Subcontracted Services</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We may enter into arrangements with subcontractors who provide services to our customers. When we act as the principal in these arrangements, we recognize revenue based on the amounts billed to our customers. Otherwise, we recognize as revenue the
net amount that we retain. </font> </P>
<P align="left">
<B><I><font face="Arial" color="#0065A4">Sales Returns</font></I></B></P>
<P align="left">
<font face="Arial" size="2">We accrue an estimated amount for sales returns, based on our past experience, when revenue is recognized.</font></P>
<P align="left">
<B><I><font face="Arial" color="#0065A4">Deferred Revenues</font></I></B></P>
<P align="left">
<font face="Arial" size="2">We record payments we receive in advance, including upfront non-refundable payments, as deferred revenues until we provide the service or deliver the product to customers. Deferred revenues also include amounts billed under multiple-element sales
contracts where the conditions to account separately for each product or service sold have not been met. Deferred revenues are presented in <I>Accounts payable and accrued liabilities</I> or in <I>Other long-term liabilities</I> on the balance
sheet.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Cash and Cash Equivalents</B></font></P>
<P align="left">
<font face="Arial" size="2">
<I>Cash and cash equivalents</I> is comprised mainly of highly liquid investments with original maturities of three months or less from the date of purchase.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Securitization of Accounts Receivable</B></font></P>
<P align="left">
<font face="Arial" size="2">We consider a transfer of accounts receivable to be a sale when we give up control of the accounts receivable in exchange for proceeds other than our retained beneficial interest in the accounts receivable.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine the fair value of the accounts receivable transferred based on the present value of future expected cash flows, which we project using management&#146;s best estimates of discount rates, the weighted
average life of accounts receivable, credit loss ratios and other key assumptions. We recognize a loss on the securitization, which we record in <I>Other (expense) income</I>. The loss is calculated by reference to the carrying amount of the
transferred accounts receivable and is allocated between accounts receivable sold and our retained interest, according to their relative fair values on the day the transfer is made.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize a servicing liability on the day accounts receivable are transferred when we continue to service the accounts receivable after the transfer. We amortize this liability to earnings over the expected life of
the transferred accounts receivable.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Inventory</B></font></P>
<P align="left">
<font face="Arial" size="2">We measure inventory at the lower of cost and net realizable value. Inventory includes all costs to purchase, convert and bring the inventories to their present location and condition. We determine cost using specific identification for major
equipment for resale and the weighted-average cost formula for all other inventory items. We maintain inventory valuation provisions for inventory that is slow-moving or obsolete, calculated using an inventory aging analysis.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Capital Assets</B></font></P>
<P align="left">
<font face="Arial" size="2">We carry capital assets at cost less accumulated amortization. Most of our telecommunications assets are amortized using the group depreciation method. When we retire assets in the ordinary course of business, we charge their original cost to
accumulated amortization. In general, we amortize capital assets other than indefinite-life intangible assets on a straight-line basis over their estimated useful lives. We review the estimates of the useful lives of the assets on a periodic basis
and adjust them on a prospective basis, if needed.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="50%">
<FONT size=1 face="Arial">ESTIMATED USEFUL LIFE </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="50%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Telecommunications assets </FONT>
	</TD>
	<TD align=right width="50%">
<FONT size=2 face="Arial">3 to 50 years </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Machinery and equipment </FONT>
	</TD>
	<TD align=right width="50%">
<FONT size=2 face="Arial">2 to 20 years </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Buildings </FONT>
	</TD>
	<TD align=right width="50%">
<FONT size=2 face="Arial">10 to 40 years </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Satellites </FONT>
	</TD>
	<TD align=right width="50%">
<FONT size=2 face="Arial">12 to 15 years </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Finite-life intangible assets </FONT>
	</TD>
	<TD align=left width="50%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Software </FONT>
	</TD>
	<TD align=right width="50%">
<FONT size=2 face="Arial">2 to 7 years </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Customer relationships </FONT>
	</TD>
	<TD align=right width="50%">
<FONT size=2 face="Arial">5 to 30 years </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="50%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">We capitalize construction costs, including labour and overhead, and interest when the project cost is significant, related to assets we build or develop.</font></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">8</font></b><font face="Arial" size="1"><b><font color="#0065A4">8</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We capitalize certain costs of developing or buying software for internal use. We expense software maintenance and training costs when they are incurred. The expense is included in <I>Selling, general and administrative
expenses</I> in the statement of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We initially measure and record asset retirement obligations at fair value using a present value methodology, adjusted subsequently for any changes to the timing or amount of the original estimate of cash flows. We
capitalize asset retirement costs as part of the related assets and amortize them into earnings over time. We also increase the recorded asset retirement obligation and record a corresponding amount in earnings to reflect the passage of time.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We assess capital assets for impairment when events or changes in circumstances indicate that we may not be able to recover their carrying value. We calculate impairment by deducting the assets&#146; fair value, based
on discounted cash flows expected from their use and disposition, from their carrying value. If the fair value is less than the carrying value, the difference is deducted from earnings.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We account for leases that transfer substantially all of the benefits and risks of ownership of an asset to us as capital leases. We record an asset when we enter into a capital lease together with a related long-term
obligation. Rental payments under operating leases are expensed as incurred.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Indefinite-Life Intangible Assets</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Our indefinite-life intangible assets consist mainly of the Bell brand and wireless spectrum licences. We assess these assets for impairment every year and when events or changes in circumstances indicate that an asset might be impaired.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We assess impairment by comparing the assets&#146; fair value, based on estimates of discounted future cash flows or other valuation methods, to their carrying value. If the fair value is less than the carrying value,
the difference is deducted from earnings.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Available-for-Sale (AFS) Financial Assets</B></font></P>
<P align="left">
<font face="Arial" size="2">We generally designate our portfolio investments in securities as AFS. They are classified in our balance sheet as <I>Other long-term assets</I>. These securities initially are recorded at their fair value on the date of acquisition, plus related
transaction costs. Investments in publicly-traded securities are adjusted to fair value at each balance sheet date. The corresponding unrealized gains and losses are recorded in our statement of comprehensive income and are reclassified to <I>Other
(expense) income</I> in the statement of operations when realized or when management assesses a decline in fair value to be other than temporary. Investments in our privately-held securities are recorded at cost as their fair value cannot be
measured reliably. Gains and losses are recorded in our statement of operations when realized or when management assesses a decline in fair value, calculated using valuation techniques, compared to cost to be other than temporary. Other earnings
from investments are also recorded in <I>Other (expense) income</I> in the statement of operations.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Costs of Issuing Debt and Equity</B></font></P>
<P align="left">
<font face="Arial" size="2">The cost of issuing debt is included as part of long-term debt and is accounted for at amortized cost using the effective interest method, unless the debt is recorded at fair value as part of a hedging relationship. The cost of issuing equity is
reflected in the statement of deficit.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Goodwill</B></font></P>
<P align="left">
<font face="Arial" size="2">We assess goodwill for impairment for each of our reporting units in the fourth quarter of every year and when events or changes in circumstances indicate that goodwill might  be impaired.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We test goodwill impairment in two steps:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">we compare the fair value of a reporting unit to its carrying value. Fair value is based on estimates of discounted future cash flows or other valuation methods. When the fair value of a reporting unit is less than its carrying value, fair
values are determined for all of its identifiable assets and liabilities. The excess of the fair value of the reporting unit over the total of the amounts assigned to its assets and liabilities is the fair value of goodwill.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">an impairment charge is deducted from earnings for any excess of the carrying value of goodwill over its fair value.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Derivative Financial Instruments</B></font></P>
<P align="left">
<font face="Arial" size="2">We do not use derivative financial instruments for speculative purposes. We use derivative financial instruments to manage: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">interest rate risk </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">foreign currency risk </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">changes in the price of BCE&nbsp;Inc. common shares relating to
restricted share units (RSUs), deferred share units (DSUs) and special compensation payments (SCPs).</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">We document all relationships between derivatives and the items they hedge and our risk management objective and strategy for using hedges. This process includes linking every derivative to: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">a specific asset or liability, or </font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">a specific
firm commitment, or </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">an anticipated transaction. </font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">We assess the effectiveness of a derivative in managing an identified risk when hedge accounting is initially applied, and on an ongoing basis thereafter. If a hedge becomes ineffective, we stop using hedge accounting. Any premiums paid for
derivatives used in hedging relationships are deferred and expensed to earnings over the term of the contract. Any forward premiums or discounts on foreign currency forward contracts that are used to hedge long-term debt denominated in foreign
currencies are amortized to interest expense over the term of the forward contract.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
89</font></b></font></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Fair Value Hedges</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Our fair value hedges primarily consist of interest rate swaps used to manage the effect of changes in interest rates relating to fixed-rate long-term debt. These swaps usually involve exchanging interest payments without exchanging the notional
amount on which the payments are based. We record the exchange of payments as an adjustment to interest expense on the hedged debt. We include the related net receivable or payable from counterparties in <I>Other current assets</I> or
<I>Accounts payable and accrued liabilities</I> for swaps that mature within one year, and in <I>Other long-term assets</I> or <I>Other long-term liabilities</I> for swaps that have a maturity of more than one year. Changes in the fair value of
these derivatives and the related long-term debt are recognized in <I>Other (expense) income</I> in the statement of operations and offset, except for any ineffective portion of the hedging relationship.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Cash Flow Hedges</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Our cash flow hedges are used to mitigate the foreign currency risk on certain long-term debt instruments and purchase commitments. We use cross-currency swaps to hedge firm commitments to pay interest and/or principal amounts in a foreign currency.
We use foreign currency forward contracts to manage the exposure to anticipated transactions denominated in foreign currencies. Changes in the fair value of these derivatives are recognized in our statement of comprehensive income, except for any
ineffective portion, which is recognized immediately in income. Realized gains and losses in accumulated other comprehensive income are reclassified to the statement of operations in the same periods as the corresponding hedged items are recognized
in income. Cash flow hedges that mature within one year are included in <I>Other current assets</I> or <I>Accounts payable and accrued liabilities</I>, whereas hedges that have a maturity of more than one year are included in <I>Other long-term
assets</I> or <I>Other long-term liabilities</I>.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Economic Hedges</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Derivatives that are economic hedges but do not qualify for hedge accounting are recognized at fair value. We record changes in the fair value of these derivatives in the statement of operations as they occur. Unrealized gains and losses are
included in <I>Other current assets</I> or <I>Accounts payable and accrued liabilities</I>.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Employee Benefit Plans</B></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Defined Benefit (DB) Pension and Other Post-Employment Benefit Plans </I></B>
</font></P>
<P align="left">
<font face="Arial" size="2">We maintain DB plans that provide pension benefits for most of our employees. Benefits are based on the employee&#146;s length of service and highest average rate of pay during  five consecutive years of service. Most employees are not required to
contribute to the plans. The plans provide increasing pension benefits to help protect a portion of the income of retired employees against inflation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are responsible for adequately funding our DB pension plans. We make contributions to them based on various actuarial cost methods permitted by pension regulatory bodies. Contributions reflect actuarial assumptions
about future investment returns, salary projections and future service. We also may make voluntary contributions up to the maximum allowed as per applicable pension legislation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also provide other post-employment benefits to some of our employees, including: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">healthcare and life insurance benefits during retirement. The provision of such benefits is being phased out over a ten-year
period ending on December&nbsp;31, 2016. We do not fund most of these other post-employment benefit plans.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">other benefits, including various disability plans, workers&#146; compensation and medical benefits to former or inactive employees, their beneficiaries and dependants, from the time their employment ends until their retirement starts, under
certain circumstances. </font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">We accrue our obligations and related costs under employee benefit plans, net of the fair value of plan assets. Pension and other post-employment benefit costs are determined using:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the projected benefit method, prorated based on years of
service, which takes into account future pay levels </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">a discount rate based on market interest rates of high-quality corporate bonds with maturities that match the timing of benefits expected to be paid under the plans
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">management&#146;s
best estimate of the plans&#146; expected investment performance, pay increases, retirement ages of employees and expected healthcare costs.
	</font></P></li>
</ul>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">90</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" size="2">We value pension plan assets at fair value using current market values. We use a market-related value to calculate the expected return on plan assets. This value is based on a four-year weighted average of the fair value of the pension plan
assets.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We amortize past service costs from plan amendments on a straight-line basis over the average remaining service period of employees who were active on the day of the amendment. This represents the period during which we
expect to realize economic benefits from the amendments.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transitional assets and obligations that arose upon implementation of new accounting standards for employee future benefits are amortized on a straight-line basis over the average remaining service period of employees
expected to receive benefits under the plans.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use the corridor approach to recognize actuarial gains and losses in earnings. We deduct 10% of the benefit obligation or the market-related value of plan assets, whichever is greater, from the unamortized net
actuarial gains or losses on a market-related value basis. Any excess is amortized over the average remaining service period of active employees. At the end of&nbsp;2009, this period ranged from 9 to 13 years, with a weighted average period of 10.2
years.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31 is the measurement date for our employee benefit plans. Our actuaries perform a valuation at least every three years to determine the actuarial present value of the accrued pension and other post-employment
benefits. An actuarial valuation was last performed on most of our pension plans on December&nbsp;31,&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the restructuring of a benefit plan results in both a curtailment and a settlement of obligations, we account for the curtailment before we account for the settlement.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Defined Contribution (DC) Plans</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We also maintain DC plans that provide certain employees with pension benefits. Under these plans, we are responsible for contributing an amount to an employee&#146;s retirement savings, based on a predetermined percentage of that employee&#146;s
salary and certain incentive compensation subject to company rules.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize a pension cost for DC plans when the employee provides service to the company, essentially coinciding with our cash contributions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, new employees participate only in the DC pension arrangements.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Income Taxes</B></font></P>
<P align="left">
<font face="Arial" size="2">The income tax expense for the period comprises current  and future tax expense.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use the liability method to account for future income taxes. Future income taxes reflect: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the temporary differences between the carrying amounts of assets and liabilities for accounting purposes and the
amounts used for tax purposes </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the benefit of unutilized tax losses that will more likely than not be realized and carried forward to future years to reduce income taxes.
	</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">We calculate future income taxes using the rates enacted by tax law and those substantively enacted at the end of the reporting period that are expected to apply when the future tax asset or liability is recovered or settled. The effect of a change
in tax rates on future income tax assets and liabilities is included in earnings in the period when the change is  substantively enacted.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Investment Tax Credits</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We recognize investment tax credits (ITCs) when there is reasonable assurance that they will be realized, and they are presented as part of <I>Accounts receivable</I> and <I>Other long-term assets</I> on the balance sheet. We use the cost reduction
method to account for ITCs, under which the credits are applied against the qualifying expense or asset to which the ITC relates.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Subscriber Acquisition Costs</B></font></P>
<P align="left">
<font face="Arial" size="2">We expense all subscriber acquisition costs when the related services are activated.
</font> </P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Stock-Based Compensation Plans</B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&nbsp;Inc.&#146;s stock-based compensation plans include stock option plans, RSUs, DSUs and the employee savings plan (ESP). Before 2000, the long-term incentive plans included SCPs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any liabilities relating to stock-based compensation plans are recorded as part of <I>Accounts payable and accrued liabilities</I> or <I>Other long-term liabilities</I>.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">91</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Stock Options </I></B></font></P>
<P align="left">
<font face="Arial" size="2">We use the fair value-based method to account for employee stock options granted on or after January&nbsp;1, 2002 and the Black-Scholes option pricing model to measure compensation expense relating to options.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We credit contributed surplus for the stock option expense recorded over the vesting period, based on management&#146;s estimate of the number of options that are expected to vest. Upon the exercise of stock options, we
credit share capital for the amount paid by the employees as well as the amounts previously credited to contributed surplus.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>RSUs</I></B></font></P>
<P align="left">
<font face="Arial" size="2">For each RSU granted, we record compensation expense equal to the market value of a BCE&nbsp;Inc. common share at  the date of grant, prorated over the vesting period and based on management&#146;s estimate of the number of RSUs that are expected to
vest. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation expense is adjusted for subsequent changes in the market value of BCE&nbsp;Inc. common shares and any change in management&#146;s estimate of the number of RSUs that are expected to vest. The cumulative effect
of any change in value is recognized in the period of the change. Vested RSUs are paid in cash, except for executives who can settle either in BCE&nbsp;Inc. common shares purchased on the open market, in cash, in DSUs or through a combination of these.
</font> </P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>DSUs</I></B></font></P>
<P align="left">
<font face="Arial" size="2">For each DSU granted, we record compensation expense equal to the market value of a BCE&nbsp;Inc. common share at the date of grant. Compensation expense is adjusted for subsequent changes in the market value of BCE&nbsp;Inc. common shares. DSUs are settled
in BCE&nbsp;Inc. common shares purchased on the open market following the cessation of a participant&#146;s employment or when a director leaves the board.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>ESP and SCPs</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We recognize our contributions under the ESP as compensation expense. We also recognize compensation expense or recovery relating to SCPs.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Regulation of the Telecommunications Industry</B></font></P>
<P align="left">
<font face="Arial" size="2">Some of our subsidiaries, such as Bell&nbsp;Canada and Bell Aliant, are regulated by the Canadian Radio-television and Telecommunications Commission (CRTC) pursuant to the <I>Telecommunications Act</I>. Although the majority of our services are forborne
from economic regulation, our business is affected by CRTC decisions over the prices we charge for specific services that remain subject to economic regulation and other operating requirements.
</font> </P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Recent Changes to Accounting Policies and Standards</B></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Goodwill and Intangible Assets</I></B></font></P>
<P align="left">
<font face="Arial" size="2">The Canadian Accounting Standards Board (AcSB) issued section 3064, <I>Goodwill and Intangible Assets</I>, which establishes standards for the recognition, measurement, presentation and disclosure of intangible assets. Section 3064 came into effect
on January&nbsp;1,&nbsp;2009, replacing section 3062, <I>Goodwill and Other Intangible Assets</I> and section 3450, <I>Research and Development Costs</I>. Adoption of this new standard did not have a significant impact on our financial results.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Future Changes to Accounting Policies and Standards</B></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Multiple Deliverable Revenue Arrangements</I></B></font></P>
<P align="left">
<font face="Arial" size="2">In December&nbsp;2009, the Emerging Issues Committee of the AcSB issued EIC-175, <I>Multiple Deliverable Revenue Arrangements</I>, which addresses certain aspects of accounting by a vendor for arrangements under which it will perform multiple
revenue-generating activities, amending the previous guidance under EIC-142, <I>Revenue Arrangements with Multiple Deliverables</I>. The amendments require a vendor to allocate arrangement consideration at the inception of an arrangement to all
deliverables using the relative selling price method, thus prohibiting the use of the residual method. EIC-175 also changes the level of evidence of the stand-alone selling price required to separate deliverables when more objective evidence of the
selling price is not available.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIC-175 may be applied prospectively and must be applied to revenue arrangements with multiple deliverables entered into or materially modified in the first annual fiscal period beginning on or after January&nbsp;1,&nbsp;2011.
Early adoption is permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are currently evaluating the impact and effective date of adoption of EIC-175.</font></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">92</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 2: SEGMENTED INFORMATION</B></font></P>
<P align="left">
<font face="Arial" size="2">The accounting policies used by the segments are the same as those we describe in Note 1, <I>Significant Accounting Policies</I>. Segments negotiate sales with each other as if they were unrelated parties.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We measure the profitability of each segment based on its operating earnings before interest, income taxes, and depreciation and amortization (EBITDA). For financial reporting purposes, we allocate depreciation and
amortization, and restructuring and other to the segments to calculate operating income by segment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations, including most of our revenues, capital assets and goodwill, are located in&nbsp;Canada.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our results of operations are reported in four segments:
<I>Bell Wireline</I>, <I>Bell Wireless</I>, <I>Bell Aliant</I> and <I>Telesat</I>. Our reporting structure reflects how we manage our business and how we classify our operations for planning and measuring performance. Accordingly, we operate and
manage our segments as strategic business units organized by products and services. Substantially all of our interest expense, other (expense) income, income tax and non-controlling interest are managed on a total company basis and are, accordingly,
not reflected in segment results. The inter-segment eliminations eliminate any intercompany transactions included in each segment&#146;s results.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bell Wireline segment provides local telephone, long distance, data (including Internet access), video and other services to Bell&nbsp;Canada&#146;s residential, small and medium-sized business and large enterprise
customers, primarily in the urban areas of Ontario and Qu&eacute;bec. Video services are provided nationwide. Also included in this segment is our wholesale business, which provides and purchases local telephone, long distance, data and other
services to or from resellers and other carriers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bell Wireless segment provides wireless telephone and products to Bell&nbsp;Canada&#146;s residential, small and medium-sized business and large enterprise customers across&nbsp;Canada.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bell Aliant segment provides local telephone, long distance, Internet, data, video, wireless, IT services and products, and other information and communications technology solutions to residential and business
customers in the Atlantic provinces, and in rural Ontario and Qu&eacute;bec.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesat provides satellite communications and systems management and also provides consulting services in establishing, operating and upgrading satellite systems worldwide. On October&nbsp;31,&nbsp;2007, we sold Telesat, which
represents all of our Telesat segment. We have maintained continuing commercial arrangements between Telesat and Bell TV that provide Bell TV continued access to satellite capacity. As a result of these arrangements, we have not accounted for
Telesat as a discontinued operation.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">93</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>Segmented Information</B> </font>
	</P>

<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=right width="44%">
<p style="text-indent: -12px; margin-left: 12px" align="left"><font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">BELL<br>
WIRELINE </FONT>
	</TD>
	<TD align=right width=2%>
<p align="left"><font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">BELL<br>
WIRELESS </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">INTER-<br>
SEGMENT<br>
ELIMINA-<br>
TIONS </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">BELL&nbsp;</FONT><font size="1"> </font>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">BELL<br>
ALIANT </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">INTER-<br>
SEGMENT<br>
ELIMINA-<br>
TIONS </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">CONSOLI-<br>
DATED </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">For the year ended December&nbsp;31,&nbsp;2009 </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">External customers </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10,343</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,507</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>14,850</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,885</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>17,735</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Inter-segment </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>323</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>51</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(204</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>170</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>289</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(459</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total operating revenues </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10,666</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,558</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(204</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>15,020</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,174</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(459</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>17,735</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating expenses </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(6,759</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,746</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>204</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(9,301</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,804</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>459</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(10,646</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,284</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(520</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2,804</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(567</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3,371</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(475</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(483</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(44</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(527</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,148</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,284</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,432</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>759</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,191</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="44%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other expense </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(18</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(723</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(368</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(333</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,749</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Segment assets </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>24,236</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>7,868</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>32,104</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>6,198</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(252</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>38,050</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital expenditures </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,717</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>673</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,390</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>464</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,854</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Additions to advanced wireless services (AWS) spectrum licences </FONT>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>40</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>40</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>40</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="44%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="44%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">For the year ended December&nbsp;31,&nbsp;2008 </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">External customers </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">10,272 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">4,434 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">14,706 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">2,955 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">17,661 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Inter-segment </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">368 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">45 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(248 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">165 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">342 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(507 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total operating revenues </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">10,640 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">4,479 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(248 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">14,871 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">3,297 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(507 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">17,661 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="44%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating expenses </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(6,772 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(2,709 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">248 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(9,233 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(1,931 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">507 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(10,657 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(2,193 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(492 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(2,685 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(579 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(3,264 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(773 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(37 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(810 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(61 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(871 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">902 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">1,241 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">2,143 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">726 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">2,869 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="44%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other expense </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(253 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(791 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(469 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(323 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="44%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">1,033 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="44%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Segment assets </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">25,836 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">7,823 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">33,659 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">6,306 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(302 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">39,663 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital expenditures </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">1,966 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">493 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">2,459 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">527 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">2,986 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="44%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Additions to AWS spectrum licences </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">741 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">741 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">741 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="44%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">94</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<p>
<font face="Arial" color="#0065A4">
<B>Segmented Information</B> </font>
	</p>

<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=right width="36%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="1">BELL<br>
WIRELINE
	</font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="1">BELL<br>
WIRELESS
	</font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">INTER-<br>
SEGMENT<br>
ELIMINA-<br>
TIONS </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="1">BELL&nbsp;
	</font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="1">BELL<br>
ALIANT
	</font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="1">TELESAT
	</font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">INTER-<br>
SEGMENT<br>
ELIMINA-<br>
TIONS </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="1">CONSOLI-<br>
DATED
	</font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=17 width="36%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">For the year ended December&nbsp;31,&nbsp;2007 </FONT>
	</TD>
	<TD align=left width=6%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </FONT>
	</TD>
	<TD align=left width=6%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">External customers </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">10,379 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">4,092 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">14,471 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">2,917 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">319 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">17,707 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Inter-segment </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">340 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">59 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(227 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">172 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">398 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">139 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(709 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=17 width="36%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total operating revenues </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">10,719 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">4,151 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(227 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">14,643 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">3,315 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">458 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(709 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">17,707 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=right width=6%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating expenses </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(6,840 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(2,511 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">227 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(9,124 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(2,019 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(195 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">622 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(10,716 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(2,121 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(438 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(2,559 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(559 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(106 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">43 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(3,181 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(304 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(4 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(308 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(23 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(331 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=17 width="36%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">1,454 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">1,198 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">2,652 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">714 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">157 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(44 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">3,479 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=right width=6%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other income </FONT>
	</TD>
	<TD align=left width=6%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">2,406 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense </FONT>
	</TD>
	<TD align=left width=6%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(859 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes </FONT>
	</TD>
	<TD align=left width=6%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(735 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=left width=6%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(332 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=17 width="36%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=left width=6%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">3,959 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=right width=6%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital expenditures </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">1,960 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">455 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">2,415 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">537 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">188 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">3,140 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=17 width="36%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Revenues by Product</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Revenues </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Local and access </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,159</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,360 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,617 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long distance </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,078</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,165 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,219 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Data </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,696</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,723 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,573 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Wireless </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,102</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,059 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,773 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Video </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,593</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,450 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,317 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Equipment and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,222</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">949 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">972 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total external revenues </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>14,850</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,706 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,471 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>170</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">165 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">172 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>15,020</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,871 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,643 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,174</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,297 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,315 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Telesat </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">458 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(459</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(507 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(709 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">BCE&nbsp;</FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>17,735</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,661 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,707 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">95</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 3: RESTRUCTURING AND OTHER</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Employee costs </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(219</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(274 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(63 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(41</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(54 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(23 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Real estate </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(80</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(81 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(77 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total restructuring costs </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(340</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(416 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(167 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other charges </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(187</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(455 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(164 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(527</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(871 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(331 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">The liability for restructuring costs at December&nbsp;31,&nbsp;2009 is as follows:</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL&nbsp;</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL<br>
ALIANT </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CONSOLI-<br>
DATED </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at December&nbsp;31,&nbsp;2008 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">205 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">66 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">271 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Employee costs</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">162 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">41 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">203 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Real estate </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">80 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">80 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Less: Cash payments </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(231 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(66 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(297 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at December&nbsp;31,&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">216 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">41 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">257 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table16">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>Excludes amounts related to net benefit plans costs for Bell&nbsp;Canada (&#36;57&nbsp;million) included in the net pension liability.</I></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Restructuring Costs</B></font></P>
<P align="left">
<font face="Arial" size="2">Restructuring costs at Bell consist of:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">employee termination charges related to voluntary and involuntary workforce reduction initiatives. The&nbsp;2009 charge of &#36;219&nbsp;million includes &#36;139&nbsp;million relating to a voluntary retirement incentive. The&nbsp;2008 charge of &#36;274&nbsp;million
is related to involuntary departures. The&nbsp;2007 charge of &#36;63&nbsp;million includes &#36;26&nbsp;million relating to a voluntary retirement incentive.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">real estate costs for relocating employees and closing real estate facilities that are no longer needed because of work-force reduction initiatives, charges for relocation and lease vacancy, and buyout costs related to the relocation to
campus environments in Calgary, Toronto and Montr&eacute;al.</font></P></li>
</ul>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Workforce reduction </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>24</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">32 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">61 </FONT>
	</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Campus environments </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>56</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">49 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Real estate costs </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>80</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">81 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">77 </FONT>
	</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">Our cumulative expense since 2004 as a result of workforce reduction initiatives is &#36;242&nbsp;million and since&nbsp;2007 for costs related to campus environments is &#36;121&nbsp;million. We expect to incur additional real estate costs of approximately &#36;8
million to relocate employees and close additional real estate facilities as a result of our workforce initiatives, which will be expensed as incurred in our Bell Wireline segment.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs at Bell Aliant consist mainly of employee termination charges related to workforce reduction initiatives. Employee termination charges in&nbsp;2009 related to voluntary and involuntary employee
departures. Employee termination charges in&nbsp;2008 and&nbsp;2007 related to involuntary employee departures.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Other Charges</B></font></P>
<P align="left">
<font face="Arial" size="2">We recorded other charges of &#36;187&nbsp;million in&nbsp;2009. Of the total, &#36;152&nbsp;million related to the Supreme Court of&nbsp;Canada decision rendered in September&nbsp;2009 to uphold the CRTC&#146;s decision that the funds remaining in our deferral account
could be used for uneconomic broadband expansion or returned to customers. This charge relates to the years 2002 to&nbsp;2006 and reflects the remaining amount of our deferral account commitment. Our commitment under the deferral account is fully accrued
in the financial statements. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recorded other charges of &#36;455&nbsp;million in&nbsp;2008 comprised of &#36;236&nbsp;million for the CRTC&#146;s decision in the first quarter of&nbsp;2008 on the use of deferral account funds for the uneconomic expansion of
broadband, &#36;187&nbsp;million for employee retention (see Note 21, <I>Stock-Based Compensation Plans</I>), other costs associated with the proposed privatization transaction and costs related to Bell&#146;s rebranding.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recorded other charges of &#36;164&nbsp;million in&nbsp;2007 related primarily to transaction costs associated with the proposed privatization transaction, employee retention costs (see  Note 21, <I>Stock-Based Compensation
Plans</I>) and a charge for uneconomic broadband expansion approved by the CRTC. The transaction costs relate mainly to financial advisory, professional and consulting fees.</font></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">96</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 4: OTHER (EXPENSE) INCOME</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Gains (losses) on investments </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>49</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(308 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,414 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest income </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>14</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">97 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">47 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Securitization losses </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(27</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(52 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(64 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Foreign currency gains (losses) </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(30 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Premium on redemption of debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(45</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(12</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total other (expense) income </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(18</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(253 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,406 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Gains (Losses) on Investments</B></font></P>
<P align="left">
<font face="Arial" size="2">Losses on investments of &#36;308&nbsp;million in&nbsp;2008 resulted from write-downs of our AFS investments. The decline in fair values of these investments was assessed to be other than temporary. The impairments were based on business valuations or quoted
market prices. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on investments of &#36;2,414&nbsp;million in&nbsp;2007 resulted mainly from: </font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">a &#36;2,300&nbsp;million gain on the sale of Telesat, our satellite services subsidiary, on October&nbsp;31,&nbsp;2007
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">a &#36;92&nbsp;million dilution
gain from the privatization of the Bell Nordiq Income Fund in the first quarter of&nbsp;2007.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 5: INTEREST EXPENSE</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense on long-term debt </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(745</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(755 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(812 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense on other debt </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(34</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(36 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(56 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capitalized interest </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>56</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total interest expense </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(723</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(791 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(859 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">Included in interest expense on long-term debt is &#36;148&nbsp;million of interest on capital leases for&nbsp;2009, &#36;99&nbsp;million for&nbsp;2008  and &#36;61&nbsp;million for&nbsp;2007.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 6: INCOME TAXES</B></font></P>
<P align="left">
<font face="Arial" size="2">The following table reconciles the amount of reported income tax expense in the statements of operations with income tax expense at Canadian statutory rates of 32.3% in&nbsp;2009, 32.6% in&nbsp;2008 and 34.7% in&nbsp;2007.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income tax expense computed at statutory rates </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(791</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(595 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,744 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-taxable portion of gains (losses) on investments </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>15</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(97 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">420 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-taxable portion of Bell Aliant&#146;s income </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>112</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">109 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">111 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Resolution of uncertain tax positions</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>132</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">70 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">348 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Recognition of previously unrecognized non-capital loss carryforwards </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Effect of changes in future tax rates on temporary differences </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>39</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">87 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Tax rate differential on reversal of temporary differences and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>118</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">23 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">43 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total income tax expense </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(368</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(469 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(735 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table17">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>Included in this amount for&nbsp;2007 are settlements with tax authorities on uncertain tax positions in connection with the sale of an investment in a prior year and other audit issues.</I></font></P>
		</td>
	</tr>
</table>
<p>&nbsp;</p>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">97</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" size="2">The following table shows the significant components of income tax expense that related to earnings from continuing operations.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Current income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(336</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(340 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(322 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income taxes </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Recognition and utilization of loss carryforwards </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(27</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(61 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(478 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Resolution of uncertain tax positions </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>132</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">70 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">348 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Effect of changes in future tax rates on temporary differences </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>39</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">87 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Change in temporary differences and other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(176</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(142 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(370 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total income tax expense </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(368</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(469 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(735 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">The following table shows future income taxes resulting from temporary differences between the carrying amounts of assets and liabilities for accounting purposes and the amounts used for tax purposes, as well as tax loss carryforwards.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-capital loss carryforwards </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>225</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">215 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Employee benefit plans </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(116</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">104 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Property, plant and equipment and finite-life intangible assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(804</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(795 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Indefinite-life intangible assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(440</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(426 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Investment tax credits </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(175</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(240 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Partnership income deferral</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(118</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(116 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(427</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(574 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total future income taxes </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,855</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,832 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income tax balances are comprised of: </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income tax asset &#150; current portion </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>110</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">86 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income tax asset &#150; long-term portion </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>52</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">76 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income tax liability &#150; current portion </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(31</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(86 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income tax liability &#150; long-term portion </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,986</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,908 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total future income taxes </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,855</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,832 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table18">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>The taxation year end of certain of Bell Aliant&#146;s corporate subsidiaries differs from their partnership year ends. This results in a deferral of partnership income for tax purposes.</I></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">At December&nbsp;31,&nbsp;2009, BCE&nbsp;had &#36;832&nbsp;million of non-capital loss carryforwards. We: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">recognized a future tax asset of &#36;225&nbsp;million, of which &#36;181&nbsp;million related to Bell Aliant, on approximately &#36;734&nbsp;million of the non-capital
loss carryforwards. Of the total non-capital loss carryforwards recognized, &#36;41&nbsp;million expires in varying annual amounts until the end of 2019. The balance expires in varying annual amounts from 2020 to 2029.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">did not recognize a future tax asset for approximately &#36;98&nbsp;million of non-capital loss carryforwards. This balance expires in varying annual amounts from 2020 to 2029.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">At December&nbsp;31,&nbsp;2009, BCE&nbsp;had &#36;1,021&nbsp;million in unrecognized capital loss carryforwards which can be carried forward indefinitely.</font></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">98</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 7: DISCONTINUED OPERATIONS</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expertech Network Installation (US)&nbsp;Inc. (Expertech US) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4" size="2">
<B>1</B> </font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(43 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">ADS</FONT></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4" size="2">
<B>&#150;</B> </font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(5 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">114 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">
Other<SUP>(1)</SUP> </font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4" size="2">
<B>(12</B> </font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4" size="2">
<B>)</B> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(42 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(13 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net (loss) gain from discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4" size="2">
<B>(11</B> </font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4" size="2">
<B>)</B> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(90 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">98 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table19">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>Due mainly to asset impairments related to our decisions to cease the operations of or to sell certain of our businesses.</I></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">The following table is a summarized statement of operations for the discontinued operations.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Revenue </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>43</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">125 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">167 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">(Loss) income from discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(43 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(35 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">(Loss) gain from discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(13</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(55 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">338 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income tax recovery on operating loss </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income tax expense on gain </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(56 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>9</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(153 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net (loss) gain from discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(90 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">98 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Expertech US</B></font></P>
<P align="left">
<font face="Arial" size="2">In&nbsp;2008, we decided to sell our investment in Expertech US. As such, we accounted for Expertech US as a discontinued operation and no longer consolidated its financial results.  A loss of &#36;15&nbsp;million was recorded in anticipation of the sale of
Expertech US.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2009, we ceased operations of Expertech US. Expertech US was previously included in the Bell Wireline segment.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>ADS</B></font></P>
<P align="left">
<font face="Arial" size="2">In February&nbsp;2007, Yellow Pages Group (YPG), through Yellow Pages Income Fund, and Bell Aliant announced that they had entered into a memorandum of understanding for YPG  to acquire the assets of ADS, a partnership held 87.14% by Bell Aliant and the
balance by YPG. At March&nbsp;31,&nbsp;2007, we accounted for ADS as a discontinued operation and no  longer proportionately consolidated its financial results. ADS was previously included in the Bell Aliant segment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;30,&nbsp;2007, the transaction was completed and we realized net proceeds of &#36;327&nbsp;million. The gain on disposition was approximately &#36;110&nbsp;million.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 8: EARNINGS PER SHARE </B></font></P>
<P align="left">
<font face="Arial" size="2">The following table is a reconciliation of the components used in the calculation of basic and diluted earnings per common share from continuing operations.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,749</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,033 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,959 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends on preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(107</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(131 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations &#150; basic </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,642</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">909 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,828 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Weighted average number of common shares outstanding (in&nbsp;millions) </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Weighted average number of common shares outstanding &#150; basic </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>772.9</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">805.8 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">804.8 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Assumed exercise of stock options</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.4 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.1 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Weighted average number of common shares outstanding &#150; diluted </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>772.9</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">807.2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">806.9 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table20">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>The calculation of the assumed exercise of stock options includes the effect of the average unrecognized future compensation cost of dilutive options. It does not include anti-dilutive options, which are options that would not be exercised
because their exercise price is higher than the average market value of a BCE&nbsp;Inc. common share. The number of excluded options was 10,508,239 in&nbsp;2009, 4,646,531 in&nbsp;2008 and 5,278,529 in&nbsp;2007.</I></font></P>
		</td>
	</tr>
</table>




<font face="Arial" size="2">





<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
99</font></b></font></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>





</font>

<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 9: ACCOUNTS RECEIVABLE</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Trade accounts receivable </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,245</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,394 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Allowance for doubtful accounts </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(105</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(131 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Allowance for revenue adjustments </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(83</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(82 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes receivable </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>118</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">63 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Investment tax credits </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>300</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">408 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other accounts receivable </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>130</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">174 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total accounts receivable </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,605</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,826 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Securitization of Accounts Receivable</B></font></P>
<P align="left">
<font face="Arial" size="2">At December&nbsp;31,&nbsp;2009, an interest of &#36;1,140&nbsp;million of Bell&nbsp;Canada&#146;s accounts receivable had been sold to a securitization trust for cash (&#36;1,140&nbsp;million in cash at December&nbsp;31,&nbsp;2008) under a revolving sales agreement that expires on
May&nbsp;13, 2012. Bell&nbsp;Canada had a retained interest of &#36;192&nbsp;million in the accounts receivable at December&nbsp;31,&nbsp;2009 (&#36;130&nbsp;million at December&nbsp;31,&nbsp;2008), which equals the amount of overcollateralization in the receivables sold.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2009, an interest of &#36;165&nbsp;million of Bell Aliant&#146;s accounts receivable had been sold to a securitization trust for cash (&#36;165&nbsp;million in cash at December&nbsp;31,&nbsp;2008) under a revolving sales
agreement that expires on July&nbsp;7,&nbsp;2011. Bell Aliant had a retained interest of &#36;43&nbsp;million in the accounts receivable at December&nbsp;31,&nbsp;2009 (&#36;44&nbsp;million at December&nbsp;31,&nbsp;2008).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Canada and Bell Aliant continue to service these accounts receivable. The buyers&#146; interest in the collection of these accounts receivable ranks ahead of the interests of Bell&nbsp;Canada and Bell Aliant, which
means that Bell&nbsp;Canada and Bell Aliant are exposed to certain risks of default on the amount securitized. Bell&nbsp;Canada and Bell Aliant have provided various credit enhancements in the form of overcollateralization and subordination of their retained
interests.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The buyers will reinvest the amounts collected by buying additional interests in the Bell&nbsp;Canada and Bell Aliant accounts
receivable until the agreements expire. The buyers and their investors have no further claim on Bell&nbsp;Canada&#146;s and Bell Aliant&#146;s other assets if customers do not pay amounts owed.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2009, we recognized a loss of &#36;27&nbsp;million on the revolving sale of accounts receivable for the combined securitizations, compared to losses of &#36;52&nbsp;million in&nbsp;2008 and &#36;64&nbsp;million in&nbsp;2007.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows balances for the securitization programs at December&nbsp;31,&nbsp;2009 and the assumptions that were used on the date of transfer and at December&nbsp;31,&nbsp;2009. A 10% or 20% adverse change in each of these
assumptions would have no significant effect on the current fair value of the retained interest.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="14%">
<FONT size=1 face="Arial">RANGE FOR&nbsp;2009 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="60%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Securitized interest in accounts receivable </FONT>
	</TD>
	<TD align=left width="14%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,305</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,305 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Retained interest </FONT>
	</TD>
	<TD align=left width="14%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>235</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">174 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Servicing liability </FONT>
	</TD>
	<TD align=left width="14%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average accounts receivable managed </FONT>
	</TD>
	<TD align=left width="14%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,146</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,091 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Assumptions </FONT>
	</TD>
	<TD align=left width="14%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cost of funds </FONT>
	</TD>
	<TD align=right width="14%">
<FONT size=2 face="Arial">2.05%&#150;3.86 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">%&nbsp;
	</FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.05</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.05 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Average delinquency ratio </FONT>
	</TD>
	<TD align=right width="14%">
<FONT size=2 face="Arial">11.60%&#150;12.00 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">%&nbsp;
	</FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11.60</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11.60 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Average net credit loss ratio </FONT>
	</TD>
	<TD align=right width="14%">
<FONT size=2 face="Arial">1.00%&#150;1.02 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">%&nbsp;
	</FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.00</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.96 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Weighted average life (days) </FONT>
	</TD>
	<TD align=right width="14%">
<FONT size=2 face="Arial">34&#150;36 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>34</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">37 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Servicing fee liability </FONT>
	</TD>
	<TD align=right width="14%">
<FONT size=2 face="Arial">2.00 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.00</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.00 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="60%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">The following table is a summary of certain cash flows received from and paid to the trusts during the year.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Collections reinvested in revolving sales </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>19,423</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">18,374 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">18,579 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Decrease in sale proceeds </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(27 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 10: INVENTORY</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inventory </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Work in progress </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>57</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">54 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Finished goods </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>433</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">236 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Provision </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(42</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(18 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total inventory </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>448</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">272 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">The total amount of inventories recognized as an expense was &#36;1,505&nbsp;million in&nbsp;2009, &#36;1,307&nbsp;million in&nbsp;2008 and &#36;1,277&nbsp;million in&nbsp;2007.</font></P>
<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">100</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
&nbsp;</P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 11: CAPITAL ASSETS</B> </font>
	</P>

<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="39%" rowspan="3">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=left width="30%" colspan="6">
<p align="center"><font face="Arial">
<B><FONT size=1 color="#0065A4">2009</FONT></B></font></TD>
	<TD width="1%" rowspan="3">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="30%" colspan="6">
<p align="center"><font face="Arial" size="1">2008</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="30%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="8%">
<p align="right"><b><font face="Arial" size="1" color="#0065A4">COST
	</font></b>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<b>
<FONT size=1 face="Arial" color="#0065A4">ACCUMULATED<br>
AMORTIZATION </FONT></b>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width=8%>
<b>
<FONT size=1 face="Arial" color="#0065A4">NET BOOK<br>
VALUE</FONT></b></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="8%">
<p align="right"><font face="Arial" size="1">COST
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">ACCUMULATED<br>
AMORTIZATION </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">NET BOOK<br>
VALUE </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Property, plant and equipment </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Telecommunications assets </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Inside plant </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>21,686</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>16,386</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>5,300</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">21,408 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">15,782 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5,626 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Outside plant </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>16,786</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10,979</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>5,807</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">16,401 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">10,754 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5,647 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Station equipment </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,351</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,656</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,695</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,322 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,728 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,594 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Machinery and equipment </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>8,024</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>5,104</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,920</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">7,002 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4,560 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,442 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Buildings </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,604</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,671</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,933</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,530 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,602 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,928 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Plant under construction </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>889</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>889</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,099 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,099 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Satellites </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,303</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>595</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>708</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,395 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">562 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">833 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Land </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>77</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>77</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">77 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">77 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>239</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>127</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>112</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">262 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">102 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">160 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total property, plant and equipment </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>55,959</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>36,518</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>19,441</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">54,496 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">35,090 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">19,406 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Finite-life intangible assets </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Software </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,910</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,102</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,808</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4,802 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,831 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,971 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Customer relationships </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>924</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>204</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>720</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">874 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">169 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">705 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>28</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>15</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>13</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">33 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">17 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total finite-life intangible assets </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>5,862</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,321</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,541</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5,709 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,016 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,693 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Indefinite-life intangible assets </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Brand name </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,024</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,024</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,014 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,014 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Spectrum licences </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,763</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,763</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,667 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,667 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cable licences </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>16</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>16</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total indefinite-life intangible assets </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,803</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,803</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,697 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,697 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total capital assets </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>65,624</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>39,839</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>25,785</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">63,902 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">38,106 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">25,796 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><p>&nbsp;</p>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Assets under capital leases: </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cost </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,198</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,396 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Additions </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>196</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">935 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net book value </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,955</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,218 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Additional information on additions: </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Finite-life intangible asset additions </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>660</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">694 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" colspan=2>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Indefinite-life intangible asset additions </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>106</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">784 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation of property, </FONT>
	<font face="Arial">
<FONT size=2>plant and equipment</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,595</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,537 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,547 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Amortization of finite-life intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>776</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">727 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">634 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capitalized interest on spectrum licences </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>56</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table21">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>Includes depreciation of capital leases of &#36;213&nbsp;million in&nbsp;2009, &#36;257&nbsp;million in&nbsp;2008 and &#36;143&nbsp;million in&nbsp;2007.</I></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">The future annual amortization expense for finite-life intangible assets, calculated based on the asset values at December&nbsp;31,&nbsp;2009, is as follows.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2010 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(610 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2011 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(438 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2012 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(281 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2013 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(174 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2014 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(73 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total estimated amortization expense </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,576 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">101</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 12: OTHER LONG-TERM ASSETS</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit asset </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">23 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,316</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,636 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp; </font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>52</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">76 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">AFS publicly-traded and privately-held securities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>283</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">275 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Investment tax credits</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>141</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">130 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term notes and other receivables </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>102</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">151 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>313</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">342 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total other long-term assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,207</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,610 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table22">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>Our investment tax credits expire in varying annual amounts until the end of 2029.</I></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 13: GOODWILL </B></font></P>
<P align="left">
<font face="Arial" size="2">The consolidated statements of operations include the results of acquired businesses from the date they were purchased. We cease including results from businesses we have sold on the date they are sold. The following table provides details about the
changes in the carrying amounts of goodwill for the years ended December&nbsp;31,&nbsp;2009 and&nbsp;2008.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL<br>
WIRELINE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL<br>
WIRELESS </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL<br>
ALIANT </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CONSOLI-<br>
DATED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance &#150; December&nbsp;31,&nbsp;2007 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,471 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,175 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,209 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,855 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2008 acquisitions </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">29 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">49 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Contingent consideration paid in respect of a prior year&#146;s acquisition </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjustments from completion of prior year&#146;s purchase price allocation </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(194 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(197 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Repurchase of units at Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(48 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(48 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance &#150; December&nbsp;31,&nbsp;2008 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,497 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,186 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">976 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,659 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2009 acquisitions </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">115 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">115 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Contingent consideration paid in respect of a prior year&#146;s acquisition </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance &#150; December&nbsp;31,&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,501</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,301</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>972</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>5,774</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>2009 Acquisitions</B></font></P>
<P align="left">
<font face="Arial" size="2">On July&nbsp;1,&nbsp;2009, we acquired the remaining 50% interest that we did not already own in Virgin Mobile&nbsp;Canada, a mobile virtual network operator.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also on July&nbsp;1,&nbsp;2009, we acquired substantially all of the assets of the national electronics retailer The Source.</font></P>
<P align="left">
<B><font face="Arial" color="#0065A4">Sale of Telesat</font></B></P>
<P align="left">
<font face="Arial" size="2">On October&nbsp;31,&nbsp;2007, we sold Telesat, our satellite services subsidiary, for net cash proceeds of &#36;3,123&nbsp;million and a  gain on sale of approximately &#36;1,893&nbsp;million, net of taxes of &#36;407&nbsp;million.
</font> </P>
<P align="left">
<B><font face="Arial" color="#0065A4">Bell Nordiq Income Fund</font></B></P>
<P align="left">
<font face="Arial" size="2">In January&nbsp;2007, Bell Aliant purchased the remaining 36.7% interest that it did not already own in NorthernTel Limited Partnership and T&eacute;l&eacute;bec Limited Partnership (T&eacute;l&eacute;bec), the operating partnerships of the Bell Nordiq
Income Fund, held through Bell Nordiq Group&nbsp;Inc. (Bell Nordiq). Goodwill was recognized on the transaction because the value of the net assets was lower than the future earnings potential. None of the goodwill is deductible for tax purposes.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to the acquisition, Bell Nordiq Income Fund unit holders received a special distribution of &#36;4.00 cash per unit and, on January&nbsp;30,&nbsp;2007, received 0.4113 of a Bell Aliant unit for each Bell Nordiq
Income Fund unit  held. As a result, our non-controlling interest increased by &#36;156&nbsp;million.</font></P>
<P align="left">
<B><font face="Arial" color="#0065A4">Repurchase of Units at Bell Aliant</font></B></P>
<P align="left">
<font face="Arial" size="2">In&nbsp;2007, Bell Aliant repurchased 10.6&nbsp;million outstanding units for a total cash outlay of &#36;330&nbsp;million as part of a normal course issuer bid (NCIB) program. No further units were repurchased in&nbsp;2008 and the NCIB program was terminated on
February&nbsp;27,&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell Aliant&#146;s&nbsp;2007 NCIB program, in which we did not participate, resulted in a 2% increase in our ownership of Bell Aliant, which we recorded as an increase to our goodwill of &#36;107&nbsp;million. In&nbsp;2008, we
finalized the allocation of goodwill, which had the following impact on our balance sheet: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">goodwill decreased by &#36;48&nbsp;million </font>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">property, plant and equipment increased by &#36;4&nbsp;million
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">finite-life intangibles increased by
&#36;63&nbsp;million </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">other long-term liabilities increased by &#36;19&nbsp;million.
	</font></P></li>
</ul>
<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">102</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>Purchase Price Allocations</B></font></P>
<P align="left">
<font face="Arial" size="2">The purchase price allocations for&nbsp;2009 acquisitions include certain estimates. The final purchase price allocation for each business acquisition will be complete within 12 months of the acquisition date.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables summarize the fair values assigned  to each major asset and liability class for each of the last three years.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>2009 Business Combinations</I></B></font></P>
<P align="left">
<font face="Arial" size="2">The table below includes acquisitions of The Source and Virgin Mobile&nbsp;Canada, which were individually immaterial.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Consideration given </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial">
<FONT size=2>Cash</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>315</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Acquisition costs </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Purchase price </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>323</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-cash working capital </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>102</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Property, plant and equipment </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>33</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other long-term assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Finite-life intangibles</FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Dealer network </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Customer relationships </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>58</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Software </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>13</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Indefinite-life intangible </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Brand </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other long-term liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(22</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>202</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash and cash equivalents </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>6</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Fair value of net assets acquired </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>208</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Goodwill</FONT><SUP><FONT size=2>(3)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>115</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table23">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
		<font face="Arial" size="1">
<I>An additional &#36;16&nbsp;million of cash is held in escrow pending final working capital adjustments.</I>
</font>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><i><font size="1">(2)</font></i></td>
		<td width="98%" valign="top">
		<font face="Arial" size="1">
<I>The dealer network, customer relationships and the majority of software acquired are amortized over a weighted average period of ten, six and two years, respectively.</I>
</font>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><i><font size="1">(3)</font></i></td>
		<td width="98%" valign="top">
		<font face="Arial" size="1">
<I>None of the goodwill is deductible for tax purposes.</I>	</font>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>2008 Business Combinations</I></B></font></P>
<P align="left">
<font face="Arial" size="2">All acquisitions in&nbsp;2008 were individually immaterial.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Consideration given </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cash </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Purchase price </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Property, plant and equipment </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Finite-life intangibles</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Customer relationships </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Indefinite-life intangibles </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Brand </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Licences </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(15 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Fair value of net assets acquired </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Goodwill</FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">49 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table24">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>The customer relationships are amortized over a weighted average period  of seventeen years.</I></font></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(2)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>&#36;9&nbsp;million is deductible for tax purposes.</I></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>2007 Business Combinations</I></B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=right width="64%">
<p style="text-indent: -12px; margin-left: 12px" align="left"><font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL&nbsp;NORDIQ</FONT></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">OTHER </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Consideration given </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cash </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">135 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">24 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">159 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Acquisition costs </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Non-cash </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">394 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">392 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Purchase price </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">533 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">555 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Property, plant and equipment </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">37 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Finite-life intangibles</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Customer relationships </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">186 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">189 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Roaming agreements </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Indefinite-life intangibles </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Brand </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Licences </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other long-term liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(71 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(71 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">95 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">97 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Fair value of net assets acquired </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">289 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">296 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Goodwill</FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">244 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">259 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table25">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>The customer relationships and the roaming agreements are amortized over a weighted average period of twenty-three and four years, respectively.</I></font></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(2)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>&#36;8&nbsp;million is deductible for tax purposes.</I></font></P>
		</td>
	</tr>
</table>
<p>&nbsp;</p>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">103</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 14: ACCOUNTS PAYABLE AND ACCRUED LIABILITIES</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Trade accounts payable and accruals </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,637</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,727 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Compensation payable </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>499</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">501 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferred revenues </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>615</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">540 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Taxes payable </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>113</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">161 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring costs payable </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>175</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">194 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>31</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">86 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferral account commitment </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>152</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other current liabilities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>494</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">319 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total accounts payable and accrued liabilities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,716</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,528 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 15: DEBT DUE WITHIN ONE YEAR</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2% align="right">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WEIGHTED<br>
AVERAGE<br>
INTEREST RATE </FONT>
	</TD>
	<TD align=right width=2%>
<p align="left"><font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WEIGHTED<br>
AVERAGE<br>
MATURITY </FONT>
	</TD>
	<TD width=2% align="right">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bank advances </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.03 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.a. </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>42</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">217 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Notes payable </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.a. </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">29 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total bank advances and notes payable </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>53</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">246 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt due within one year </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">BCE&nbsp;Inc. </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">650 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>529</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,189 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>19</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">116 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>548</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,955 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized premium </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized debt issuance costs </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(6</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total long-term debt due within one year </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>547</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,955 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total debt due within one year </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>600</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,201 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0">
<font face="Arial" size="1">
<I>n.a.: Not applicable <br>
n.m.: Not meaningful</I></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Restrictions</B></font></P>
<P align="left">
<font face="Arial" size="2">Some of the credit agreements:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">require us to meet specific financial ratios
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">require us to offer to repay and cancel the credit agreement upon a change of control of BCE&nbsp;Inc. or Bell&nbsp;Canada. </font></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">We are in compliance with all conditions and restrictions.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Credit Facilities</B></font></P>
<P align="left">
<font face="Arial" size="2">Bell&nbsp;Canada and Bell Aliant may issue notes under their commercial paper programs up to the net available amount of their supporting committed revolving bank credit facilities. The total amount of these supporting committed revolving bank credit
facilities may be drawn at any time. Bell&nbsp;Canada and Bell Aliant had no commercial paper outstanding at December&nbsp;31,&nbsp;2009.
</font> </P>
<P align="left">
<font face="Arial" size="2">The table below is a summary of our total bank credit facilities at December&nbsp;31,&nbsp;2009.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TOTAL<br>
AVAILABLE </FONT>
	</TD>
	<TD width=2% align="right">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DRAWN </FONT>
	</TD>
	<TD width=2% align="right">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">ISSUED AND<br>
UNDRAWN<br>
LETTERS OF<br>
CREDIT </FONT>
	</TD>
	<TD width=2% align="right">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NET<br>
AVAILABLE </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=9 align="left" width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Committed credit facilities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial">
<FONT size=2>Bell&nbsp;Canada</FONT><SUP><FONT size=2>(1)<B> </B> </FONT></SUP><FONT size=2>&#150; </FONT>
	</font>
	<FONT size=2 face="Arial"><br>
Revolving facility (including supporting commercial paper program) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,400 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">268 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,132 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial">
<FONT size=2>Bell Aliant</FONT><SUP><FONT size=2>(1)<B> </B> </FONT></SUP><FONT size=2>&#150; </FONT>
	</font>
	<FONT size=2 face="Arial"><br>
Revolving facility (including supporting commercial paper program) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">550 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">523 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">558 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">241 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">277 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=9 align="left" width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total committed credit facilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,508 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">536 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,932 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=9 align="left" width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-committed credit facilities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Canada </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">225 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">89 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">134 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=9 align="left" width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total non-committed credit facilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">239 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">90 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">147 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=9 align="left" width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total committed and non-committed credit facilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,747 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">42 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">626 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,079 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=9 align="left" width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table26">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>Bell&nbsp;Canada&#146;s current &#36;1,400&nbsp;million supporting committed revolving bank credit facility expires in May&nbsp;2012 and Bell Aliant&#146;s current &#36;550&nbsp;million supporting committed revolving bank credit facility expires in July&nbsp;
2011.</I></font></P>
		</td>
	</tr>
</table>
<p>&nbsp;</p>
<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">104</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 16: LONG-TERM DEBT</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">WEIGHTED<br>
AVERAGE<br>
INTEREST RATE </FONT>
	</TD>
	<TD align=right width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">MATURITY </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=right width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>BCE&nbsp;Inc.</FONT><SUP><FONT size=2>(a)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">650 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Bell&nbsp;Canada</FONT><SUP><FONT size=2>(b)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Debentures </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">1997 trust indenture </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">5.91 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2011&#150;2035 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,100</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,400 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">1976 trust indenture </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">9.73 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2010&#150;2054 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,584</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,770 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Subordinated debentures </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">8.21 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2026&#150;2031 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>275</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">275 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital leases </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">7.91 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2010&#150;2047 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,929</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,129 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>157</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">230 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total &#150; Bell&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>8,045</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8,804 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Bell Aliant</FONT><SUP><FONT size=2>(c)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-revolving term facility </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">Floating </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">100 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Debentures, notes and bonds </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">5.41 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2011&#150;2037 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,740</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,395 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>45</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">81 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total &#150; Bell Aliant </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,785</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,576 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total debt </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10,830</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12,030 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized premium </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>57</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">66 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized debt issuance costs </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(41</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(42 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Less: Amount due within one year </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15, 19 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(547</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,955 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10,299</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,099 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=11 width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Restrictions</B></font></P>
<P align="left">
<font face="Arial" size="2">Some of the debt agreements:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">require us to meet specific financial ratios
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">impose covenants, maintenance tests and new issue tests
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">require us to make an offer to repurchase certain series of debentures upon the occurrence of a change of control triggering event as defined in the relevant debt agreements.
	</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">We are in compliance with all conditions and restrictions.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>(a) BCE&nbsp;Inc. </B></font></P>
<P align="left">
<font face="Arial" size="2">On June&nbsp;8,&nbsp;2009, BCE&nbsp;Inc. redeemed early its 7.35% Series C Notes, which were due on October&nbsp;30,&nbsp;2009. We incurred a &#36;16&nbsp;million charge for the premium costs on early redemption which is included in <I>Other (expense) income</I>.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>(b) Bell&nbsp;Canada </B></font></P>
<P align="left">
<font face="Arial" size="2">All outstanding debentures are issued under trust indentures and are unsecured. They include US&#36;200&nbsp;million maturing in&nbsp;2010, which has been swapped into Canadian dollars. All debentures are issued in series and certain series are redeemable at
Bell&nbsp;Canada&#146;s option prior to maturity at the prices, times and conditions specified in each series.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;30,&nbsp;2009, Bell&nbsp;Canada redeemed early its 5.5% Series M-16 debentures, issued under its 1997 trust indenture, having an outstanding principal amount of &#36;600&nbsp;million, which were due on August&nbsp;12,&nbsp;2010. We
incurred a &#36;29&nbsp;million charge for the premium costs on early redemption, which is included in <I>Other (expense) income</I>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;29,&nbsp;2009, Bell&nbsp;Canada issued 4.85% Series M-20 debentures under its 1997 trust indenture for a principal amount of &#36;1&nbsp;billion, which mature on June&nbsp;30, 2014.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>(c) Bell Aliant </B></font></P>
<P align="left">
<font face="Arial" size="2">All outstanding debentures, notes and bonds are issued under trust indentures and are unsecured with the exception of T&eacute;l&eacute;bec&#146;s debentures of &#36;100&nbsp;million, which are secured by a mortgage on a property located in the province
of Qu&eacute;bec. At December&nbsp;31,&nbsp;2009, the carrying value of this property was &#36;12&nbsp;million. All debentures, notes and bonds are issued in series and certain series are redeemable at Bell Aliant&#146;s option prior to maturity at the prices,
times and conditions specified in each series.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;12,&nbsp;2009, Bell Aliant Regional Communications, Limited Partnership issued 6.29% medium-term notes with a principal amount of &#36;350&nbsp;million which mature on February 17, 2015.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">105</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 17: OTHER LONG-TERM LIABILITIES</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,986</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,908 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit liability </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">23 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,016</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,090 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferral account commitment </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>273</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">273 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferred revenue on long-term contracts </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>154</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">178 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferred contract payments </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>46</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">89 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring costs payable </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>82</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">77 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>385</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">331 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total other long-term liabilities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,942</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,946 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 18: NON-CONTROLLING INTEREST</B></font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest in subsidiaries </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,030</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,061 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>19</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,049</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,080 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 19: FINANCIAL AND CAPITAL MANAGEMENT </B></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Financial Management</B></font></P>
<P align="left">
<font face="Arial" size="2">Management&#146;s objectives are to protect BCE&nbsp;Inc. and its subsidiaries on a consolidated basis against material economic exposures and variability of results against various financial risks that include credit risk, liquidity risk, interest rate
risk, foreign currency risk and equity price risk. To minimize our exposure, we enter into derivative financial instruments to manage our risk as it relates to interest rate risk, foreign currency risk and equity price risk. We do not use derivative
instruments for speculative purposes.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Derivatives</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We use derivative instruments to manage our exposure to foreign currency risk, interest rate risk and changes in the price of BCE&nbsp;Inc. common shares that may be issued under our compensation plans (SCPs, DSUs and RSUs). We do not use derivative
instruments for speculative purposes, and so we are not exposed to any significant liquidity risks relating to them.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following derivative instruments were outstanding at December&nbsp;31,&nbsp;2009: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">cross-currency swaps and foreign currency forward contracts that hedge foreign currency risk on a portion of our long-term debt
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">foreign currency forward contracts that hedge certain purchase commitments
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">interest rate swaps that hedge interest rate risk on a portion of our long-term debt
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">forward contracts on BCE&nbsp;Inc. common shares that hedge the fair-value
exposure related to DSUs and RSUs.</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">At December&nbsp;31,&nbsp;2009, the amount of hedge ineffectiveness recorded in <I>Other (expense) income</I> in the statement of operations was not material.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Credit Risk</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We are exposed to credit risk from operating activities and certain financing activities, the maximum exposure of which is represented by the carrying amounts reported on the balance sheet.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are exposed to credit risk if counterparties to our accounts receivable and derivative instruments are unable to meet their obligations. The concentration of credit risk from our customers is minimized because we
have a large and diverse customer base. We regularly monitor our credit risk and credit exposure. There was minimal credit risk relating to derivative instruments at December&nbsp;31,&nbsp;2009. We deal with institutions that have strong credit ratings and as
such we expect that they will be able to meet their obligations. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides the change in allowance for doubtful accounts for trade accounts receivable.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="100%" colspan="3">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at December&nbsp;31,&nbsp;2008 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(131 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Additions </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(37 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Use </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">63 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at December&nbsp;31,&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(105 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">For many of our customers, accounts receivable are written off directly to bad debt expense if the account has not been collected after a predetermined period of time.</font></P>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">106</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" size="2">The following table provides further details on trade accounts receivable past due but not provisioned.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Trade accounts receivable not past due </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>835</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">935 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Trade accounts receivable past due and not provisioned </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Under 60 days </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>91</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">105 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">60 to 120 days </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>108</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">138 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Over 120 days </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>106</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">85 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Trade accounts receivable, net of allowance for doubtful accounts </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,140</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,263 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Liquidity Risk</I></B></font></P>
<P align="left">
<font face="Arial" size="2">We generate enough cash from our operating activities to fund our operations and fulfill our obligations as they become due. We have sufficient committed financing facilities in place should our cash requirements exceed cash generated from our
operations. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities that are due within one year have  been classified as current and presented as such on the balance sheet.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table is a maturity analysis for each of the next five years and thereafter for financial liabilities with maturities that are greater than one year, including capital leases.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="30%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2011 </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2012 </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2013 </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2014 </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">THERE-<br>
AFTER </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">357 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,009 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">513 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">73 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,559 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5,349 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">8,860 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Notes payable and bank advances </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Capital leases</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">332 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">363 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">224 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">225 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">199 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,784 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,127 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest payable on long-term debt, notes payable and bank advances </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">567 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">530 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">470 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">450 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">400 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5,516 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">7,933 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net interest receipts on derivatives </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(32 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(23 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(13 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(81 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Total</FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,277 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,879 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,194 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">740 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,155 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">12,647 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">19,892 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table27">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>Capital leases include imputed interest of &#36;1,157&nbsp;million.</I></font></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(2)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>Excluded from the table are commitments under contractual obligations (see Note 24, </I>Commitments and Contingencies<I>).</I></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Market Risk</I></B></font></P>
<P align="left">
<font face="Arial" size="2">
<B>CURRENCY EXPOSURES</B></font></P>
<P align="left">
<font face="Arial" size="2">We use cross-currency swaps and forward contracts to hedge debt that is denominated in foreign currencies. We also use foreign currency forward contracts to hedge foreign currency risk on anticipated transactions including certain purchase
commitments.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2009, the amounts to be received under currency contracts were US&#36;967&nbsp;million and the amounts to be paid were &#36;1,146&nbsp;million. At December&nbsp;31,&nbsp;2008, the amounts to be received under currency
contracts were US&#36;405&nbsp;million and the amounts to be paid were &#36;510&nbsp;million.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effect on net earnings from a 10% increase or decrease in the CAD/USD exchange rate is not significant. The effect on other comprehensive income from a 10% change in the CAD/USD exchange rate is &#36;42&nbsp;million.
</font></P>
<P align="left">
<font face="Arial" size="2">The following table provides further details on our outstanding cross-currency swaps and forward contracts at December&nbsp;31,&nbsp;2009 and&nbsp;2008.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width=16%>
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TYPE OF<br>
HEDGE </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">BUY<br>
CURRENCY </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">AMOUNTS<br>
TO RECEIVE<br>
IN USD </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">SELL<br>
CURRENCY </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">AMOUNTS<br>
TO PAY<br>
IN CAD </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">MATURITY </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="20%">
<FONT size=1 face="Arial">HEDGED ITEM </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="16%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=16%>
<FONT size=2 face="Arial">At December&nbsp;31,&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>Fair value</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>USD</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>200</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>CAD</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>269</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2010</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="20%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>Debt due within one&nbsp;year</FONT></B><font size="2"> </font>
</font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width=16%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>Cash flow</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>USD</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>67</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>CAD</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>98</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2013</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="20%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>Long-term debt</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width=16%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>Cash flow</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>USD</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>575</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>CAD</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>647</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2010</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="20%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>Purchase commitments</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width=16%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>Economic</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>USD</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>125</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>CAD</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>132</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2010</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="20%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>Purchase commitments</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="16%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width=16%>
<FONT size=2 face="Arial">At December&nbsp;31,&nbsp;2008 </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">Fair value </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">USD </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">200 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">CAD </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">269 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2010 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width=16%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">Cash flow </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">USD </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">CAD </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">111 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2013 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width=16%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">Cash flow </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">USD </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">58 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">CAD </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">57 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">Purchase commitments </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width=16%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">Cash flow </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">USD </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">12 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">CAD </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">Purchase commitments </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width=16%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">Economic </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">USD </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">60 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">CAD </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">60 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">Purchase commitments </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="16%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">107</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" size="2">
<B>INTEREST RATE EXPOSURES</B></font></P>
<P align="left">
<font face="Arial" size="2">We use interest rate swaps to manage the mix of fixed and floating interest rates on our debt. The effect on net earnings and other comprehensive income of a one percentage point increase or decrease in interest rates is not significant. The
following table shows interest rate swaps outstanding at December&nbsp;31,&nbsp;2009 and&nbsp;2008.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=right width="12%">
&nbsp;</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">TYPE OF<br>
HEDGE </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width=7%>
<FONT size=1 face="Arial">NOTIONAL<br>
AMOUNT </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width=12%>
<FONT size=1 face="Arial">RECEIVE<br>
INTEREST<br>
RATE </FONT>
	</TD>
	<TD align=right width=2%>
&nbsp;</TD>
	<TD align=right width=16%>
<FONT size=1 face="Arial">PAY<br>
INTEREST<br>
RATE </FONT>
	</TD>
	<TD align=right width=2%>
&nbsp;</TD>
	<TD align=right width=6%>
<FONT size=1 face="Arial">MATURITY </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width=16%>
<FONT size=1 face="Arial">HEDGED ITEM </FONT>
	</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=14 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">At December&nbsp;31,&nbsp;2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>Fair value</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>700</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=12%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>5.00</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width=16%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>3-month CDOR</FONT><SUP><FONT size=2>(1) </FONT></SUP><FONT size=2>+ 0.42</FONT></B><font size="2">
</font></font>
	</TD>
	<TD align=left width=2%>
<font color="#0065A4">
<font face="Arial">
<B><FONT size=2>%</FONT></B></font><font face="Arial" size="2">&nbsp;
	</font>
	</font>
	</TD>
	<TD align=right width=6%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>2017</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=16%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>Long-term debt</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="2%">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>Fair value</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>USD 200</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=12%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>9.50</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width=16%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>3-month CDOR + 5.34</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font color="#0065A4">
<font face="Arial">
<B><FONT size=2>%</FONT></B></font><font face="Arial" size="2">&nbsp;
	</font>
	</font>
	</TD>
	<TD align=right width=6%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>2010</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=16%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>Debt due within one year</FONT></B><font size="2"> </font>
</font>
	</TD>
	<TD align=right width="2%">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=14 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">At December&nbsp;31,&nbsp;2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Fair value </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">700 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">5.00 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width=16%>
<FONT size=2 face="Arial">3-month CDOR +&nbsp;0.42 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%&nbsp;
	</FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">2017 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=16%>
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Fair value </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">USD 200 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">9.50 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width=16%>
<FONT size=2 face="Arial">3-month CDOR + 5.34 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%&nbsp;
	</FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">2010 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=16%>
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Cash flow </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">100 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">3-month CDOR </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=16%>
<FONT size=2 face="Arial">4.9775 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">2010 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=16%>
<FONT size=2 face="Arial">Debt due within one&nbsp;year </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Cash flow </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">100 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">3-month CDOR </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=16%>
<FONT size=2 face="Arial">4.9775 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">2010 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=16%>
<FONT size=2 face="Arial">Debt due within one&nbsp;year </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Cash flow </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">3-month CDOR </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=16%>
<FONT size=2 face="Arial">3.7500 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">2010 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=16%>
<FONT size=2 face="Arial">Debt due within one&nbsp;year </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=14 width="12%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table28">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>CDOR: Canadian dollar offered rate</I></font></P>
		</td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">
<B>EQUITY PRICE EXPOSURES</B></font></P>
<P align="left">
<font face="Arial" size="2">We use equity forward contracts on BCE&nbsp;Inc. common shares to hedge the fair-value exposure related to RSUs and DSUs. See Note 21, <I>Stock-Based Compensation Plans</I>, for details on our RSU and DSU programs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2009, the effect on net earnings and other comprehensive income from a ten percent change in the market price of the BCE&nbsp;Inc. common share is not significant.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Fair Value</B></font></P>
<P align="left">
<font face="Arial" size="2">Fair value is the amount that willing parties would accept to exchange a financial instrument based on the current market for instruments with the same risk, principal and remaining maturity.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain fair value estimates are affected by assumptions we make about the amount and timing of estimated future cash flows and discount rates, all of which reflect varying degrees of risk. Income taxes and other
expenses that would be incurred on disposition of financial instruments are not reflected in the fair values. As a result, the fair values are not necessarily the net amounts that would be realized if these instruments were settled.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying value of most of our financial instruments approximates fair value due to their short-term nature. Other financial instruments are measured as follows:
</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">AFS publicly-traded securities are recorded at fair value based on quoted prices in active markets for identical instruments at the balance sheet date
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">public long-term debt, which mainly includes senior and subordinated debentures, is
recorded at amortized cost and its fair value is determined based on the trading values at the balance sheet date
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">derivative financial instruments, such as currency contracts, interest rate swaps and equity forward contracts, are recorded at
fair value based on observable market data such as interest rates, swap rate curves and foreign currency exchange rates.
	</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">The following table shows a comparison between the carrying value and fair value of our long-term debt and derivative financial instruments.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="39%" rowspan="3">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=left width=10% rowspan="3">
<p align="right">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2% rowspan="3">
&nbsp;</TD>
	<TD align=right width="24%" colspan="4">
<p align="center">
<font face="Arial">
<B><FONT size=1 color="#0065A4">2009</FONT></B></font></TD>
	<TD align=left width="1%" rowspan="3">
&nbsp;</TD>
	<TD align=right width="24%" colspan="4">
<p align="center">
<FONT size=1 face="Arial">2008</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right width="24%" colspan="4">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="24%" colspan="4">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width="10%">
<b>
<FONT size=1 face="Arial" color="#0065A4">CARRYING<br>
VALUE </FONT></b>
	</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
<b>
<FONT size=1 face="Arial" color="#0065A4">FAIR<br>
VALUE </FONT></b>
	</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CARRYING<br>
VALUE </FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">FAIR<br>
VALUE </FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=12 width="39%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt due within one year </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">15 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>547</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>565</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,955 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,984 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10,299</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>10,926</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,099 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9,393 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Derivative financial instruments, net asset (liability) position </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Forward contracts &#150; BCE&nbsp;Inc. shares </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>35</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>35</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(10 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(10 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Currency contracts </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(129</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(129</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest rate swaps </FONT>
	</TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>68</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>68</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">116 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">116 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=12 width="39%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">108</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>Capital Management</B></font></P>
<P align="left">
<font face="Arial" size="2">We have various capital policies, procedures and processes which are utilized to achieve our objectives for capital management. These include optimizing our cost of capital and maximizing shareholder return while balancing the interests of our
stakeholders.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our definition of capital includes shareholders&#146; equity, debt, and cash and cash equivalents.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to meet our objectives, we monitor our capital structure and make adjustments, including to our dividend policy, as required. In&nbsp;2009, the board of directors of BCE&nbsp;Inc. approved increases in the annual
dividend on BCE&nbsp;Inc.&#146;s common shares as follows:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="2">5%, from &#36;1.46 per common share to &#36;1.54 per common share in February&nbsp;2009</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="2">5%, from &#36;1.54 per common share to &#36;1.62 per common share in August&nbsp;2009</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="2">7%, from &#36;1.62 per common share to &#36;1.74 per common share in December&nbsp;2009.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, on December&nbsp;17,&nbsp;2009, BCE&nbsp;Inc. announced plans to repurchase up to &#36;500&nbsp;million of its outstanding common shares through a NCIB during&nbsp;2010.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes some of our key ratios used to monitor and manage Bell&nbsp;Canada&#146;s capital structure.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table39" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><SUP><FONT size=1>(1)</FONT></SUP></B><font size="1"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial">
<SUP><FONT size=1>(1)</FONT></SUP><font size="1"> </font></font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net debt to EBITDA (earnings before interest, tax, depreciation and amortization of intangible assets) including Bell Aliant distributions </FONT>
<FONT size=2 face="Arial">to Bell<sup>(2)<B> </B> (3)</sup> </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1.89</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.75 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA to interest, securitization costs and preferred dividends </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>8.79</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8.33 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table40">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>These ratios are calculated for BCE, excluding Bell Aliant.</I></font></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(2)</I></font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>We define net debt as debt due within one year plus long-term debt,
		securitization of accounts receivable and preferred shares less cash and
		cash equivalents.</I></font></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(3)</I></font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>EBITDA is a non-GAAP measure. It therefore is unlikely to be comparable  to similar measures presented by other companies. We define EBITDA as  operating revenues less cost of revenue and selling, general and administrative expenses. The most
comparable Canadian GAAP financial measure is operating income.</I></font></td>
	</tr>
</table>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 20: SHARE CAPITAL </B></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Preferred Shares</B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&nbsp;Inc.&#146;s articles of amalgamation provide for an unlimited number of First Preferred Shares and Second Preferred Shares. The terms set out in the articles authorize BCE&nbsp;Inc.&#146;s directors to issue the shares in one or more series and to
set the number of shares and conditions for each series.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table is a summary of the principal terms of BCE&nbsp;Inc.&#146;s First Preferred Shares. There were no Second Preferred Shares issued and outstanding at December&nbsp;31,&nbsp;2009. BCE&nbsp;Inc.&#146;s articles of
amalgamation, as amended, describe the terms and conditions of these shares in detail.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table41" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="6%" rowspan="4">
<p>
<FONT size=1 face="Arial">SERIES</FONT></TD>
	<TD width=1% rowspan="4">
&nbsp;</TD>
	<TD align=right width="7%" rowspan="4">
<FONT size=1 face="Arial">ANNUAL<br>
DIVIDEND <br>
RATE</FONT></TD>
	<TD align=left width=2% rowspan="4">
&nbsp;</TD>
	<TD align=left width="9%" rowspan="4">
<p align="right">
<FONT size=1 face="Arial">CONVERT-<br>
IBLE INTO</FONT></TD>
	<TD width=1% rowspan="4">
&nbsp;</TD>
	<TD align=left width="12%" rowspan="4">
<p align="right">
<FONT size=1 face="Arial">CONVERSION<br>
DATE</FONT></TD>
	<TD align=left width=13% rowspan="4">
<p align="right">
<FONT size=1 face="Arial">REDEMPTION<br>
DATE</FONT></TD>
	<TD width=1% rowspan="4">
&nbsp;</TD>
	<TD align=left width=7% rowspan="4">
<p align="right">
<FONT size=1 face="Arial">REDEMP-<br>
TION<br>
PRICE</FONT></TD>
	<TD width=1% rowspan="4">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="16%" colspan="3">
<font size="1">&nbsp;</font><FONT size=1 face="Arial">NUMBER OF SHARES</FONT></TD>
	<TD width=1% align="center">
<font size="1">&nbsp;</font></TD>
	<TD width=1% align="center">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="22%" colspan="6">
<font size="1">&nbsp;</font><FONT size=1 face="Arial">STATED <br>
CAPITAL</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="17%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
	<TD width=1% align="center">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="22%" colspan="6">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="8%" rowspan="2">
<p align="right">
<FONT size=1 face="Arial">AUTHORIZED</FONT></TD>
	<TD width=1% rowspan="2">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%" rowspan="2">
<FONT size=1 face="Arial">ISSUED<br>
AND OUT- <br>
STANDING</FONT></TD>
	<TD width=1% align="center">
<font size="1">&nbsp;</font></TD>
	<TD width=1% align="center">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="22%" colspan="6">
<FONT size=1 face="Arial">AT<br>
DECEMBER 31</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width=1% align="center">
<font size="1">&nbsp;</font></TD>
	<TD width=1% align="center">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%"
 style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=1% align="right"
 style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%"
 style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=1% align="right"
 style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%"
 style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD width="2%"
 style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=22 width="6%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">Q </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series R </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">December&nbsp;1, 2015 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">8,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">R </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">4.54 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series Q </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">December&nbsp;1,&nbsp;2010 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">December&nbsp;1,&nbsp;2010 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">8,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">8,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>200</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">200 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">200 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">S </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series T </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">November&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">8,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">2,279,791 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>57</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">57 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">57 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<font size="2" face="Arial">T</font></TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<font size="2" face="Arial">4.502</font></TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%</FONT></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">Series S</font></TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">November&nbsp;1,&nbsp;2011</FONT></TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">November&nbsp;1,&nbsp;2011</FONT></TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width=7%>
<font size="2" face="Arial">$25.00</font></TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">8,000,000 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">5,720,209 </FONT>
	</TD>
	<TD width=1%>
&nbsp;</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<b><font size="2" face="Arial" color="#0065A4">143</font></b></TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<font size="2" face="Arial">143</font></TD>
	<TD width=1%>
&nbsp;</TD>
	<TD align=right width="6%">
<font size="2" face="Arial">143</font></TD>
	<TD width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">Y </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series Z </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">December&nbsp;1, 2012 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">10,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">8,126,330 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>203</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">203 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">203 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">Z </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">4.331 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series Y </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">December&nbsp;1, 2012 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">December&nbsp;1, 2012 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">10,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">1,873,670 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>47</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">47 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">47 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">AA </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">4.80 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series AB </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">September&nbsp;1, 2012 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">September&nbsp;1, 2012 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">20,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">10,081,586 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>257</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">257 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">257 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">AB </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series AA&nbsp; </FONT>
	</TD>
	<TD align=right width="1%">
&nbsp;</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">September&nbsp;1, 2012</FONT></TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">20,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">9,918,414 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>253</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">253 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">253 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">AC </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">4.60 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series AD </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">March&nbsp;1, 2013 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">March&nbsp;1, 2013 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">20,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">9,244,555 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>236</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">236 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">510 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">AD </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series AC </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">March&nbsp;1, 2013 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">20,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">10,755,445 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>274</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">274 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">A E </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series A F </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">February&nbsp;1,&nbsp;2010 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">24,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">1,914,218 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>48</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">48 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">48 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">A F </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">4.40 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series A E </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">February&nbsp;1,&nbsp;2010 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">February&nbsp;1,&nbsp;2010 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">24,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">14,085,782 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>352</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">352 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">352 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">AG </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">4.35 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series AH </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">May&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">May&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">22,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">10,051,751 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>251</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">251 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">251 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">AH </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series AG </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">May&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">22,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">3,948,249 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>99</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">99 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">99 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">A I </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">4.65 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series AJ </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">August&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">August&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">22,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">14,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>350</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">350 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">350 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<FONT size=2 face="Arial">AJ </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">Series A I </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">August&nbsp;1, 2016 </FONT>
	</TD>
	<TD align=right width=13%>
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">22,000,000 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=22 width="6%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="9%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=13%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width=1%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,770</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD width=1%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=22 width="6%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=22 width="6%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
109</font></b></font></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Bell&nbsp;Canada Plan of Arrangement </I></B></font></P>
<P align="left">
<font face="Arial" size="2">On January&nbsp;25,&nbsp;2007, the articles of amalgamation of BCE&nbsp;Inc. were amended to create six new series of First Preferred Shares. These new series of preferred shares were created further to the Bell&nbsp;Canada plan of arrangement whereby all of the issued
and outstanding or authorized Bell&nbsp;Canada Class A Preferred Shares Series 15, 16, 17, 18, 19 and 20, having a stated capital of &#36;1,100&nbsp;million at December&nbsp;31,&nbsp;2006, were exchanged for the corresponding Series AE, AF, AG, AH, AI and AJ of First
Preferred Shares of BCE&nbsp;Inc. The impact on our balance sheet was a reclassification from our non-controlling interest to preferred shares of &#36;1,100&nbsp;million. The Bell&nbsp;Canada plan of arrangement became effective on January&nbsp;31,&nbsp;2007. The
characteristics of the preferred shares of BCE&nbsp;Inc. are described below. </font> </P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Voting Rights</I></B></font></P>
<P align="left">
<font face="Arial" size="2">All of the issued and outstanding preferred shares at December&nbsp;31,&nbsp;2009 are non-voting, except under special circumstances, when the holders are entitled to one vote per share.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Entitlement to Dividends</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Holders of Series R, T, Z, AA, AC, AF, AG and AI shares are entitled to fixed cumulative quarterly dividends. The dividend rate on these shares is reset every five years, as set out in BCE&nbsp;Inc.&#146;s articles of amalgamation, as amended.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Series S, Y, AB, AD, AE and AH shares are entitled to floating adjustable cumulative monthly dividends. The floating dividend rate on these shares is calculated every month, as set out in BCE&nbsp;Inc.&#146;s
articles of amalgamation, as amended.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Series Q and AJ shares are issued, their holders will be entitled to floating adjustable cumulative monthly dividends.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Conversion Features</I></B></font></P>
<P align="left">
<font face="Arial" size="2">All of the issued and outstanding preferred shares at December&nbsp;31,&nbsp;2009 are convertible at the holder&#146;s option into another associated series of preferred shares on a one-for-one basis according to the terms set out in BCE&nbsp;Inc.&#146;s articles
of amalgamation, as amended.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Series Q and AJ shares are issued, their holders will be entitled to convert them on December&nbsp;1, 2015 and August&nbsp;1, 2016, respectively.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Redemption Features</I></B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&nbsp;Inc. may redeem each of Series R, T, Z, AA, AC, AF, AG and AI shares at &#36;25.00 per share on the applicable redemption date and every five years after that date.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&nbsp;Inc. may redeem Series S, Y, AB, AD, AE and AH shares at any time at &#36;25.50 per share.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Series Q and AJ shares are issued, BCE&nbsp;Inc. may redeem them at any time at &#36;25.50 per share.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Conversion of Preferred Shares</I></B></font></P>
<P align="left">
<font face="Arial" size="2">On February&nbsp;1,&nbsp;2010, 592,772 of BCE&nbsp;Inc.&#146;s 14,085,782 Cumulative Redeemable First Preferred Shares, Series AF (Series AF Preferred Shares) were converted, on a one-for-one basis, into Cumulative Redeemable First Preferred Shares, Series AE
(Series AE Preferred Shares). In addition, on February&nbsp;1,&nbsp;2010, 1,084,090 of BCE&nbsp;Inc.&#146;s 1,914,218 Series AE Preferred Shares were converted, on a one-for-one basis, into series AF Preferred Shares. The balance of the Series AE and Series AF
Preferred Shares that have not been converted remains outstanding.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series AE Preferred Shares will continue to pay a monthly floating adjustable cash dividend. For the five-year period beginning on February&nbsp;1,&nbsp;2010, the Series AF Preferred Shares will pay a quarterly fixed dividend
based on the annual dividend rate of 4.541%. Dividends will be paid as and when declared by the board of directors of BCE&nbsp;Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;1,&nbsp;2008, 10,755,445 of BCE&nbsp;Inc.&#146;s 20,000,000 Cumulative Redeemable First Preferred Shares, Series AC (Series AC Preferred Shares) were converted, on a one-for-one basis, into Cumulative Redeemable First
Preferred Shares, Series AD (Series AD Preferred Shares). The balance of the Series AC Preferred Shares that has not been converted remains outstanding.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;1,&nbsp;2007, 6,991,775 of BCE&nbsp;Inc.&#146;s 8,852,620 Cumulative Redeemable First Preferred Shares, Series Z (Series Z Preferred Shares) were converted, on a one-for-one basis, into Cumulative Redeemable First
Preferred Shares, Series Y (Series Y Preferred Shares). In addition, 12,825 of its 1,147,380 Series Y Preferred Shares were converted, on a one-for-one basis, into Series Z Preferred Shares. The balance of the Series Y and Series Z Preferred Shares
that have not been converted remains outstanding.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;1,&nbsp;2007, 9,918,414 of BCE&nbsp;Inc.&#146;s 20,000,000 Cumulative Redeemable First Preferred Shares, Series AA (Series AA Preferred Shares) were converted, on a one-for-one basis, into Cumulative Redeemable First
Preferred Shares, Series AB (Series AB Preferred Shares). The balance of the Series AA Preferred Shares that has not been converted remains outstanding.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Common Shares and Class B Shares</B></font></P>
<P align="left">
<font face="Arial" size="2">BCE&nbsp;Inc.&#146;s articles of amalgamation provide for an unlimited number of voting common shares and non-voting Class B shares. The common shares and the Class B shares rank equally in the payment of dividends and in the distribution of assets if
BCE&nbsp;Inc. is liquidated, dissolved or wound up, after payments due to the holders of preferred shares.</font></P>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">110</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" size="2">The following table provides details about the outstanding common shares of BCE&nbsp;Inc. No Class B shares were outstanding at December&nbsp;31,&nbsp;2009,&nbsp;2008 or&nbsp;2007.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table42" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="17%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="22%" colspan="3">
<p align="center">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B></font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=center width="22%" colspan="3">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=center width="1%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=center width="22%" colspan="3">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="17%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=left width="7%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="23%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="23%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="24%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD width="17%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>NUMBER</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>STATED</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">STATED </FONT>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">STATED </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="17%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="7%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>OF SHARES</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>CAPITAL</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">OF SHARES </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CAPITAL </FONT>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">OF SHARES </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CAPITAL </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=17 width="17%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD width="17%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, beginning of year </FONT>
	</TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>803,056,958</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>13,525</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">805,264,816 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,536 </FONT>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">807,643,941 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,487 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="17%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Shares issued under employee </FONT>
<font face="Arial">
<FONT size=2>stock option plan</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="7%">
<FONT size=2 face="Arial">21 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>130,471</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,785,142 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">56 </FONT>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,994,073 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">172 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="17%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Shares repurchased and cancelled </FONT>
	</TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(36,007,000</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(606</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,993,000 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(67 </FONT>
	</TD>
	<TD align=left width="1%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7,373,198 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(123 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=17 width="17%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD width="17%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, end of year </FONT>
	</TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>767,180,429</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>12,921</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">803,056,958 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,525 </FONT>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">805,264,816 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,536 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=17 width="17%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=17 width="17%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table43">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(1)</I></font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>Includes a nil reclassification in&nbsp;2009 ($6&nbsp;million in&nbsp;2008 and $19&nbsp;million
		in&nbsp;2007) from contributed surplus relating to the exercise of employees&#146;
		stock options. The cash inflows in respect of the employee stock option
		plan were $2&nbsp;million in&nbsp;2009, $50&nbsp;million in&nbsp;2008 and $153&nbsp;million in
		2007.</I></font></td>
	</tr>
</table>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NCIB</B></font></P>
<TABLE border=0 width=100% cellpadding=0 id="table44" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="17%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%" colspan=3>
<p align="center">
<FONT size=1 face="Arial">2008/2009 NCIB</FONT></TD>
	<TD align=left width="2%">
<FONT size=1 face="Arial">&nbsp;</FONT></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%" colspan=3>
<p align="center">
<FONT size=1 face="Arial">2007 NCIB</FONT></TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="17%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="62%" colspan="14">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=center width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="20%" colspan="4">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="17%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="18%" colspan="3">
<p align="center">
<font face="Arial">
<B><FONT size=1 color="#0065A4">2009</FONT></B></font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="18%" colspan="3">
<FONT size=1 face="Arial">2008</FONT></TD>
	<TD align=center width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="18%" colspan="3">
<FONT size=1 face="Arial">TOTAL</FONT></TD>
	<TD align=center width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="18%" colspan="3">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="17%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=right width="19%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="19%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="19%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="20%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="17%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=1>NUMBER</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>TOTAL</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="17%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=1>OF SHARES</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>COST</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">OF SHARES </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">COST </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">OF SHARES </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">COST </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">OF SHARES </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">COST </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=20 width="17%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="17%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Shares repurchased (millions) </FONT>
	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>32.5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>808.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">7.5 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">178.0 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">40.0 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">986.0 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">7.4 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">227.0 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="17%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Shares cancelled </FONT>
	</TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>(36.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(894.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(4.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(92.0 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(40.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(986.0 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(7.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(227.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=20 width="17%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=20 width="17%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>2010 NCIB program</I></B></font></P>
<P align="left">
<font face="Arial" size="2">On December&nbsp;17,&nbsp;2009, BCE&nbsp;Inc. announced its plan to repurchase up to &#36;500&nbsp;million of its outstanding common shares through a NCIB to be executed over the course of&nbsp;2010. On the same date, the Toronto Stock Exchange approved the&nbsp;2010 NCIB
program.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>2008/2009 NCIB program</I></B></font></P>
<P align="left">
<font face="Arial" size="2">On December&nbsp;12,&nbsp;2008, BCE&nbsp;Inc. announced its plan to repurchase up to 5% of its outstanding common shares through a NCIB. On December&nbsp;19,&nbsp;2008, the Toronto Stock Exchange approved the&nbsp;2008 NCIB program.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2008, BCE&nbsp;Inc. repurchased a total of 7.5&nbsp;million common shares, of which 4&nbsp;million were cancelled, for a total cost of &#36;92&nbsp;million. Of the total cost, &#36;67&nbsp;million represents stated capital and &#36;5&nbsp;million
represents the reduction of the contributed surplus attributable to these common shares. The remaining &#36;20&nbsp;million was charged to the deficit.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2009, BCE&nbsp;Inc. repurchased a total of 32.5&nbsp;million common shares and cancelled 36&nbsp;million common shares for a total cost of &#36;894&nbsp;million. Of the total cost, &#36;606&nbsp;million represents stated capital and &#36;44
million reduced the contributed surplus attributable to these common shares. The remaining &#36;244&nbsp;million was charged to the deficit.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total cost of the program was &#36;986&nbsp;million and the program was completed in May&nbsp;2009.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>2007 NCIB program</I></B></font></P>
<P align="left">
<font face="Arial" size="2">In December&nbsp;2006, BCE&nbsp;Inc. announced its plan to renew its share repurchase program for an additional 12-month period to repurchase up to 5% of its outstanding common shares through a NCIB. Common share repurchases under the NCIB were suspended in
the second quarter of&nbsp;2007. Prior to the suspension, BCE&nbsp;Inc. repurchased a total of 7.4&nbsp;million common shares in&nbsp;2007, representing approximately 18% of the total common shares targeted for repurchase, for a total cash outlay of &#36;227&nbsp;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of the total cash outlay, &#36;123&nbsp;million represents stated capital and represents the reduction of the total value of common shares, and &#36;9&nbsp;million represents the reduction of the contributed surplus attributable
to these common shares. The remaining &#36;95&nbsp;million was charged to the deficit.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Dividend Reinvestment Plan</B></font></P>
<P align="left">
<font face="Arial" size="2">The dividend reinvestment plan allows eligible common shareholders to use their dividends to buy additional common shares. A trustee buys BCE&nbsp;Inc. common shares for the participants on the open market, by private purchase or from treasury. BCE&nbsp;Inc.
determines the method the trustee uses  to buy the shares.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table45" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial" size="2">
 Shares purchased on open market</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2" color="#0065A4">
<B>2,234,159</B></font></TD>
	<TD width=2% align="right">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
 882,438</font></TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial" size="2">
 1,823,652</font></TD>
	<TD align=right width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial" size="2">
 Cost</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	<B>56</B></font></TD>
	<TD width=2% align="right">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&nbsp;
	33</font></TD>
	<TD width=2% align="right">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<font face="Arial" size="2">66</font></TD>
	<TD align=right width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=center width="100%" colspan="7">
<HR noshade size=1 color="#000000">	</TD>
	</tr>
<TR valign="bottom">
	<TD align=center width="100%" colspan="7">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Contributed Surplus</B></font></P>
<P align="left">
<font face="Arial" size="2">The following table is a reconciliation of the contributed surplus balance during the year.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table46" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at January&nbsp;1 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,531</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,537 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">2,555 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="64%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Repurchase of common shares &#150; NCIB </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(44</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(5 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(9 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(9 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at December&nbsp;31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,490</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,531 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">2,537 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>&nbsp;<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
111</font></b></font></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

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

<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 21: STOCK-BASED COMPENSATION PLANS </B></font></P>
<P align="left">
<font face="Arial" size="2">The following stock-based compensation amounts are included in the consolidated statements of operations as selling, general and administrative expenses<SUP>(1)</SUP>.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table47" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Employee savings plans </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(37</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(39 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(42 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Stock options </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(10 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Restricted share units</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(91</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(36 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(95 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferred share units </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferred unit plan &#150; Bell Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(13 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(8 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total stock-based </FONT>
	<font face="Arial">
<FONT size=2>compensation expense</FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(142</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(97 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(159 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income tax benefit arising from stock-based compensation </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>41</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">47 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(101</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(72 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(112 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table48">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(1)</I></font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>The total&nbsp;2008 expense includes $44&nbsp;million recorded as restructuring and
		other. </I></font></td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table49">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(2)</I></font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>The cash outflows in respect of stock-based compensation
		plans were $46&nbsp;million in&nbsp;2009, $212&nbsp;million in&nbsp;2008 and $65&nbsp;million in
		2007. In&nbsp;2008, $79&nbsp;million relates to going-private costs.</I></font></td>
	</tr>
</table>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Description of the Plans</B></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>ESPs</I></B></font></P>
<P align="left">
<font face="Arial" size="2">ESPs are designed to encourage employees of BCE&nbsp;Inc. and its participating subsidiaries to own shares of BCE&nbsp;Inc. Each year, employees can choose to have a certain percentage of their annual earnings withheld through regular payroll deductions in
order to buy BCE&nbsp;Inc. common shares. In some cases, the employer will also contribute up to a maximum percentage of the employee&#146;s annual earnings to the plan.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each participating company decides on its maximum percentage. For Bell&nbsp;Canada, employees can contribute up to 12% of their annual earnings. Bell&nbsp;Canada contributes up to 2%.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trustee of the ESPs buys BCE&nbsp;Inc. common shares for the participants on the open market, by private purchase or from treasury. BCE&nbsp;Inc. determines the method the trustee uses to buy the shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were 26,242 employees participating in the plans at December&nbsp;31,&nbsp;2009. The total number of common shares bought for employees was 4,717,877 in&nbsp;2009, 4,058,498 in&nbsp;2008 and 4,518,245 in&nbsp;2007. At December&nbsp;31,&nbsp;2009,
13,513,812 common shares were authorized for issuance under the ESPs.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Stock Options</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Under BCE&nbsp;Inc.&#146;s long-term incentive plans, BCE&nbsp;Inc. may grant options to key employees to buy BCE&nbsp;Inc. common shares. Prior to&nbsp;2008, the subscription price was equal to the market value of the shares on the last trading day before the grant
came into effect. To conform to current Toronto Stock Exchange requirements, since&nbsp;2008 the subscription price of a grant is based on the higher of: (1) the volume-weighted average of the trading price on the trading day immediately prior to the
effective date of the grant, and (2) the volume-weighted average of the trading price for the last five consecutive trading days ending immediately on the trading day prior to the effective date of the grant. At December&nbsp;31,&nbsp;2009, 30,364,994 common
shares were authorized for issuance under these plans.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most options granted from 2004 to&nbsp;2006 were forfeited in&nbsp;2007 as the required vesting conditions were not met.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most options granted in March&nbsp;2007 vest evenly over a four-year period of continuous employment from the date of grant, unless a special vesting period applies. Options granted in December&nbsp;2008 vest fully after two
years of continuous employment from the date of the grant. All options become exercisable when they vest and generally can be exercised for a period of up to six years from the date of grant.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special vesting provisions may apply if:</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">there is a change in control of BCE&nbsp;Inc. and the option holder&#146;s employment ends
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the option holder is employed by a designated subsidiary of BCE&nbsp;Inc. and BCE&nbsp;Inc.&#146;s ownership interest in that subsidiary falls below the
percentage set out in the plan.</font></P></li>
</ul>
<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">112</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" size="2">The following table summarizes BCE&nbsp;Inc.&#146;s outstanding stock options as at December&nbsp;31,&nbsp;2009.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table50" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="13%" rowspan="3">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></p>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</p>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="4%" rowspan="3">
<p align="right">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width="1%" rowspan="3">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="28%" colspan="5">
<p align="center">
<FONT size=1 face="Arial">NUMBER<br>
OF OPTIONS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="1%" rowspan="3">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="8%" colspan=3>
<FONT size=1 face="Arial">WEIGHTED<br>
AVERAGE<br>
GRANT DATE<br>
FAIR VALUE (&#36;)</FONT></TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
	<TD width="1%" rowspan="3">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="28%" colspan="5">
<p align="center"><font face="Arial" size="1">WEIGHTED<br>
AVERAGE <br>
EXERCISE PRICE (&#36;)
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=right width="29%" colspan="6">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=right width="19%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=right width="30%" colspan="6">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width="8%">
<font face="Arial" size="1">NON-<br>
VESTED
	</font>
	</TD>
	<TD align=right width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">VESTED </FONT>
	</TD>
	<TD align=right width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">NON -<br>
VESTED </FONT>
	</TD>
	<TD width="2%" align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">VESTED
	</font>
	</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">NON-<br>
VESTED </FONT>
	</TD>
	<TD width="2%" align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">VESTED </FONT>
	</TD>
	<TD width="2%" align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;&nbsp; </font>
	</TD>
</TR>
<TR>
	<TD colspan=21 width="13%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="13%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, January&nbsp;1,&nbsp;2009 </FONT>
	</TD>
	<TD align=left width="4%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,476,250</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11,550,638</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>15,026,888</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$6</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$29</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$34</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$33</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="13%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Exercised</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width="1%">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(130,471</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(130,471</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$6</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$18</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$18</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="13%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Vested </FONT>
	</TD>
	<TD align=left width="4%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(898,750</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>898,750</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$31</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$31</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="13%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Forfeited </FONT>
	</TD>
	<TD align=left width="4%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(77,500</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3,520,678</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3,598,178</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$6</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$31</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$36</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$36</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=21 width="13%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="13%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Outstanding, December&nbsp;31,&nbsp;2009</FONT><SUP><FONT size=2>(2)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=left width="4%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,500,000</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>8,798,239</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11,298,239</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$28</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font color="#0065A4">
<b><font face="Arial" size="2">$</font></b><font face="Arial"><B><FONT size=2>34</FONT></B><font size="2"> </font></font>
	</font>
	</TD>
	<TD width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$32</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=21 width="13%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=21 width="13%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE><table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table51">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(1)</I></font></td>
		<td width="98%" valign="top">
<i>
<font size="1" face="Arial">The aggregate intrinsic value of options exercised
was $1 million.</font></i></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(2)</I></font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>The aggregate intrinsic values of options outstanding were $5&nbsp;million for
non-vested options and $3&nbsp;million for vested options.</I></font></td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">The following table provides additional information about BCE&nbsp;Inc.&#146;s stock option plans at December&nbsp;31,&nbsp;2009.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table52" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="39%" rowspan="3">
<FONT size=1 face="Arial">RANGE OF<br>
EXERCISE PRICES&nbsp;
	</FONT>
	</TD>
	<TD align=center width="8%" colspan=5>
<FONT size=1 face="Arial">STOCK OPTIONS EXERCISABLE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=center width="8%" colspan=6>
<FONT size=1 face="Arial">STOCK OPTIONS OUTSTANDING </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="6%">
<HR noshade size=1 color="#000000">	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD colspan=6>
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width="8%">
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">WEIGHTED<br>
AVERAGE<br>
REMAINING<br>
LIFE </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">WEIGHTED<br>
AVERAGE <br>
EXERCISE <br>
PRICE ($ </FONT>
	</TD>
	<TD width=2% align="right">
<p align="left">
<FONT size=1 face="Arial">)</FONT></TD>
	<TD width="1%" align="right">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">WEIGHTED<br>
AVERAGE <br>
REMAINING <br>
LIFE </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">WEIGHTED<br>
AVERAGE <br>
EXERCISE <br>
PRICE ($ </FONT>
	</TD>
	<TD align=right width="2%">
<p align="left">
<FONT size=1 face="Arial">)</FONT></TD>
</TR>
<TR>
	<TD colspan=14 width="39%" align="left">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<FONT size=2 face="Arial">$20&#150;&#36;29</FONT></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,285,790</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$28</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,075,790</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3.5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$26</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font color="#0065A4" size="2">&nbsp; </font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<FONT size=2 face="Arial">$30&#150;&#36;39</FONT></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>4,181,286</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$33</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>5,891,286</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.6</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$32</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font color="#0065A4" size="2">&nbsp; </font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<FONT size=2 face="Arial">&#36;40 or more &nbsp;
	</FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,331,163</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$41</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,331,163</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>0.8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$41</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font color="#0065A4" size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=14 width="39%" align="left">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>8,798,239</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$34</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=8%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>11,298,239</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2.5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>$32</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font color="#0065A4" size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">As at December&nbsp;31,&nbsp;2009, the unrecognized compensation cost related to non-vested stock options was &#36;2&nbsp;million to be recorded over a weighted average period of one year.</font></P>
<P align="left">
<font face="Arial" size="2">The following table summarizes stock options outstanding at December&nbsp;31,&nbsp;2008 and&nbsp;2007.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table53" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="39%" rowspan="3">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=right width="10%" rowspan="3">
<p align="right">
<FONT size=1 face="Arial">NOTE</FONT></TD>
	<TD width=2% rowspan="3" align="right">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="22%" colspan="3">
<p align="center">
<FONT size=1 face="Arial">2008</FONT></TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD width="1%" rowspan="3" align="right">
&nbsp;</TD>
	<TD align=right width="22%" colspan="3">
<p align="center">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=right width="23%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=right width="24%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width="10%">
<FONT size=1 face="Arial">NUMBER<br>
OF OPTIONS </FONT>
	</TD>
	<TD align=right width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WEIGHTED<br>
AVERAGE <br>
EXERCISE <br>
PRICE ($ </FONT>
	</TD>
	<TD width=2% align="right">
<p align="left">
<FONT size=1 face="Arial">)</FONT></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">NUMBER<br>
OF OPTIONS
	</font>
	</TD>
	<TD align=right width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WEIGHTED<br>
AVERAGE<br>
EXERCISE <br>
PRICE ($ </FONT>
	</TD>
	<TD width="2%">
<p align="left">
<FONT size=1 face="Arial">)</FONT></TD>
</TR>
<TR>
	<TD colspan=12 width="39%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, January&nbsp;1 </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,697,380 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$33 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">24,241,848 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$33 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Granted </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">790,000 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$23 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,739,106 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$31 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Exercised</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,785,142 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$28 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,994,073 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$31 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expired/forfeited </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,675,350 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$34 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7,289,501 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$32 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=12 width="39%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, December&nbsp;31 </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15,026,888 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$33 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,697,380 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$33 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=12 width="39%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Exercisable, December&nbsp;31 </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11,550,638 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$34 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11,502,280 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$35 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=12 width="39%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=12 width="39%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table54">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(1)</I></font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>The aggregate intrinsic value of options exercised was $16&nbsp;million and $31
million in&nbsp;2008 and&nbsp;2007, respectively.</I></font></td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">
<B>ASSUMPTIONS USED IN STOCK OPTION PRICING MODEL</B></font></P>
<P align="left">
<font face="Arial" size="2">The following table shows the weighted average assumptions used to determine the stock-based compensation expense using the Black-Scholes option pricing model in&nbsp;2008 and&nbsp;2007.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table55" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Weighted average fair value per option granted (&#36;) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividend yield </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected volatility </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">30 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Risk-free interest rate </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected life (years) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.5 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.5 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>&nbsp;<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
113</font></b></font></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

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

<P align="left">
<font face="Arial" color="#0065A4">
<B><I>RSUs</I></B></font></P>
<P align="left">
<font face="Arial" size="2">The following table summarizes RSUs outstanding at December&nbsp;31,&nbsp;2009,&nbsp;2008 and&nbsp;2007.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table56" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%" rowspan="3">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="34%" colspan="5">
<p align="center">
<FONT size=1 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NUMBER OF RSUS</FONT></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><SUP><FONT size=1>(1)</FONT></SUP></B><font size="1"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, January&nbsp;1 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>5,033,924</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">633,143 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,985,035 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Granted </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,282,755</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,033,924 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">56,465 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends credited </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>435,875</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,074 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">118,329 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Payments </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(561,859 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(141,983 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Forfeited </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(537,216</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(77,358 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(97,248 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cancelled as part of the proposed privatization transaction </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,287,455 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, December&nbsp;31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>7,215,338</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,033,924 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">633,143 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table57">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(1)</I></font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>All RSUs were non-vested at December&nbsp;31,&nbsp;2009.</I></font></td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">RSUs are granted to executives and other key employees. The value of an RSU is equal to the value of one BCE&nbsp;Inc.  common share. Dividends in the form of additional RSUs  are credited to the participant&#146;s account on each dividend payment date
and are equivalent in value to the dividend paid on BCE&nbsp;Inc. common shares. Executives and other key employees are granted a specific number of RSUs for a given performance period based on their position and level of contribution. Prior to&nbsp;2008,
most RSUs vested at the end of a performance period if performance objectives were met as determined by the board or were forfeited.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most of the outstanding RSUs vest in December&nbsp;2010, provided that the holder is employed by Bell&nbsp;Canada or one of its subsidiaries at that time. Vested RSUs are paid in cash, except for those of executives, who can
choose from cash, BCE&nbsp;Inc. common shares purchased on the open market, DSUs or through a combination of each, as long as individual share ownership requirements are met. Special vesting provisions apply if there is a change in control. At December&nbsp;
31,&nbsp;2009, the unrecognized compensation cost related to RSUs was &#36;92&nbsp;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the proposed privatization transaction, in&nbsp;2007 the board approved the implementation of a retention policy, in lieu of the RSU plan. RSUs held by executives who became eligible to a retention incentive
were forfeited in&nbsp;2007. Retention payments were paid in&nbsp;2008 and were greater than<B> </B>the value of the original RSUs. The difference between what would have been paid under the original RSU plan and what was paid under the retention policy was
expensed as restructuring and other over the retention period.
</font> </P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>DSUs</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Eligible bonuses may be paid in the form of DSUs when executives or other key employees elect to or are required<B> </B>to participate in the plan. For non-management directors, their compensation is paid in DSUs until the minimum share ownership
requirement is met or as elected by the directors thereafter.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The value of a DSU is equal to the value of one BCE&nbsp;Inc. common share. Dividends in the form of additional DSUs are credited to the participant&#146;s account on each dividend payment date and are equivalent in value to
the dividends paid on BCE&nbsp;Inc. common shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSUs are paid in BCE&nbsp;Inc. common shares purchased on the open market following the cessation of a participant&#146;s employment or when a director leaves the board.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table is a summary of the status of DSUs.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table58" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%" rowspan="3">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="36%" colspan="6">
<FONT size=1 face="Arial">NUMBER OF DSUS </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=6 width="10%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><SUP><FONT size=1>(1)</FONT></SUP></B><font size="1"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, January&nbsp;1 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,098,978</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,538,640 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,287,422 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Issued </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>337,478</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">72,880 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">408,341 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends credited </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>76,652</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">29,946 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">58,543 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Payments </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(329,413</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(542,488 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(215,666 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, December&nbsp;31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,183,695</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,098,978 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,538,640 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table59">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(1)</I></font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>All DSUs were fully vested at December&nbsp;31,&nbsp;2009.</I></font></td>
	</tr>
</table>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>SCPs</I></B></font></P>
<P align="left">
<font face="Arial" size="2">Prior to 2000, when BCE&nbsp;Inc. granted options to executives and other key employees, related rights to SCPs were also often granted. SCPs are cash payments representing the amount that the market value of the shares on the date of exercise of the
related options exceeds the exercise price of those options. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the distribution of Nortel Networks&nbsp;Inc. (Nortel) common shares was made in 2000, the outstanding options were cancelled and replaced with options to buy BCE&nbsp;Inc. common shares and options to buy Nortel common
shares. The related SCPs were adjusted accordingly. All SCPs expired or were paid during&nbsp;2009.</font></P>
<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">114</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 22: ACCUMULATED OTHER COMPREHENSIVE INCOME </B></font></P>
<P align="left">
<font face="Arial" size="2">The following table summarizes the changes in the balance of each classification within accumulated other comprehensive income (loss).</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table60" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVAILABLE-<br>
FOR-SALE<br>
FINANCIAL<br>
ASSETS </FONT>
	</TD>
	<TD align=right width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DERIVATIVES<br>
DESIGNATED<br>
AS CASH FLOW<br>
HEDGES</FONT></TD>
	<TD align=right width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CUMULATIVE<br>
TRANSLATION<br>
ADJUSTMENT</FONT></TD>
	<TD align=right width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">ACCUMULATED<br>
OTHER<br>
COMPREHENSIVE<br>
INCOME (LOSS)</FONT></TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance in accumulated other comprehensive income (loss) at January&nbsp;1,&nbsp;2008 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">74 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">68 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Details of other comprehensive income (net of non-controlling interest) </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Unrealized (losses) gains </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(159 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(141 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Income taxes on unrealized (losses) gains </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Reclassification adjustments included in earnings </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">74 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(15 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">59 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Income taxes on reclassification adjustments included in earnings </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">52 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">54 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other comprehensive (loss) income for the year ended December&nbsp;31,&nbsp;2008 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(33 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(29 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance in accumulated other comprehensive income (loss) at December&nbsp;31,&nbsp;2008 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">41 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" height="12">
	<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%" height="12">
	<font size="1">&nbsp;</font></TD>
	<TD align=left width=2% height="12">
	<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%" height="12">
	<font size="1">&nbsp;</font></TD>
	<TD align=left width=2% height="12">
	<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%" height="12">
	<font size="1">&nbsp;</font></TD>
	<TD align=left width=2% height="12">
	<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%" height="12">
	<font size="1">&nbsp;</font></TD>
	<TD align=left width=2% height="12">
	<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Details of other comprehensive income (net of non-controlling interest) </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Unrealized gains (losses) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">106 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(25 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">81 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Income taxes on unrealized gains (losses) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Reclassification adjustments included in earnings </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(24 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(12 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(36 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Income taxes on reclassification adjustments included in earnings </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other comprehensive income (loss) for the year ended December&nbsp;31,&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">82 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(29 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance in accumulated other comprehensive income (loss) at December&nbsp;31,&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>123</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(29</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>92</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">In&nbsp;2009, we received proceeds of &#36;109&nbsp;million on sales of AFS financial assets and realized a pre-tax gain of &#36;35&nbsp;million. We used the average cost method in determining the gain.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimated net amount of existing gains and losses reported in accumulated other comprehensive income that is expected to be reclassified to earnings within the next 12 months as a result of&nbsp;2010 cash flow hedges
maturing is a pre-tax loss of &#36;33&nbsp;million.</font></P><P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
115</font></b></font></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

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

<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 23: EMPLOYEE BENEFIT PLANS </B></font></P>
<P align="left">
<font face="Arial" size="2">We provide pension and other post-employment benefits for most of our employees. These include DB pension plans and DC pension plans.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table61" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Pension benefits </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">DB plans cost </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(239</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(102 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(263 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">DC plans cost </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(45</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(45 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(38 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other future benefits cost </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(71</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(103 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(109 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Net benefit plans cost</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(355</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(250 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(410 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table62">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(1)</I></font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>Net benefit plans cost is included as part of selling, general and
administrative expenses in the statement of operations.</I></font></td>
	</tr>
</table>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Components of DB Plans Cost</B></font></P>
<P align="left">
<font face="Arial" size="2">The following table shows the DB plans cost before and after recognizing its long-term nature. The recognized net benefit plans cost reflects the amount reported in our statements of operations and is calculated according to our accounting
policy.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table63" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="34%" colspan="5">
<FONT size=1 face="Arial">PENSION BENEFITS </FONT>
	</TD>
	<TD align=center width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="34%" colspan="5">
<FONT size=1 face="Arial">OTHER BENEFITS </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=right width="35%" colspan="6">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="36%" colspan="6">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="27%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Current service cost </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(175</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(252 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(278 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(11 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(11 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest cost on accrued benefit obligation </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(892</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(864 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(858 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(99</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(99 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(97 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Actual return (loss) on plan assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,566</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,610 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">566 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>28</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Past service credits arising during period </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">58 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">345 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Actuarial (loss) gain on accrued benefit obligation </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,043</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,295 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">741 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(94</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">323 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">56 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="27%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Elements of employee future benefit plans (cost) before recognizing its long-term nature </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(544</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,431 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">229 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(172</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">207 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">296 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="27%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>(Excess) deficiency of actual return over <br>
expected return</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(685</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,634 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">462 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(16</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">18 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferral of amounts arising during period </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Past service credits </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(58 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(345 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Actuarial loss (gain) on accrued benefit obligation </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,043</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,295 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(741 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>94</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(323 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(56 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Amortization of previously deferred amounts </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net past service (costs) credits </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(13 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>27</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">28 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net actuarial losses </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(84</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(29 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(120 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(32 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(38 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Transitional asset (obligation) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="27%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjustments to recognize long-term nature of employee future benefit plans cost </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>272</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,308 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(464 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>101</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(310 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(405 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="27%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Decrease (increase) in valuation allowance </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>33</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(28 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="27%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">DB plans cost, recognized </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(239</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(102 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(263 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(71</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(103 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(109 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="27%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR>
	<TD colspan=14 width="27%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table64">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">
		<I>(1)</I></font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>The expected return on plan assets for a given year is calculated based on
the market-related value of plan assets at the beginning of that year. The
market-related value of pension plan assets was $12,612&nbsp;million at January&nbsp;1,
2009, $14,775&nbsp;million at January&nbsp;1,&nbsp;2008 and $14,269&nbsp;million at January&nbsp;1,&nbsp;2007.</I></font></td>
	</tr>
</table>
<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">116</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>Components of Accrued Benefit Asset (Liability)</B></font></P>
<P align="left">
<font face="Arial" size="2">The following table shows the change in benefit obligations, change in fair value of plan assets and the funded status of the DB plans.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table65" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1 face="Arial">PENSION BENEFITS </FONT>
	</TD>
	<TD align=center width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1 face="Arial">OTHER BENEFITS </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="23%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="24%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="51%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit obligation, beginning of the year </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(13,602</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(15,690 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,518</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,827 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Current service cost </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(175</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(252 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(11 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest cost on accrued benefit obligation </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(892</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(864 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(99</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(99 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Actuarial (loss) gain on accrued benefit obligation </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,043</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,295 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(94</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">323 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Benefit payments </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,038</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">915 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>96</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">96 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Employee contributions </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(6</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="51%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit obligation, end of the year </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(14,680</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(13,602 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,622</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,518 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="51%">
<HR noshade size=1 color="#000000"><HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Fair value of plan assets, beginning of the year </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>11,510</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,841 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>163</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">169 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Actual return (loss) on plan assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,566</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,610 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>28</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Benefit payments </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,038</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(915 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(96</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Employer contributions </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,025</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">189 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>96</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">96 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Employee contributions </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>6</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Transfers to DC pension plans </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="51%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Fair value of plan assets, end of the year </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>13,069</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11,510 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>191</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">163 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="51%">
<HR noshade size=1 color="#000000"><HR noshade size=1 color="#000000">	</TD>
</TR>
<tr>
	<TD align=left width="51%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Plan (deficit) surplus </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,611</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,092 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,431</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,355 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized net actuarial losses </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3,358</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,153 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>144</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">72 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized net past service costs (credits) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>56</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">62 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(120</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(163 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized transitional obligation (asset) </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Valuation allowance </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(100</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(133 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="51%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit asset (liability), end of the year </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>1,704</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">989 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,404</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,443 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="51%">
<HR noshade size=1 color="#000000"><HR noshade size=1 color="#000000">	</TD>
</TR>
<tr>
	<TD align=left width="51%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=right width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit asset included in other long-term assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>2,316</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,636 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="51%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit liability included in other long-term liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(612</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(647 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,404</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,443 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=10 width="51%">
<HR noshade size=1 color="#000000"><HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">For DB pension plans with an accrued benefit obligation that was more than plan assets: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the accrued benefit obligation was &#36;14,553&nbsp;million at December&nbsp;31,&nbsp;2009 and &#36;13,455&nbsp;million at December&nbsp;31,&nbsp;2008.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the fair value of plan
assets was &#36;12,811&nbsp;million at December&nbsp;31,&nbsp;2009 and &#36;11,276&nbsp;million at December&nbsp;31,&nbsp;2008.</font></P>
	</li>
</ul>
<P align="left">
<font face="Arial" size="2">For DB pension plans with an accrued benefit obligation that was less than plan assets: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the accrued benefit obligation was &#36;127&nbsp;million at December&nbsp;31,&nbsp;2009 and &#36;147&nbsp;million at December&nbsp;31,&nbsp;2008
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">the fair value of plan assets
was &#36;258&nbsp;million at December&nbsp;31,&nbsp;2009 and &#36;234&nbsp;million at December&nbsp;31,&nbsp;2008.</font></P>
	</li>
</ul>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
11</font></b></font><b><font face="Arial" size="1" color="#0065A4">7</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

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

<P align="left">
<font face="Arial" color="#0065A4">
<B>Significant Assumptions</B></font></P>
<P align="left">
<font face="Arial" size="2">We used the following key assumptions to measure the accrued benefit obligation and the net benefit plans cost for the DB pension plans and plans that provide other employee future benefits. These assumptions are long-term, which is consistent with
the nature of employee benefit plans.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table66" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="34%" colspan="5">
<FONT size=1 face="Arial">PENSION BENEFITS </FONT>
	</TD>
	<TD align=center width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=center width="34%" colspan="5">
<FONT size=1 face="Arial">OTHER BENEFITS </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="36%" colspan="6">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=left width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="36%" colspan="6">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="27%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">At December&nbsp;31 </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit obligation </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Discount rate, end of year </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>6.4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>6.4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Rate of compensation increase, end of year </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">For the year ended December&nbsp;31 </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net benefit plans cost </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Discount rate, end of preceding year </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>7.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>7.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Expected return on plan assets, end of preceding year </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>7.25</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.25 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>7.25</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.25 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Rate of compensation increase, end of preceding year </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>3.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="27%">
<HR noshade size=1 color="#000000"><HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">We assumed the following trend rates in healthcare costs:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">an annual rate of increase of 4.5% in the cost per person of covered healthcare benefits for&nbsp;2009 and the foreseeable future</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">an annual rate of increase in the cost of
medication:<br>
&nbsp;&#150; for retirees under age 65 of 7.0% for&nbsp;2009 with a gradual decline to 4.5% over ten years
	<br>
&nbsp;&#150; for retirees over age 65 of 4.5%. </font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">Assumed trend rates in healthcare costs have a significant effect on the amounts reported for the healthcare plans. The following table, for example, shows the effect of a 1% change in the assumed trend rates in healthcare costs.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table67" style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">1% INCREASE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">1% DECREASE </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Effect on other benefits &#150; total service and interest cost </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Effect on other benefits &#150; accrued obligation </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">120 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(104 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Pension Plan Assets</B></font></P>
<P align="left">
<font face="Arial" size="2">The investment strategy for the major pension plans is to maintain a diversified portfolio of assets, invested in a prudent manner to maintain the security of funds while taking into account the liability structure of the pension plan and maximizing
returns within our guidelines. The expected rate of return assumption is based on our target asset allocation policy and the expected future rates of return on these assets.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the allocation of our pension plan assets at December&nbsp;31,&nbsp;2009 and&nbsp;2008, target allocations for&nbsp;2009 and the expected long-term rate of return by asset class.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table68" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="25%">
&nbsp;</TD>
	<TD align=left width="10%">
<p align="right">
<FONT size=1 face="Arial">WEIGHTED<br>
AVERAGE<br>
TARGET<br>
ALLOCATION </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp;</font></TD>
	<TD align=center width="22%" colspan="3">
<font face="Arial" size="1">&nbsp;
	PERCENTAGE OF PLAN ASSETS<br>
AT DECEMBER 31
	</font>
	</TD>
	<TD align=center width=2%>
&nbsp;</TD>
	<TD align=center width="1%">
&nbsp;</TD>
	<TD align=center width="22%" colspan="3">
<FONT size=1 face="Arial">FAIR VALUE OF PLAN ASSETS<br>
AT DECEMBER 31 </FONT>
	</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">WEIGHTED<br>
AVERAGE<br>
EXPECTED<br>
LONG-TERM<br>
RATE OF RETURN</FONT></TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
&nbsp;</TD>
	<TD align=right width="11%" colspan="2">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp;</font></TD>
	<TD align=right width="24%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="23%" colspan="4">
<HR noshade size=1 color="#000000">	</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width="12%" colspan="2">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">ASSET CATEGORY </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="25%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Equity securities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial">
<B><FONT size=2 color="#0065A4">35% &#150; 55%</FONT></B></font></TD>
	<TD align=left width=2%>
<font size="2" face="Arial" color="#0065A4"> &nbsp;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>44</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">56 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>5,789</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,423 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>9.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Debt securities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>45% &#150; 65%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>56</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">44 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>7,280</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,087 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>5.1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="25%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total/average </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>100</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">100 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>13,069</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11,510 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width=10%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>7.2</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>%</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR>
	<TD colspan=16 width="25%">
<HR noshade size=1 color="#000000"><HR noshade size=1 color="#000000">	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">Equity securities included approximately &#36;34&nbsp;million of BCE&nbsp;Inc. common shares and Bell Aliant units, or 0.3% of total plan assets at December&nbsp;31,&nbsp;2009, and approximately &#36;43&nbsp;million of BCE&nbsp;Inc. common shares and Bell Aliant units, or 0.4%
of total plan assets at December&nbsp;31,&nbsp;2008. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2009, the amount of BCE&nbsp;Inc. and affiliates&#146; debentures included in debt securities was not significant. At December&nbsp;31,&nbsp;2008, debt securities included approximately &#36;5&nbsp;million of BCE&nbsp;Inc. and
affiliates&#146; debentures or 0.1% of total plan assets at December&nbsp;31,&nbsp;2008.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Estimated Future Benefit Payments</B></font></P>
<P align="left">
<font face="Arial" size="2">The following table shows the estimated future payments to pensioners for the next ten years at December&nbsp;31,&nbsp;2009.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table69" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">PENSION<br>
BENEFITS </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">OTHER<br>
BENEFITS </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2010 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(969 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(100 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2011 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(991 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(109 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2012 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,012 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(113 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2013 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,034 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(117 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2014 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,058 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(121 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2015&#150;2019 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(5,665 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(659 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total estimated future benefit payments </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(10,729 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,219 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">118</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>Cash Flows</B></font></P>
<P align="left">
<font face="Arial" size="2">We are responsible for adequately funding our DB pension plans. We make contributions to them based on various actuarial cost methods that are permitted by pension regulatory bodies. Contributions reflect actuarial assumptions about
future investment returns, salary projections and future service benefits.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We contribute to the DC pension plans as employees provide service.
</font> </P>
<P align="left">
<font face="Arial" size="2">The following table shows the amounts we contributed to the DB and DC pension plans and the payments made to beneficiaries under other employee future benefit plans.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table70" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="39%" rowspan="3">
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial" size="1">FOR THE YEAR ENDED DECEMBER 31
	</font>
	</TD>
	<TD align=left width="30%" colspan="6">
<p align="center"><font face="Arial" size="1">PENSION BENEFITS&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="30%" colspan="6">
<p align="center"><font face="Arial" size="1">OTHER BENEFITS</font></TD>
</TR>
<TR valign="bottom">
	<TD align=right width="30%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="30%" colspan="6">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial">
<FONT size=2>Bell&nbsp;Canada</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(933</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(120 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(168 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(88</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(89 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(89 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell Aliant </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(135</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(112 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(97 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(8</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,068</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(232 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(265 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(96</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="8%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width=8%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="8%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="8%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width=8%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="8%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Comprised of: </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial">
<FONT size=2>Contributions to DB plans</FONT><SUP><FONT size=2>(1)</FONT></SUP><font size="2">
</font></font>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1,025</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(189 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(232 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(96</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Contributions to DC plans </FONT>
	</TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(43</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(43 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(33 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=14 width="39%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table76">
	<tr>
		<td width="2%" valign="top">
<font face="Arial" size="1">
<I>(1)</I></font></td>
		<td width="98%" valign="top">
<P align="left">
<font face="Arial" size="1">
<I>Included in&nbsp;2009 is a &#36;500&nbsp;million voluntary pension contribution.</I></font></P></td>
	</tr>
</table>
<P align="left">
<font face="Arial" size="2">We expect to contribute approximately &#36;520&nbsp;million to all of our DB pension plans in&nbsp;2010, subject to actuarial valuations being completed. We expect to pay approximately &#36;100&nbsp;million to beneficiaries under other employee benefit plans in
2010. We expect to contribute approximately &#36;50&nbsp;million to the DC pension plans in&nbsp;2010.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 24: COMMITMENTS AND CONTINGENCIES </B></font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Contractual Obligations</B></font></P>
<P align="left">
<font face="Arial" size="2">The following table is a summary of our contractual obligations at December&nbsp;31,&nbsp;2009 that are due in each of the next five years and thereafter.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table71" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=right width=30%>
&nbsp;</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">2010
	</font>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">2011
	</font>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">2012
	</font>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">2013
	</font>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">2014
	</font>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">THERE-<br>
AFTER </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">TOTAL
	</font>
	</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating leases </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">215 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">185 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">154 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">139 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">127 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">686 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,506 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Commitments for capital expenditures </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">78 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">56 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">98 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">88 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">82 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">826 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,228 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Purchase obligations </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,364 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">994 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">696 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">360 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">350 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">887 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4,651 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,657 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,235 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">948 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">587 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">559 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,399 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">7,385 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" size="2">Rental expense relating to operating leases was &#36;236&nbsp;million in&nbsp;2009, &#36;233&nbsp;million in&nbsp;2008 and &#36;260&nbsp;million in&nbsp;2007.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase obligations consist mainly of contractual obligations under service contracts. Our commitments for capital expenditures include investments to expand and update our networks, and to meet customer demand.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refer to Note 3, <I>Restructuring and Other</I>, for commitments to relocate employees to campus environments.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2009, we had other long-term liabilities that are not included in the table, including an accrued employee benefit liability, future income tax liabilities, deferred revenue and gains on assets and
various other long-term liabilities.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accrued employee benefit liability and future income tax liabilities are excluded as we cannot accurately determine the timing and cash requirements as: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">future contributions to the pension plans depend
largely on how well they are funded. This varies based on the results of actuarial valuations that are performed periodically and on the investment performance of the pension fund assets.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">future payments of income taxes depend on the amount of taxable earnings and on whether there are tax loss carryforwards available to reduce income tax liabilities.
	</font></P></li>
</ul>
<P align="left">
<font face="Arial" size="2">Deferred revenue and gains on assets are excluded as they do not represent future cash payments.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
11</font></b></font><b><font face="Arial" size="1" color="#0065A4">9</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>Litigation</B></font></P>
<P align="left">
<font face="Arial" size="2">We become involved in various claims and litigation as a part of our business. This section describes important legal proceedings. While we cannot predict the final outcome of the claims and litigation described below or of any other claims and
litigation pending at December&nbsp;31,&nbsp;2009, based on the information currently available and management&#146;s assessment of the merits of such claims and litigation, management believes that the resolution of these claims and litigation will not have
a material and negative effect on our consolidated financial position or results of operations. We believe that we have strong defences and we intend to vigorously defend our position.</font></P>
<P align="left">
<i>
<B><font face="Arial" color="#0065A4">Teleglobe Lending Syndicate Lawsuit</font></B></i></P>
<P align="left">
<font face="Arial" size="2">On July&nbsp;12, 2002, certain members of the Teleglobe&nbsp;Inc. and Teleglobe Holdings (U.S.) Corporation (collectively, Teleglobe) lending syndicate filed a lawsuit against BCE&nbsp;Inc. in the Ontario Superior Court of Justice. The lawsuit includes several
allegations, including that BCE&nbsp;Inc. made a legal commitment to repay the advances the plaintiffs made as members of the lending syndicate, and that the Court should disregard Teleglobe&nbsp;Inc. as a corporate entity and hold BCE&nbsp;Inc. responsible to
repay the advances as Teleglobe&#146;s alter ego.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;2, 2004, Canadian Imperial Bank of Commerce and Canadian Imperial Bank of Commerce, N.Y. Agency withdrew from the lawsuit and on May&nbsp;3, 2005, BNP Paribas (Canada) also withdrew from this lawsuit. BNP Paribas
(Canada), which had advanced US&#36;50&nbsp;million to Teleglobe, is now pursuing a separate action against BCE&nbsp;Inc. and former Teleglobe directors and officers. The remaining plaintiffs claim damages of US&#36;1.04&nbsp;billion, plus interest and costs. This
represents approximately 83% of the US&#36;1.25&nbsp;billion that the lending syndicate advanced to Teleglobe.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Kroll Restructuring Lawsuit</I></B></font></P>
<P align="left">
<font face="Arial" size="2">On February&nbsp;26, 2003, a lawsuit was filed in the Ontario Superior Court of Justice by Kroll Restructuring Ltd., in its capacity as interim receiver of Teleglobe&nbsp;Inc., against five former directors of Teleglobe&nbsp;Inc. This lawsuit was filed in
connection with Teleglobe&nbsp;Inc.&#146;s redemption of its third series preferred shares in April&nbsp;2001 and the retraction of its fifth series preferred shares in March&nbsp;2001.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plaintiff is seeking a declaration that such redemption and retraction were prohibited under the <I>Canada Business Corporations Act</I> and that the five former directors should be held jointly and severally liable
to restore to Teleglobe&nbsp;Inc. all amounts paid or distributed on such redemption and retraction, being an aggregate of approximately &#36;661&nbsp;million, plus interest.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;26,&nbsp;2007, the five former directors filed a third-party claim in the Ontario Superior Court of Justice against the former third series preferred shareholders of Teleglobe&nbsp;Inc. As provided by the <I>Canada
Business Corporations Act</I>, the third party claim seeks to recover from those former third series preferred shareholders any amounts the former directors may have to restore to Teleglobe&nbsp;Inc. as a result of this lawsuit, on account of the
redemption of the third series preferred shares. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While BCE&nbsp;Inc. is not a defendant in this lawsuit, Teleglobe&nbsp;Inc. was at the relevant time a subsidiary of BCE&nbsp;Inc. Pursuant to standard policies and subject to applicable law, the five former Teleglobe&nbsp;Inc. directors
are entitled to seek indemnification from BCE&nbsp;Inc. in connection with this lawsuit.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Teleglobe&nbsp;Inc. Unsecured Creditors Lawsuit</I></B></font></P>
<P align="left">
<font face="Arial" size="2">On May&nbsp;26, 2004, a lawsuit was filed in the United States Bankruptcy Court for the District of Delaware. The lawsuit  is against BCE&nbsp;Inc. and ten former directors and officers  of Teleglobe&nbsp;Inc. and certain of its subsidiaries. The plaintiffs are
comprised of Teleglobe Communications Corporation, certain of its affiliated debtors and debtors in possession, and the Official Committee of Unsecured Creditors of these debtors. The lawsuit alleges breach of an alleged funding commitment of BCE&nbsp;
Inc. towards the debtors, misrepresentation by BCE&nbsp;Inc. and breach and aiding and abetting breaches of fiduciary duty by the defendants. The plaintiffs seek an unspecified amount of damages against the defendants.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;19,&nbsp;2009, BCE&nbsp;Inc. and the individual defendants filed a motion for summary judgment regarding all claims, which motion is still pending.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Teleglobe&nbsp;Inc. Plan Administrator Lawsuit</I></B></font></P>
<P align="left">
<font face="Arial" size="2">On November&nbsp;16, 2005, Kathy Morgan, in her capacity as plan administrator for Teleglobe&nbsp;Inc., filed a lawsuit in the Ontario Superior Court of Justice against BCE&nbsp;Inc. and seven former directors of Teleglobe&nbsp;Inc. The plaintiff is seeking a
declaration that Teleglobe&nbsp;Inc. and its creditors have been oppressed by the former directors of Teleglobe&nbsp;Inc. and by BCE&nbsp;Inc. within the meaning of the <I>Canada Business Corporations Act</I>. The plaintiff is also seeking a declaration that the
former directors of Teleglobe&nbsp;Inc. breached their fiduciary duty to Teleglobe&nbsp;Inc. and failed to act in accordance with the standard of care prescribed under the <I>Canada Business Corporations Act</I>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plaintiff is seeking compensation for oppression in the amount of &#36;3&nbsp;billion and damages for breach of fiduciary duty in the amount of &#36;3&nbsp;billion, in each case plus interest and costs.</font></P><P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">120</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B><I>Class Action Concerning Bell&nbsp;Canada and Bell Mobility&nbsp;Inc. (Bell Mobility) Late Payment Charges</I></B></font></P>
<P align="left">
<font face="Arial" size="2">On June&nbsp;27,&nbsp;2006, a motion to obtain the authorization to institute a class action was filed in the Qu&eacute;bec Superior Court against Bell&nbsp;Canada and Bell Mobility on behalf of all physical persons and companies in&nbsp;Canada who were billed late
payment charges despite having allegedly paid on time. On September&nbsp;28,&nbsp;2007, the plaintiffs filed an amended motion to reduce the classes to Qu&eacute;bec customers only.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;10,&nbsp;2008, the Qu&eacute;bec Superior Court granted the plaintiffs&#146; motion to be authorized to institute the class action and determined that members of the classes are all physical persons and companies
in Qu&eacute;bec, of 50 employees or less, who had been billed late payment charges since June&nbsp;21, 2003 after allegedly having made full payment of amounts owing to Bell&nbsp;Canada and/or Bell Mobility to a financial institution and/or, for Bell Mobility&#146;s customers only, by
cheque, within the payment period indicated on their bills. The class action seeks an order requiring Bell&nbsp;Canada and Bell Mobility to repay all late payment charges to the members of the classes. In addition to the reimbursement of such amounts,
the class action also seeks payment of punitive damages by Bell&nbsp;Canada and Bell Mobility.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;11,&nbsp;2008, the plaintiffs filed their motion to institute the class action.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 25: GUARANTEES </B></font></P>
<P align="left">
<font face="Arial" size="2">As a regular part of our business, we enter into agreements that provide for indemnifications and guarantees to counterparties that may require us to pay for costs and losses incurred in various types of transactions. We cannot reasonably estimate
the maximum potential amount we could be required to pay counterparties. While some of the agreements
specify a maximum potential exposure, many do not specify a maximum amount or limited period. The amount also depends on the outcome of future events and conditions, which cannot be predicted. Historically, we have not made any significant payments
under these indemnifications or guarantees.</font></P>
<P align="left">
<font face="Arial" size="2">The following table represents guarantees that BCE&nbsp;has entered into that have a fixed maximum potential exposure, and their respective terms. BCE&nbsp;also has guarantees where no maximum potential amount is specified.</font></P>
<TABLE border=0 width=100% cellpadding=0 id="table72" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=right width="30%">
&nbsp;</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">2010
	</font>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">2011
	</font>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">2012
	</font>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">2013
	</font>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">2014
	</font>
	</TD>
	<TD align=right width=2%>
<p align="left"><font face="Arial" size="1">+
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">INDEFI-<br>
NITE </FONT>
	</TD>
	<TD width=2% align="right">
&nbsp;</TD>
	<TD align=right width="8%">
<font face="Arial" size="1">TOTAL
	</font>
	</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Sale of assets and businesses </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">45 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,601 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,648 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Sale of services </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">75 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">40 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">120 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Purchase and development of assets </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">57 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">52 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">79 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">67 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,618 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,829 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Sale of Assets and Businesses</B></font></P>
<P align="left">
<font face="Arial" size="2">As part of transactions involving business dispositions and sales of assets, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, losses or damages to property,
environmental liabilities, changes in or in the interpretation of laws and regulations (including tax legislation), valuation differences, earn-out guarantees if the disposed business does not meet specific targets, contingent liabilities of a
disposed business, or reassessments of previous tax filings of the corporation that carries on the business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A nominal amount has been accrued in the consolidated balance sheet relating to this type of indemnification or guarantee at December&nbsp;31,&nbsp;2009. Historically, we have not made any significant payments under this type of
indemnification or guarantee.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Sale of Services</B></font></P>
<P align="left">
<font face="Arial" size="2">In transactions involving sales of services, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, or changes in or in the interpretation of laws and regulations (including
tax legislation).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No amount has been accrued in the consolidated balance sheet relating to this type of indemnification or guarantee at December&nbsp;31,&nbsp;2009. Historically, we have not made any significant payments under such
indemnifications or guarantees.</font></P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
1</font></b></font><b><font face="Arial" size="1" color="#0065A4">21</font></b></P>

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




<P align="left" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>Purchase and Development of Assets</B></font></P>
<P align="left">
<font face="Arial" size="2">As part of transactions involving purchases and development of assets, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, losses of or damages to property, or changes in
or in the interpretation of laws and regulations (including tax legislation).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No amount has been accrued in the consolidated balance sheet relating to this type of indemnification or guarantee at December&nbsp;31,&nbsp;2009. Historically, we have not made any significant payments under such
indemnifications or guarantees.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>Other Transactions</B></font></P>
<P align="left">
<font face="Arial" size="2">As part of other transactions, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, losses of or damages to property, or changes in or in the interpretation of laws and
regulations (including tax legislation).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No amount has been accrued in the consolidated balance sheet relating to this type of indemnification or guarantee at December&nbsp;31,&nbsp;2009. Historically, we have not made any significant payments under such
indemnifications or guarantees.</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>NOTE 26: SUPPLEMENTAL DISCLOSURE FOR STATEMENTS OF CASH FLOWS</B></font></P>
<TABLE border=0 width=100% cellpadding=0 id="table73" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=1>2009</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%" align="left">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash from (used in) non-cash operating assets and liabilities is as follows: </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Accounts receivable </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>124</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">52 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Inventory </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(149</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(40 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">51 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Prepaid expenses </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(72 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other current assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(104</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other long-term assets </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(52</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">86 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(75 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Accounts payable and accrued liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>9</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">263 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">127 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest payable </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>(24</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" color="#0065A4">
<B><FONT size=2>)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(22 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other long-term liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>141</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(29 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(16 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>96</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(44 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%" align="left">
<HR noshade size=1 color="#000000">	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total cash from (used in) non-cash operating assets and liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<font face="Arial" color="#0065A4">
<B><FONT size=2>40</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">364 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="64%" align="left">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">122</font>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




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

<P align="left">
<font face="Arial" size="5" color="#0065A4">Glossary</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Adjusted EPS </I></B><br>
This is earnings per share before restructuring and other and net (gains) losses on investments.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>ARPU</I></B><br>
Average revenue per unit expressed as a rate per month for the year.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Black-Scholes Option Pricing Model</I></B><br>
The Black-Scholes option pricing model is the financial model we use to calculate the weighted-average fair value of a stock option granted using four key assumptions: stock dividend yield, expected stock volatility, risk-free interest rate and
expected life of the stock option.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Book Value Per Share</I></B><br>
This is common shareholders&#146; equity divided by the number of common shares outstanding.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Capital Intensity</I></B><br>
This is capital expenditures divided by operating revenues.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Churn</I></B><br>
This is the rate at which existing subscribers cancel their  services. Churn is calculated as the number of subscribers disconnected divided by the average subscriber base.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Common Dividend Payout Ratio</I></B><br>
Dividends paid on common shares divided by net earnings applicable to common shares.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Common Dividend Yield </I></B><br>
Dividends paid on common shares divided by BCE&nbsp;Inc.&#146;s share price at the end of the year multiplied by the number of common shares outstanding.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Cost of Acquisition (COA)</I></B><br>
COA is also referred to as subscriber acquisition costs. This measure is expressed per gross activation. It includes costs associated with acquiring a customer such as hardware  subsidies, marketing and distribution costs.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Curtailment</I></B><br>
A curtailment is a significant reduction in plan benefits that can result when a defined benefit pension plan is amended or restructured. Types of curtailments include a reduction in the expected number of years of future service of active employees
or the elimination of the right to earn defined benefits for some or all of the future service of employees.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>EBITDA</I></B><br>
We define EBITDA (earnings before interest, taxes, depreciation and amortization of intangible assets) as operating revenues less cost of revenue and selling, general and administrative expenses, meaning it represents operating income before
depreciation, amortization of intangible assets and restructuring and other.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>EBITDA Margin</I></B><br>
This is EBITDA divided by operating revenues.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Free Cash Flow</I></B><br>
We define free cash flow as cash flows from operating activities and distributions received from Bell Aliant less capital expenditures, preferred share dividends, dividends/distributions paid by subsidiaries to non-controlling interest, other
investing activities and Bell Aliant free cash flow.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Goodwill</I></B><br>
Goodwill may be created when we acquire a business. It is calculated by deducting the fair value of the net assets acquired from the consideration given and represents the value of factors that contribute to greater earning power, such as a good
reputation, customer loyalty or intellectual capital.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Long-Term Debt to Total Shareholders&#146; Equity </I></B><br>
This is long-term debt (including any portion due within one year) divided by shareholders&#146; equity.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Market Capitalization </I></B><br>
This is BCE&nbsp;Inc.&#146;s share price at the end of the year multiplied by the number of common shares outstanding.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Operating Margin</I></B><br>
Operating income divided by operating revenues.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Price to Book Ratio </I></B><br>
BCE&nbsp;Inc.&#146;s share price at the end of the year divided by the book value per share.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Price to Cash Flow Ratio </I></B><br>
BCE&nbsp;Inc.&#146;s share price at the end of the year divided by the cash flow per share. Cash flow per share is cash flow from operating activities less capital expenditures divided by the average number of common shares outstanding.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Price to Earnings Ratio</I></B><br>
BCE&nbsp;Inc.&#146;s share price at the end of the year divided by earnings per share.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Return on Equity </I></B><br>
Return on common shareholders&#146; equity is net earnings available to common shares as a percentage of average common shareholders&#146; equity.</font></P>
<P align="left">
<font face="Arial" size="2">
<B><I>Total Debt to Total Assets </I></B><br>
Total long-term debt (including debt due within one year) divided by total assets.</font></P>
<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
1</font></b></font><b><font face="Arial" size="1" color="#0065A4">23</font></b></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit_993.htm
<DESCRIPTION>REPORT OF BCE INC.'S MANAGEMENT AND OF BCE INC.'S EXTERNAL AUDITORS CONCERNING INTERNAL CONTROL OVER FINANCIAL REPORTING
<TEXT>

<HTML>
<HEAD>
   <TITLE>Reports of BCE Inc.&#146;s management and of BCE Inc.&#146;s external auditors concerning internal control over financial reporting</TITLE>
<meta equiv="Content-Type" content="text/html; charset=windows-1252">
</HEAD>

<body>




<P align="right">
<b><font face="Arial" size="2">Exhibit 99.3</font></b></P>
<P align="left">
<font face="Arial" size="5" color="#0065A4">Reports on Internal Control</font></P>
<P align="left">
<font face="Arial" color="#0065A4">
<B>MANAGEMENT&#146;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</B></font></P>
<P align="left">
<font face="Arial" size="2">The management of BCE&nbsp;Inc. (BCE) is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is a process designed under the supervision of the President and Chief
Executive Officer and the Executive Vice-President and Chief Financial Officer of BCE&nbsp;to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on<B> </B>a timely basis. Also, projections of any evaluation of the effectiveness to future periods are
subject to the risk that the controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management evaluated, under the supervision of and with the participation of the President and Chief Executive Officer and the Executive Vice-President and Chief Financial Officer, the effectiveness of our internal
control over financial reporting as of December&nbsp;31,&nbsp;2009, based on the framework and criteria established in <I>Internal Control &#150; Integrated Framework</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Management&#146;s evaluation of and conclusion on the effectiveness of our internal control over financial reporting did not include an evaluation of the internal control over financial reporting of BCE&#146;s wholly-owned subsidiary The Source
(Bell) Electronics&nbsp;Inc. (The Source). We acquired the assets held by The Source on July&nbsp;1,&nbsp;2009. The Source&#146;s contribution to our consolidated financial statements for the year ended December&nbsp;31,&nbsp;2009 was less than 2% of consolidated revenues
and less than 1% of consolidated earnings. Additionally, at December&nbsp;31,&nbsp;2009,
The Source&#146;s current assets and current liabilities were 7% and 2% of consolidated current assets and current liabilities, respectively, and its long-term assets and long-term liabilities were both less than 1% of consolidated long-term assets
and long-term liabilities. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on that evaluation, which excluded The Source&#146;s internal control over financial reporting, the President and Chief Executive Officer and the Executive Vice-President and Chief Financial Officer concluded that
our internal control over financial reporting was effective as of December&nbsp;31,&nbsp;2009. There were no material weaknesses that have been identified by management as of December&nbsp;31,&nbsp;2009.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our internal control over financial reporting as of December 31,&nbsp;2009 has been audited by Deloitte &amp; Touche LLP, Independent Registered Chartered Accountants, who also audited our consolidated financial statements
for the year ended December&nbsp;31,&nbsp;2009. Deloitte &amp; Touche issued an unqualified opinion on the effectiveness of our internal control over financial reporting.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>(signed) George A. Cope</B><BR>
<I>President and Chief Executive Officer</I></font></P>
<P align="left">
<font face="Arial" size="2">
<B>(signed) Siim A. Vanaselja</B><BR>
<I>Executive Vice-President and Chief Financial Officer</I></font></P>
<P align="left">
<font face="Arial" size="2">
<B>(signed) Karyn A. Brooks</B><BR>
<I>Senior Vice-President and Controller</I></font></P>
<P align="left">
<font face="Arial" size="2">
March&nbsp;11,&nbsp;2010</font></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1" color="#0065A4">80</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; BCE&nbsp;INC.
<font color="#0065A4">2009 ANNUAL REPORT</font></b></font></P>

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




<P align="right" style="margin-top: 0">
<b><font face="Arial" size="1" color="#0065A4">REPORTS ON INTERNAL CONTROLS</font></b></P>

<P align="left">
<font face="Arial" color="#0065A4">
<B>REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS</B></font></P>
<P align="left">
<font face="Arial" size="2">To the board of directors and shareholders of BCE&nbsp;Inc.</font></P>
<P align="left">
<font face="Arial" size="2">We have audited the internal control over financial reporting of BCE&nbsp;Inc. and subsidiaries (the &#147;Company&#148;) as of December&nbsp;31,&nbsp;2009 based on the criteria established in <I>Internal Control &#150; Integrated Framework</I> issued by the
Committee of Sponsoring Organizations of the Treadway Commission. As described in Management&#146;s Report on Internal Control over Financial Reporting, management excluded from its assessment the internal control over financial reporting at The
Source (Bell) Electronics&nbsp;Inc. (The Source), which was acquired on July&nbsp;1,&nbsp;2009. The Source&#146;s financial results constituted less than 2% of consolidated revenues and less than 1% of consolidated earnings, its current assets and current
liabilities were 7% and 2% of consolidated current assets and current liabilities, respectively, and its long-term assets and long-term liabilities were both less than 1% of consolidated long-term assets and long-term liabilities as of and for the
year ended December&nbsp;31,&nbsp;2009. Accordingly, our audit did not include the internal control over financial reporting at The Source. The Company&#146;s management is responsible for maintaining effective internal control over financial reporting and
for its assessment of  the effectiveness of internal control over financial reporting included in the accompanying Management&#146;s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the
Company&#146;s internal control over financial reporting based on our audit.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists,
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis
for our opinion. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A company&#146;s internal control over financial reporting is a process designed by, or under the supervision of, the company&#146;s principal executive and principal financial officers, or persons performing similar
functions, and effected by the company&#146;s board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition of the company&#146;s assets that could have a material effect on the financial statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not
be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting  as of December&nbsp;31,&nbsp;2009, based on the criteria established in <I>Internal Control &#150; Integrated
Framework</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also audited, in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements of the
Company as of and for the year ended December&nbsp;31,&nbsp;2009, and our report dated March&nbsp;11,&nbsp;2010 expressed an unqualified opinion on those financial statements.</font></P>
<P align="left">
<font face="Arial" size="2">
<B>(signed) </B>Deloitte &amp; Touche LLP<SUP> (1)</SUP><BR>
<I>Independent Registered Chartered Accountants</I><BR>
<BR>
Montr&eacute;al,&nbsp;Canada<BR>
March&nbsp;11,&nbsp;2010<BR>
</font>
<font face="Arial" size="1">
<I>(1) Chartered accountant auditor permit no. 13633</I></font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b>BCE&nbsp;INC. <font color="#0065A4">2009 ANNUAL REPORT&nbsp;&nbsp;
</font></b></font><b><font face="Arial" size="1" color="#0065A4">81</font></b></P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit_994.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS
<TEXT>
<HTML>
<HEAD>
   <TITLE>CONSENT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS</TITLE>
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<body>

<P align="right">
<B><font size="2">Exhibit 99.4</font></B><font size="2"> </font> </P>
<P align="left">
<B>CONSENT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS </B></P>
<P align="left">
<font size="2">We consent to the incorporation by reference in Registration Statements No. 333-12130 on Form F-3 and No. 333-12780 and 333-12802 on Form S-8 and to the use of our reports dated March 11, 2010 relating to the financial statements of BCE Inc., the
reconciliation of Canadian GAAP to United States GAAP (which report includes an explanatory paragraph relating to changes in accounting principles), and to BCE Inc.&#146;s internal control over financial reporting appearing in and incorporated by
reference in the annual report on Form 40-F of BCE Inc. for the year ended December 31, 2009.
</font> </P>
<P align="left">
<I><font size="2">(signed) Deloitte &amp; Touche LLP</font></I><font size="2"><I><SUP>1</SUP></I></font><I><font size="2">
</font> </I><font size="2"><br>
Independent Registered Chartered Accountants </font> </P>
<P align="left">
<font size="2">Montr&eacute;al, Canada <br>
March 11, 2010 </font> </P>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table1">
	<tr>
		<td valign="top" width="25%"><hr noshade color="#000000" size="1"></td>
		<td valign="top" width="75%">&nbsp;</td>
	</tr>
	<tr>
		<td valign="top" colspan="2">
		<P align="left">
<SUP><font size="2">1</font></SUP><font size="2"> Chartered accountant auditor permit no 13633
</font> </P></td>
	</tr>
</table>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit_995.htm
<DESCRIPTION>RECONCILIATION OF CANADIAN GAAP TO US GAAP
<TEXT>


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

</HEAD>
<BODY bgcolor="#ffffff">



<font size="2"></font>

<P align="right">
<b><font size="2">Exhibit 99.5</font></b></P>
<P align="left">
<B>Reconciliation of Canadian GAAP to United States GAAP </B></P>
<P align="left">
<font size="2">We, our and BCE&nbsp;means BCE&nbsp;Inc., its subsidiaries and joint ventures.
</font> </P>
<P align="left">
<font size="2">Our annual consolidated financial statements are prepared in accordance with Canadian generally accepted accounting principles (&#147;GAAP&#148;). This reconciliation of Canadian GAAP to United States GAAP should be read in conjunction with our
annual consolidated financial statements for the year ended December&nbsp;31,&nbsp;2009. We believe that this reconciliation reflects all adjustments (consisting of normal recurring adjustments) necessary to present fairly the results for the years shown.
Material differences between Canadian GAAP and United States GAAP are quantified and described below:
</font> </P>
<P align="center" style="margin-bottom: 0">
<font size="2">1</font></P>

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



<P align=left><B>Consolidated Statements of Operations </B></P>
<TABLE border=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>For the year ended December&nbsp;31</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><I><FONT size=2>(in &#36;&nbsp;millions, except share amounts)</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>2009</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>2008 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>2007 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Earnings from continuing operations &#150; Canadian GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1,749</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>1,033 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>3,959 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Differences </FONT> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Cost of revenue, exclusive of depreciation and amortization </FONT> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Leases </FONT><SUP><FONT size=2>(i)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(19) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(8) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Selling, general and administrative expenses </FONT> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Deferred costs and finite-life intangible assets </FONT><SUP><FONT size=2>(a)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>&#150; </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(3) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Employee benefit plans </FONT><SUP><FONT size=2>(b)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(253)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>39 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>32 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Depreciation and amortization </FONT> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Deferred costs and finite-life intangible assets
		<sup>(a) (p)</sup> </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>3</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>12 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>16 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Capitalized interest </FONT><SUP><FONT size=2>(g)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(76)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(67) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(62) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Leases </FONT><SUP><FONT size=2>(i)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>15 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>7 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Restructuring and other </FONT><SUP><FONT size=2>(a)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>7</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>&#150; </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>&#150; </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Other (expense) income </FONT> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Income from joint ventures </FONT><SUP><FONT size=2>(d)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(7) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>176 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Business combinations </FONT><SUP><FONT size=2>(p)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>103</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>&#150; </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>&#150; </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net change in unrealized gains and losses on derivatives </FONT><SUP><FONT size=2>(e)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>&#150; </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(4) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Sale of businesses </FONT><SUP><FONT size=2>(f)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(2)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>&#150; </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(23) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Interest expense </FONT><SUP><FONT size=2>(g)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>100</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>108 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>112 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Income taxes </FONT> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Tax effect of the above items </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>77</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(26) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(91) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Unrecognized tax benefits </FONT><SUP><FONT size=2>(h)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(93)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(58) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(240) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Non-controlling interest </FONT><SUP><FONT size=2>(p)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>333</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>323 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>332 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Earnings from continuing operations &#150; U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>1,948</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>1,353 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>4,203 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Discontinued operations &#150; Canadian GAAP </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(11)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(90) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>98 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Difference
		<sup>(d) (f) (p)</sup> </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(9)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(3) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>38 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Discontinued operations U.S. GAAP </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>(20)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>(93) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>136 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Net earnings &#150; U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1,928</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>1,260 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>4,339 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net earnings attributable to the non-controlling interest </FONT><SUP><FONT size=2>(p)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>(317)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(318) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(487) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Net earnings attributable to BCE</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1,611</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>942 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>3,852 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Dividends on preferred shares &#150; Canadian and U.S. GAAP </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(107)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(124) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(131) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Net earnings attributable to BCE&nbsp;common shareholders &#150; U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>1,504</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>818 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>3,721 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Net earnings per common share &#150; basic, U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Continuing operations </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1.97</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>1.13 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>4.45 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Discontinued operations </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(0.02)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(0.11) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>0.17 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net earnings </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1.95</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>1.02 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>4.62 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Net earnings per common share &#150; diluted, U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Continuing operations </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1.97</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>1.13 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>4.44 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Discontinued operations </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(0.02)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(0.11) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>0.17 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net earnings </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1.95</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>1.02 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>4.61 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Average number of common shares outstanding &#150; basic (millions) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>772.9</FONT></B><FONT size=2> </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>805.8 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>804.8 </FONT> </TD></TR></TABLE><font size="2"><BR>
</font>
<P align="center" style="margin-bottom: 0">
<font size="2">2</font></P>

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



<P align=left><B>Consolidated Statements of Comprehensive Income</B> </P>
<TABLE border=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>For the year ended December&nbsp;31</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><I><FONT size=2>(in &#36;&nbsp;millions)</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>2009</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>2008 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>2007 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Other comprehensive income (loss), net of income taxes and non-controlling interest &#150; Canadian GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>53</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(29) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>63 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Difference </FONT> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp;&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp;&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp;&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net change in gains and losses on derivatives designated as cash flow hedges
		<sup>(e) (p) </sup> </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>9</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(3) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>2 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Employee benefit plans
		<sup>(b) (c) (p)</sup> </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>(121)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(725) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>599 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Other comprehensive income (loss), net of income taxes &#150; U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(59)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(757) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>664 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Net earnings &#150; U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>1,928</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>1,260 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>4,339 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Comprehensive income &#150; U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1,869</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>503 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>5,003 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Comprehensive income attributable to non-controlling interest </FONT><SUP><FONT size=2>(p)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>(345)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(183) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(522) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Comprehensive income attributable to BCE&nbsp;&#150; U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>1,524</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>320 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>4,481 </FONT> </TD></TR></TABLE>
<font size="2"><BR>
</font>
<P align=left><B>Consolidated Statements of Accumulated Other Comprehensive Loss
</B></P>
<TABLE border=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>For the year ended December&nbsp;31</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><I><FONT size=2>(in &#36;&nbsp;millions)</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>2009</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>2008 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Currency translation adjustment </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(2)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(2) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Available-for-sale financial assets and derivatives designated as cash flow hedges
		<sup>(e) (p)</sup> </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>80</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>18 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Employee benefit plans
		<sup>(b) (c) (p)</sup> </FONT> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp;&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp;&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net actuarial losses </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(2,186)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(2,090) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net past service costs </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>43</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>68 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net transitional obligations </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>(2)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(2) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Accumulated other comprehensive loss &#150; U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(2,067)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(2,008) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Accumulated other comprehensive income attributable to non-controlling interest </FONT><SUP><FONT size=2>(p)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>482</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>510 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Accumulated other comprehensive income attributable to BCE&nbsp;&#150; U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>(1,585)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(1,498) </FONT> </TD></TR></TABLE>
<font size="2"><BR>
</font>
<P align="center" style="margin-bottom: 0">
<font size="2">3</font></P>

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<P align=left><B>Consolidated Balance Sheets </B></P>
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		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp;</font></TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD></TR>
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		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>At December&nbsp;31</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>2009</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>2008 </FONT> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD></TR>
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     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=center><B><FONT size=2>Canadian</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=center><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>U.S.</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=center><FONT size=2>Canadian </FONT> </TD>
     <TD width="10%" align=center><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>U.S. </FONT> </TD></TR>
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     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><I><FONT size=2>(in &#36;&nbsp;millions)</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>Differences</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>GAAP </FONT> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>Differences </FONT> </TD>
     <TD width="10%" align=center style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>GAAP </FONT> </TD></TR>
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     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>ASSETS</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Current assets</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Cash and cash equivalents </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>687</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>687</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>3,052 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>3,052 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Accounts receivable </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>1,605</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1,605</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>1,826 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>1,826 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Future income taxes </FONT><SUP><FONT size=2>(p)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>110</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>(7)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>103</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>86 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>86 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Inventory </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>448</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>448</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>272 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>272 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Prepaid expenses </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>296</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>296</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>249 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>249 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Other current assets </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>137</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>137</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>54 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>54 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Current assets of discontinued operations </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>1</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>39 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>39 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total current assets</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>3,284</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>(7)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>3,277</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>5,578 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>5,578 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Capital assets</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Property, plant and equipment
		<sup>(i) (g) (p)</sup> </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>19,441</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>624</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>20,065</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>19,406 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>586 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>19,992 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Finite-life intangible assets
		<sup>(a) (g) (p)</sup> </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>2,541</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>110</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>2,651</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>2,693 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>51 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>2,744 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Indefinite-life intangible assets </FONT><SUP><FONT size=2>(p)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>3,803</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>4</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>3,807</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>3,697 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>3,697 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total capital assets</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>25,785</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>738</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>26,523</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>25,796 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>637 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>26,433 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Other long-term assets </FONT></B><FONT size=2>
		<sup>(m) (p)</sup> </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>3,207</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>(2,276)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>931</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>2,610 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(1,874) </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>736 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Goodwill </FONT></B><FONT size=2>
		<sup>(f) (p)</sup> </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>5,774</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>94</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>5,868</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>5,659 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>64 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>5,723 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Non-current assets of discontinued operations</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>20 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>20 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total assets</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>38,050</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>(1,451)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>36,599</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>39,663 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>(1,173) </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>38,490 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>LIABILITIES</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Current liabilites</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Accounts payable and accrued liabilites </FONT><SUP><FONT size=2>(p)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>3,716</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>(29)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>3,687</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>3,528 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>3,528 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Interest payable </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>113</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>113</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>139 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>139 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Dividends payable </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>354</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>354</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>337 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>337 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Debt due within one year
		<sup>(i) (k)</sup> </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>600</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>11</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>611</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>2,201 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>12 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>2,213 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Current liabilities of discontinued operations </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>3</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>3</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>22 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>22 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total current liabilities</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>4,786</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>(18)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>4,768</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>6,227 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>12 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>6,239 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Long-term debt </FONT></B>
		<sup><FONT size=2>(e) (i) (k) </FONT></sup> </TD>
     <TD width="10%" align=right><B><FONT size=2>10,299</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>25</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>10,324</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>10,099 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>25 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>10,124 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Other long-term liabilities </FONT></B><FONT size=2>
		<sup>(m) (p)</sup> </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>4,942</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>115</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>5,057</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>4,946 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>110 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>5,056 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total liabilities</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>20,027</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>122</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>20,149</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>21,272 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>147 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>21,419 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Non-controlling interest in subsidiaries </FONT><SUP><FONT size=2>(p)</FONT></SUP></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>1,049</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>(1,049)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>1,080 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(1,080) </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>&#150; </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>EQUITY
		<sup>(l) (f) (p)</sup></FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>BCE&nbsp;shareholders&#146; equity </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Preferred shares </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>2,770</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>2,770</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>2,770 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>2,770 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Common shares </FONT><SUP><FONT size=2>(j)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>12,921</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>(65)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>12,856</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>13,525 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(65) </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>13,460 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Treasury stock </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>(86) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(86) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Contributed surplus
		<sup>(f) (p) </sup> </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>2,490</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>(1,538)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>952</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>2,531 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(1,540) </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>991 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Accumulated other comprehensive income (loss) </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>92</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>(1,677)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(1,585)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>39 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(1,537) </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(1,498) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>(Deficit) retained earnings </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>(1,299)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>2,182</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>883</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(1,468) </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>2,309 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>841 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Total BCE&nbsp;shareholders&#146; equity </FONT> </TD>
     <TD width="10%" align=right><B><FONT size=2>16,974</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><B><FONT size=2>(1,098)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>15,876</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>17,311 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(833) </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>16,478 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Non-controlling interest in subsidiaries </FONT><SUP><FONT size=2>(p)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>574</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>574</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>593 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>593 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total equity</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>16,974</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>(524)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>16,450</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>17,311 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(240) </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>17,071 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="40%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total liabilities and equity</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>38,050</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>(1,451)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>36,599</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>39,663 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(1,173) </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>38,490 </FONT> </TD></TR></TABLE>
<font size="2"><BR>
</font>
<P align="center" style="margin-bottom: 0">
<font size="2">4</font></P>

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



<P align=left><B>Consolidated Statements of Cash Flows</B> </P>
<TABLE border=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>For the year ended December&nbsp;31</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><I><FONT size=2>(in &#36;&nbsp;millions)</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>2009</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>2008 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>2007 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Cash flows from operating activities &#150; Canadian GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>4,884</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>5,909 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>5,730 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Differences </FONT> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Deferred costs </FONT><SUP><FONT size=2>(a)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>&#150; </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(3) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Capitalized interest </FONT><SUP><FONT size=2>(g)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>100</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>107 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>111 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Income from joint ventures </FONT><SUP><FONT size=2>(d)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>&#150; </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>3 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Cash flows from operating activities &#150; U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>4,984</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>6,016 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>5,841 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Cash flows used in investing activities &#150; Canadian GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(3,217)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(3,948) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(58) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Differences </FONT> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Deferred costs </FONT><SUP><FONT size=2>(a)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>&#150; </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>3 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Capitalized interest </FONT><SUP><FONT size=2>(g)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(100)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(107) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(111) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Income from joint ventures </FONT><SUP><FONT size=2>(d)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>&#150; </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>326 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Cash flows (used in) from investing activities &#150; U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>(3,317)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(4,055) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>160 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Cash flows used in financing activities &#150; Canadian and U.S. GAAP</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>(4,044)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(1,559) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(3,914) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Cash flows (used in) from continuing operations &#150; U.S. GAAP </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(2,377)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>402 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>2,087 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Cash flows used in discontinued operations activities &#150; U.S. GAAP </FONT><SUP><FONT size=2>(d)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(9)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(22) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(29) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Cash flows from discontinued investing activities &#150; U.S. GAAP </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>11</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>27 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>19 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Cash flows used in discontinued financing activities &#150; U.S. GAAP </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>&#150;</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(2) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>&#150; </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net (decrease) increase in cash and cash equivalents </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(2,375)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>405 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>2,077 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Cash and cash equivalents at beginning of period </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>3,063</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>2,658 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>581 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Cash and cash equivalents at end of period</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>688</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>3,063 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>2,658 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Consists of: </FONT> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Cash and cash equivalents of continuing operations </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>687</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>3,052 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>2,646 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Cash and cash equivalents of discontinued operations </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>1</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>11 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>12 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Total</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>688</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>3,063 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>2,658 </FONT> </TD></TR></TABLE>
<font size="2"><BR>
</font>
<P align="center" style="margin-bottom: 0">
<font size="2">5</font></P>

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



<P align="left">
<I><font size="2">All amounts are in&nbsp;millions of Canadian dollars, except where noted.
</font> </I></P>
<P align="left">
<B>(a) Deferred Costs and Finite-life Intangible Assets </B></P>
<P align="left">
<font size="2">Under Canadian GAAP, certain expenses, such as development costs and pre-operating expenses, are deferred and amortized if they meet specified criteria. Under United States GAAP, these costs must be expensed as incurred.
</font> </P>
<P align="left">
<B>(b) Employee Benefit Plans</B></P>
<P align="left">
<font size="2">Under United States GAAP, we recognize the funded status of benefit plans in the balance sheet by aggregating overfunded plans separately from underfunded plans and recording the resulting amounts as an asset and a liability, respectively. We also
recognize as a component of other comprehensive income, net of tax, the actuarial gains or losses and past service costs or credits that arise during the period. Under Canadian GAAP, these amounts are not recorded on the balance sheet until the
period in which they affect earnings. </font> </P>
<P align="left">
<font size="2">Also, under Canadian GAAP, we recognize a pension valuation allowance for any excess of the accrued benefit asset over the related expected future benefit. Changes in the pension valuation allowance are recognized in the consolidated statement of
operations. United States GAAP does not permit pension valuation allowances. Differences also arise from the use of the corridor method to amortize actuarial gains and losses for Canadian GAAP purposes.
</font> </P>
<P align="left">
<B>(c) Post-Employment Benefits </B></P>
<P align="left">
<font size="2">In&nbsp;2007, we announced the phase-out of other post-employment benefits for future retirees over the next 10 years. Under Canadian GAAP, this plan amendment reduces the unamortized transitional obligation and increases past service credits amortized
over the expected average remaining service lives (EARSL) of affected employees. Under United States GAAP, this plan amendment was reflected as an increase in other comprehensive income (loss) of &#36;209&nbsp;million in June,&nbsp;2007.</font></P>
<P align="left">
<B>(d) Income from Joint Ventures<font size="2"> </font> </B></P>
<P align="left">
<font size="2">Under Canadian GAAP, we account for our interests in joint ventures using the proportionate consolidation method. Under United States GAAP, these interests would be accounted for using the equity method. This difference is not reflected in our
United States GAAP reconciliation for those joint venture interests that qualify for the related accommodation provided by the United States Securities and Exchange Commission. Our joint venture interests accounted for using the proportionate
consolidation method are not material to our financial position or results of operations.
</font> </P>
<P align="left">
<font size="2">Certain joint venture interests have been accounted for as discontinued operations under Canadian GAAP. Under United States GAAP, we must continue to reflect these investments in continuing operations. Our proportionate interest in joint venture
results of operations and any gain or loss on disposal are reclassified from discontinued operations under Canadian GAAP to continuing operations under United States GAAP.
</font> </P>
<P align="left">
<B>(e) Derivative Instruments and Hedging Activities<font size="2"> </font> </B></P>
<P align="left">
<font size="2">Under Canadian GAAP, foreign-currency derivatives embedded in a non-financial instrument host contract are not bifurcated and separately accounted for when specified conditions are met.</font></P>
<P align="left">
<font size="2">Differences may also arise with respect to the measurement of hedge ineffectiveness recorded in earnings.
</font> </P>

<P align="center" style="margin-bottom: 0">
<font size="2">6</font></P>

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



<P align=left><B>(f) Sale of Businesses, Business Combinations and Goodwill<font size="2">
</font> </B></P>
<P align=left><font size="2">Under Canadian GAAP, certain business combinations have been accounted for at the carrying value of the underlying assets and liabilities exchanged, whereas under United States GAAP such transactions were recorded on a fair value basis. Also, differences between Canadian GAAP and United States GAAP may cause corresponding differences in the carrying values of the net assets of businesses sold, including those classified as discontinued operations. Changes in our ownership interest in these businesses will cause a corresponding difference in any resulting gains or losses.
</font> </P>
<P align=left><font size="2">BCE&#146;s ownership interest in Bell&nbsp;Aliant was reduced through a distribution of trust units by way of a return of capital to holders of BCE&nbsp;Inc. common shares on July&nbsp;10,&nbsp;2006. This distribution resulted in an increase in contributed surplus of &#36;1,547&nbsp;million for Canadian GAAP. For United States GAAP purposes, the distribution of trust units is deemed to have occurred at fair value, with the resulting gain recognized in earnings. Therefore, the increase in contributed surplus under Canadian GAAP, adjusted for previously existing United States and Canadian GAAP differences, was recorded as a gain on distribution of trust units in earnings from continuing operations for United States GAAP purposes.
</font> </P>
<P align=left><B>(g) Capitalized Interest<font size="2"> </font> </B></P>
<P align=left><font size="2">Under Canadian GAAP, we capitalize interest for significant assets under construction. Under United States GAAP, borrowing costs must be capitalized for all assets under construction.
</font> </P>
<P align=left><B>(h) Income Taxes<font size="2"> </font> </B></P>
<P align=left><font size="2">Under United States GAAP an income tax position is recognized when it is more likely than not that it will be sustained upon examination based on its technical merits, and is measured as the largest amount that is greater than 50% likely to be realized upon settlement. Under Canadian GAAP, we recognize and measure income tax positions, including any related accruals for interest and penalties, based on our best estimate of the amount that is more likely than not to be realized.</font></P>
<P align=left><font size="2">BCE&nbsp;and its subsidiaries are subject to either Canadian federal and provincial income tax, United States federal, state or local income tax. BCE&nbsp;has substantially concluded all Canadian federal and provincial income tax matters for taxation years through 2000. Canadian federal income tax returns for taxation years 2001 through&nbsp;2008 are currently under examination by the&nbsp;Canada Revenue Agency, which to date has not proposed any significant adjustments. No material matters pertaining to United States federal, state or local income tax matters are currently outstanding.
</font> </P>
<P align=left><font size="2">A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
</font> </P>
<TABLE border=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="88%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><I><FONT size=2>(in &#36;&nbsp;millions)</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="88%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Balance at January&nbsp;1,&nbsp;2009 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>662</FONT></B><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="88%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Increases based on tax positions related to the current year </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>12</FONT></B><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="88%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Increase for tax positions of prior years </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>188</FONT></B><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="88%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Decrease for tax positions of prior years </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(151)</FONT></B><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="88%" align=left style="border: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Balance at December&nbsp;31,&nbsp;2009</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>711</FONT></B><font size="2">
		</font> </TD></TR></TABLE>
<p><font size="2">The balance of &#36;711&nbsp;million at December&nbsp;31,&nbsp;2009 includes &#36;290&nbsp;million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty as to the timing of such deductibility. The disallowance of a shorter deductibility period would not affect the effective tax rate, except with respect to interest and penalties and the impact of declining income tax rates. The remaining &#36;421&nbsp;million of unrecognized tax benefits would, if recognized, favourably affect the effective income tax rate in future periods. Subject to the results of audit examinations by taxing authorities and to legislative amendments, BCE&nbsp;does not anticipate adjustments to the amount of unrecognized tax benefits during the next twelve months that would have a material impact on its financial statements.</font></p>
<P align="center" style="margin-bottom: 0">
<font size="2">7</font></P>

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



<P align="left">
<font size="2">BCE&nbsp;records interest and penalties related to income tax positions in income tax expense. For the year ended December&nbsp;31,&nbsp;2009, BCE&nbsp;recognized nil in interest and penalties (2008 &#150; &#36;31&nbsp;million and&nbsp;2007 &#150; &#36;15&nbsp;million). BCE&nbsp;had accrued
&#36;173&nbsp;million for interest and nil for penalties at December&nbsp;31,&nbsp;2009 and &#36;175&nbsp;million and nil respectively, at December&nbsp;31,&nbsp;2008 and &#36;144&nbsp;million and nil respectively, at December&nbsp;31,&nbsp;2007.</font></P>
<P align="left">
<B>(i) Leases<font size="2"> </font> </B></P>
<P align="left">
<font size="2">Under United States GAAP, leases entered into during the last 25% of the total estimated economic life of the leased asset are classified as operating leases unless we expect to obtain ownership of the leased asset by the end of the lease term.
Under Canadian GAAP, we account for such leases as capital leases when we obtain substantially all of the benefits and risks incident to ownership of the leased asset.
</font> </P>
<P align="left">
<B>(j) Share Issue Costs<font size="2"> </font> </B></P>
<P align="left">
<font size="2">Under United States GAAP, share issue costs are recorded as a reduction of the proceeds raised from the issuance of capital stock, whereas under Canadian GAAP we charge share issue costs to deficit.</font></P>
<P align="left">
<B>(k) Debt Issue Costs<font size="2"> </font> </B></P>
<P align="left">
<font size="2">Under United States GAAP, debt issue costs incurred in connection with the issuance of debt securities or other long-term borrowings are recorded as deferred charges and amortized over the term of the debt. Under Canadian GAAP, these costs are
classified with the corresponding debt on the balance sheet. </font> </P>

<P align="center" style="margin-bottom: 0">
<font size="2">8</font></P>

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



<P align=left><B>(l) Changes in Equity<font size="2"> </font> </B></P>
<TABLE border=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="30%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>For the year ended<br>
		December&nbsp;31,&nbsp;2009</FONT><I><FONT size=2><br>
		(in &#36;&nbsp;millions)</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border: 1px solid #000000"><FONT size=2>
		Total </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<font size="2">Preferred<br>
		shares </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<font size="2">Common<br>
		shares,<br>
		net </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<font size="2">Contributed<br>
		surplus </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>Accumulated<br>
		other<br>
		comprehensive<br>
		income </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>Retained<br>
		earnings</FONT></TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>Non-<br>
		controlling<br>
		interest </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Beginning balance </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>17,071 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>2,770 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>13,374 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>991 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(1,498) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>841 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>593 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net earnings </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>1,928 </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>1,611 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>317 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Other comprehensive income </FONT> </TD>
     <TD width="10%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net change in gains (losses) on available-for sale financial assets and derivatives designated as cash flow hedges </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>62 </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>53 </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>9 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net change in currency translation adjustment </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>&#150; </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>&#150; </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Employee benefit plans </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(121) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(140) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>19 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Other comprehensive income </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(59) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net repurchase of BCE&nbsp;common shares </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(808) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(520) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(44) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(244) </FONT> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Dividends on BCE&nbsp;common and preferred shares </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(1,325) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(1,325) </FONT> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(369) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(369) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Other </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>12 </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>2 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>5 </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>5 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right style="border: 1px solid #000000"><FONT size=2>16,450 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>2,770 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>12,856 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>952 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>(1,585) </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>883 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>574 </FONT> </TD></TR></TABLE>
<font size="2"><BR>
</font>
<TABLE border=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>For the year ended<br>
		December&nbsp;31,&nbsp;2008</FONT><I><FONT size=2><br>
		(in &#36;&nbsp;millions)</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right style="border: 1px solid #000000"><FONT size=2>Total</FONT></TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>Preferred<br>
		shares </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>Common<br>
		shares,<br>
		net </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>
		Contributed<br>
		surplus </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>Accumulated<br>
		other<br>
		comprehensive<br>
		income </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>Retained<br>
		earnings</FONT></TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
		<font size="2">Non-<br>
		controlling<br>
		interest </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Beginning balance </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>17,748 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>2,770 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>13,471 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>997 </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(876) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>631 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>755 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net earnings </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>1,260 </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>942 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>318 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Other comprehensive income </FONT> </TD>
     <TD width="10%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net change in gains (losses) on available-for sale financial assets and derivatives designated as cash flow hedges </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(34) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(31) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(3) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net change in currency translation adjustment </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>2 </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>2 </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>&#150; </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Employee benefit plans </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(725) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(593) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(132) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Other comprehensive income </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(757) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net repurchase of BCE&nbsp;common shares </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(178) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(153) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(5) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(20) </FONT> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Dividends on BCE&nbsp;common and preferred shares </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(712) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(712) </FONT> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(366) </FONT> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(366) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Other </FONT> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>76 </FONT> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>56 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(1) </FONT> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>21 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="30%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>17,071 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>2,770 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>13,374 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>991 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(1,498) </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>841 </FONT> </TD>
     <TD width="10%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>593 </FONT> </TD></TR></TABLE>
<font size="2"><BR>
</font>
<P align="center" style="margin-bottom: 0">
<font size="2">9</font></P>

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



<P align=left><B>(m) Other Long-Term Assets and Other Long-Term Liabilities
</B></P>
<TABLE border=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="76%" align=left style="border: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><I><FONT size=2>At December&nbsp;31, (in &#36;&nbsp;millions)</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>2009</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>2008 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Other long-term assets </FONT> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Deferred costs </FONT><SUP><FONT size=2>(a)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(3)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(7) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Employee benefit plans </FONT><SUP><FONT size=2>(b)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(3,213)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(2,763) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Future income taxes
		<sup>(h) (p)</sup> </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>889</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>854 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Debt issue costs </FONT><SUP><FONT size=2>(k)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>51</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>42 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>(2,276)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>(1,874) </FONT> </TD></TR></TABLE>
<font size="2"><BR>
</font>
<TABLE border=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="76%" align=left style="border: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>At December&nbsp;31, </FONT><I><FONT size=2>(in &#36;&nbsp;millions)</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>2009</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>2008 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Other long-term liabilities </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Employee benefit plans </FONT><SUP><FONT size=2>(b)</FONT></SUP><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>138</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>236 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Future income taxes and unrecognized tax benefits
		<sup>(h) (p)</sup> </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(23)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(126) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="76%" align=left style="border: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>115</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>110 </FONT> </TD></TR></TABLE>
<P align=left><B>(n) Guarantees </B></P>
<P align=left><font size="2">Under Canadian GAAP, guarantees do not include indemnifications against intellectual property right infringement. Under United States GAAP, these indemnifications are included in guarantees. At December&nbsp;31,&nbsp;2009, such indemnifications amounted to &#36;45&nbsp;million (2008 &#150; &#36;71&nbsp;million), of which &#36;15&nbsp;million expires in&nbsp;2010, &#36;5&nbsp;million in&nbsp;2011, nil in&nbsp;2012, &#36;20&nbsp;million in&nbsp;2013, and &#36;5&nbsp;million with an indefinite term.<B> </B>We also have guarantees where no maximum potential amount is specified.
</font> </P>
<P align=left><B>(o) Fair Value of Financial Instruments </B></P>
<P align=left><font size="2">The following table shows a comparison between the carrying value and fair value of our long-term debt and derivative financial instruments.
</font> </P>
<TABLE border=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="52%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" colSpan=2 align=center style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><B><FONT size=2>December&nbsp;31,&nbsp;2009</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" colSpan=2 align=center style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000"><FONT size=2>December&nbsp;31,&nbsp;2008 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="52%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 12px"><B><I><FONT size=2>(in &#36;&nbsp;millions)</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>Carrying<br>
		value</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>Fair<br>
		value</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>Carrying<br>
		value </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>Fair<br>
		value </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="52%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Long-term debt due within one year </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>558</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>565</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>1,967 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>1,984 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="52%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Long-term debt </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>10,324</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>10,926</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>10,124 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>9,393 </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="52%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Derivative financial instruments, net asset (liability) position </FONT> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="12%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="52%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Forward contracts &#150; BCE&nbsp;Inc. shares </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>35</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>35</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(10) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(10) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="52%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Currency contracts </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(128)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(128)</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(3) </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>(3) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="52%" align=left style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Interest rate swaps </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>68</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>68</FONT></B><font size="2">
		</font> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>116 </FONT> </TD>
     <TD width="12%" align=right style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>116 </FONT> </TD></TR></TABLE>
<p>&nbsp;</p>
<P align="center" style="margin-bottom: 0">
<font size="2">10</font></P>

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



<P align="left">
<B>(p) Recently Adopted Accounting Changes</B></P>
<P align="left">
<font size="2">Effective January&nbsp;1,&nbsp;2009, we prospectively adopted the amendments to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 805 (ASC 805) (originally issued as FASB Statement No. 141 (revised&nbsp;2007), Business
Combinations). The most significant changes resulting from the adoption of the amendments to ASC 805 include:
</font> </P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">100% of the fair value of assets acquired, liabilities assumed, and non-controlling interest is recognized in acquisitions of less than a 100% controlling interest in an acquired entity when the acquisition results in a change in control of
the acquired entity; </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Contingent consideration arrangements are recognized at their acquisition-date fair values;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Acquisition-related transaction costs are expensed as incurred; and
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">Acquisition-related restructuring costs are
accrued and included in the purchase price allocation only if certain criteria are met as of the acquisition date.
	</font></P></li>
</ul>
<P align="left">
<font size="2">During the year ended December&nbsp;31,&nbsp;2009, under United States GAAP, we recorded income of &#36;103&nbsp;million (net of transaction costs of &#36;7&nbsp;million and directly related restructuring costs incurred of &#36;5&nbsp;million), comprised mainly of a gain on
remeasurement of a preexisting equity interest in an entity in which we acquired a controlling interest during the period and a bargain purchase gain on a business combination completed during the period.
</font> </P>
<P align="left">
<font size="2">Also effective January&nbsp;1,&nbsp;2009, we adopted the amendments to ASC Subtopic 810-10 (originally issued as FASB Statement No. 160, Non-controlling Interests in Consolidated Financial Statements &#150; an amendment of ARB No. 51). Under ASC 810-10,
non-controlling interest in subsidiaries is presented in the consolidated balance sheets as a separate component of equity. Changes in ownership interests in subsidiaries that do not result in a loss of control are accounted for as equity
transactions instead of resulting in dilution gains or losses recorded through income. Changes in ownership interests that result in a loss of control and require deconsolidation trigger full gain or loss recognition by measuring any remaining
ownership interests at fair value. ASC 810-10 also requires that net earnings reported in the consolidated statements of operations and other comprehensive income include amounts attributable to the non-controlling interest. The amendments to ASC
810-10 have been applied prospectively, except for the presentation and disclosure requirements which have been applied retroactively. Net earnings include net earnings attributable to non-controlling interest of &#36;317&nbsp;million, &#36;318&nbsp;million
and &#36;487 for the year ended December&nbsp;31,&nbsp;2009,&nbsp;2008 and&nbsp;2007 respectively. Total equity includes non-controlling interest in subsidiaries of &#36;574&nbsp;million and &#36;593&nbsp;million at December&nbsp;31,&nbsp;2009 and December&nbsp;31,&nbsp;2008, respectively.
</font> </P>
<P align="left">
<font size="2">In April&nbsp;2009, the FASB issued amendments to ASC 820-10 (originally issued as Staff Position No. 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions
That Are Not Orderly). ASC 820-10 provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased. It also includes guidance on identifying circumstances that
indicate a transaction is not orderly. The adoption of the amendments to ASC 820-10 did not have a material impact on our financial position or results of operations.
</font> </P>

<P align="center" style="margin-bottom: 0">
<font size="2">11</font></P>

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



<P align="left">
<font size="2">In August&nbsp;2009, the FASB issued amendments to ASC Subtopic 820-10, Fair Value Measurements and Disclosures &#150; Overall, for the fair value measurement of liabilities. The amendments provide clarification that in circumstances in which quoted
prices in an active market for the identical liability is not available, fair value should be measured using one of the following techniques:
</font> </P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table1">
	<tr>
		<td width="2%" valign="top"><font size="2">1.</font></td>
		<td width="97%" colspan="2" valign="top">
		<P align="left">
<font size="2">A valuation technique that uses:
</font> </P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">a.</font></td>
		<td width="94%" valign="top">
		<P align="left">
<font size="2">The quoted price of the identical liability when traded as an asset
</font> </P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">b.</font></td>
		<td width="94%" valign="top">
		<P align="left">
<font size="2">Quoted prices for similar liabilities or similar liabilities when traded as assets.
</font> </P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2.</font></td>
		<td width="97%" valign="top" colspan="2">
<P align="left">
<font size="2">Another valuation technique that is consistent with the principles of Topic 820.
</font>  </P></td>
	</tr>
</table>
<P align="left">
<font size="2">The adoption of the amendments to ASC Subtopic 820-10 did not have a material impact on our financial position or results of operations.
</font> </P>
<P align="left">
<B>(q) Future Accounting Changes</B></P>
<P align="left">
<font size="2">In June&nbsp;2009, the FASB amended Topic 810, Consolidation, to change the way entities account for transfers of financial assets and determine what entities must be consolidated, including the removal of the concept of a Qualifying Special-Purpose
Entity (QSPE) from FASB Statement 140. </font> </P>
<P align="left">
<font size="2">We are currently evaluating the impact of adoption of the amendments to Topic 810, effective for years beginning after November&nbsp;15,&nbsp;2009.
</font> </P>
<P align="left">
<font size="2">In October&nbsp;2009, the FASB amended Topic 605, Revenue Recognition, to address certain aspects of accounting by a vendor for arrangements under which it will perform multiple revenue-generating activities, amending the previous guidance under Subtopic
605-25, Revenue Arrangements with Multiple Deliverables. The amendments require a vendor to allocate arrangement consideration at the inception of an arrangement to all deliverables using the relative selling price method, thus prohibiting the use
of the residual method. The amendments to Topic 605 also change the level of evidence of the standalone selling price required to separate deliverables when more objective evidence of the selling price is not available.
</font> </P>
<P align="left">
<font size="2">The amendments to Topic 605 may be applied prospectively and must be applied to revenue arrangements with multiple deliverables entered into or materially modified in the first annual fiscal period beginning on or after June&nbsp;15,&nbsp;2010. Early adoption
is permitted. </font> </P>
<P align="left">
<font size="2">We are currently evaluating the impact and effective date of adoption of the amendments to Topic 605.
</font> </P>

<P align="center" style="margin-bottom: 0">
<font size="2">12</font></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit_996.htm
<DESCRIPTION>REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS ON RECONCILIATION OF CANADIAN GAAP TO US GAAP
<TEXT>
<HTML>
<HEAD>
   <TITLE>REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS ON RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP</TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<body>

<P align="right">
<B><font size="2">Exhibit 99.6</font></B><font size="2"> </font> </P>
<P align="left">
<B>REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS ON <br>
RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP
</B></P>
<P align="left">
<font size="2">To the Board of Directors and Shareholders of BCE Inc. </font> </P>
<P align="left">
<font size="2">We have audited the consolidated financial statements of BCE Inc. and subsidiaries (the &#147;Company&#148;) as at December 31, 2009 and 2008 and for each of the three years in the period ended December 31, 2009, and the Company&#146;s internal
control over financial reporting as of December 31, 2009, and have issued our reports thereon dated March 11, 2010; such consolidated financial statements and reports are contained in Exhibit 99.2 and Exhibit 99.3 of Form 40-F. Our audits also
included the reconciliation from Canadian GAAP to United States GAAP of the Company contained in Exhibit 99.5 of Form 40-F. This reconciliation from Canadian GAAP to United States GAAP is the responsibility of the Company&#146;s management. Our
responsibility is to express an opinion based on our audits. In our opinion, such reconciliation from Canadian GAAP to United States GAAP, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly,
in all material respects, the information set forth therein. </font> </P>
<P align="left">
<font size="2">As disclosed in note (p) to the reconciliation from Canadian GAAP to United States GAAP, the Company changed its method of accounting for business combinations and non-controlling interests effective January 1, 2009.
</font> </P>
<P align="left">
<I><font size="2">(signed) Deloitte &amp; Touche LLP</font></I><font size="2"><I><SUP>1</SUP></I></font><I><font size="2">
</font> </I><font size="2"><br>
Independent Registered Chartered Accountants </font> </P>
<P align="left">
<font size="2">Montr&eacute;al, Canada <br>
March 11, 2010 </font> </P>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table1">
	<tr>
		<td valign="top" width="25%"><hr noshade color="#000000" size="1"></td>
		<td valign="top" width="75%">&nbsp;</td>
	</tr>
	<tr>
		<td valign="top" colspan="2">
		<P align="left">
<SUP><font size="2">1</font></SUP><font size="2"> Chartered accountant auditor permit no 13633
</font> </P></td>
	</tr>
</table>

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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.31
<SEQUENCE>8
<FILENAME>exhibit_9931.htm
<DESCRIPTION>CERTIFICATIONS OF THE CEO AND CFO PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
<HTML>
<HEAD>
   <TITLE>CERTIFICATIONS</TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<body>

<P align="right">
<B><font size="2">Exhibit 99.31 </font> </B></P>
<P align="center">
<B>CERTIFICATIONS </B></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table1">
	<tr>
		<td width="100%" valign="top" colspan="3">
		<P align="left">
<font size="2">I, George A. Cope, certify that:<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1.</font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">I have reviewed this annual report on Form 40-F of BCE Inc.; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2.</font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">3.</font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the
periods presented in this report;<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">4.</font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(a)</font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in which this report is being prepared;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(b)</font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(c)</font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">Evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(d)</font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">Disclosed in this report any change in the issuer&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the
issuer&#146;s internal control over financial reporting; and</font></P></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

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




<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table2">
	<tr>
		<td width="2%" valign="top"><font size="2">5.</font></td>
		<td width="98%" valign="top" colspan="2">
		<P align="left">
<font size="2">The issuer&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the audit committee of the issuer&#146;s board of directors
(or persons performing the equivalent functions):<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(a)</font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer&#146;s ability to record, process, summarize and report
financial information; and<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(b)</font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&#146;s internal control over financial reporting.
</font> </P></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table3">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<P align="left">
<font size="2">Date: March 17, 2010 </font> </P>
<P align="left">
<I><font size="2">(signed) George A. Cope   </font>   </I> </P></td>
	</tr>
	<tr>
		<td>
		<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
		<P align="left" style="margin-top: 0">
<font size="2">George A. Cope<BR>
President and Chief Executive Officer<BR>
BCE Inc. </font> </P></td>
	</tr>
</table>
<p align="left">&nbsp;</p>

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




<P align="center">
<B>CERTIFICATIONS </B></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table4">
	<tr>
		<td width="100%" valign="top" colspan="3">
		<P align="left">
<font size="2">I, Siim A. Vanaselja, certify that: <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1.</font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">I have reviewed this annual report on Form 40-F of BCE Inc.;<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">2.</font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">3.</font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the
periods presented in this report; <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">4.</font></td>
		<td width="98%" valign="top" colspan="2">
<P align="left">
<font size="2">The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(a)</font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in which this report is being prepared;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(b)</font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(c)</font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">Evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(d)</font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">Disclosed in this report any change in the issuer&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the
issuer&#146;s internal control over financial reporting; and </font> </P></td>
	</tr>
</table>
<p align="left">&nbsp;</p>

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




<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table5">
	<tr>
		<td width="2%" valign="top"><font size="2">5.</font></td>
		<td width="98%" valign="top" colspan="2">
		<P align="left">
<font size="2">The issuer&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the audit committee of the issuer&#146;s board of directors
(or persons performing the equivalent functions): <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(a)</font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer&#146;s ability to record, process, summarize and report
financial information; and <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(b)</font></td>
		<td width="96%" valign="top">
<P align="left">
<font size="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&#146;s internal control over financial reporting.</font></P>
		</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table6">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<P align="left">
<font size="2">Date: March 17, 2010 </font> </P>
<P align="left">
<I><font size="2">(signed) Siim A. Vanaselja     </font>     </I> </P></td>
	</tr>
	<tr>
		<td>
		<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
		<p style="margin-top: 0"><font size="2">Siim A. Vanaselja<BR>
Executive Vice-President and Chief Financial Officer<BR>
BCE Inc. </font> </td>
	</tr>
</table>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.32
<SEQUENCE>9
<FILENAME>exhibit_9932.htm
<DESCRIPTION>CERTIFICATIONS OF THE CEO AND CFO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
<HTML>
<HEAD>
   <TITLE>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<body>

<P align="right">
<B><font size="2">Exhibit 99.32 </font> </B></P>
<P align="center">
<B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO <br>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </B></P>
<P align="left">
 <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. Section 1350), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of BCE Inc. (the &#147;Company&#148;),
does hereby certify that:
	</font> </P>
<P align="left">
 <font size="2">the annual report on Form 40-F for the year ended December 31, 2009 of the Company (the &#147;Form 40-F&#148;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the
information contained in the Form 40-F fairly presents, in all material respects, the financial condition and results of operations of the Company.
	</font> </P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table1">
	<tr>
		<td width="50%">
		<P align="left">
<font size="2">Date: March 17, 2010  </font>  </P></td>
		<td width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<I><font size="2">(signed) George A. Cope</font></I></td>
	</tr>
	<tr>
		<td width="50%">&nbsp;</td>
		<td width="50%"> <font size="2"> <br>
George A. Cope<BR>
President and Chief Executive Officer<BR>
BCE Inc. </font> </td>
	</tr>
	<tr>
		<td width="50%">&nbsp;</td>
		<td width="50%">&nbsp;</td>
	</tr>
	<tr>
		<td width="50%">
<font size="2">Date: March 17, 2010 </font> </td>
		<td width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<I><font size="2">(signed) Siim A. Vanaselja    </font>    </I> </td>
	</tr>
	<tr>
		<td width="50%">&nbsp;</td>
		<td width="50%"> <font size="2"> <br>
Siim A. Vanaselja<BR>
Executive Vice-President and Chief Financial Officer<BR>
BCE Inc. </font> </td>
	</tr>
</table>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>bce_logo.jpg
<DESCRIPTION>BCE LOGO
<TEXT>
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</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>11
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
