<SEC-DOCUMENT>0000718940-11-000008.txt : 20110512
<SEC-HEADER>0000718940-11-000008.hdr.sgml : 20110512
<ACCEPTANCE-DATETIME>20110512155735
ACCESSION NUMBER:		0000718940-11-000008
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20110512
FILED AS OF DATE:		20110512
DATE AS OF CHANGE:		20110512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BCE INC
		CENTRAL INDEX KEY:			0000718940
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08481
		FILM NUMBER:		11835757

	BUSINESS ADDRESS:	
		STREET 1:		1 CARREFOUR ALEXANDER-GRAHAM-BELL
		CITY:			VERDUN
		STATE:			A8
		ZIP:			H3E 3B3
		BUSINESS PHONE:		514-786-3891

	MAIL ADDRESS:	
		STREET 1:		1 CARREFOUR ALEXANDER-GRAHAM-BELL
		CITY:			VERDUN
		STATE:			A8
		ZIP:			H3E 3B3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BELL CANADA ENTERPRISES INC
		DATE OF NAME CHANGE:	19880111
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k_q111.htm
<DESCRIPTION>FORM 6-K
<TEXT>

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   <TITLE>Form 6-K</TITLE>
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<A name="page_1"><font size="2"></font></A>

<P align="center">
<B><font face="Arial">SECURITIES AND EXCHANGE COMMISSION</font><br>
WASHINGTON, D.C. 20549</B> </P>
<P align="center">
<B>FORM 6-K</B> </P>
<P align="center">
<font face="Arial">
<B>REPORT OF FOREIGN PRIVATE ISSUER</B> </font></P>
<P align="center">
<font size="2">Pursuant to Rule 13a-16 or 15d-16 under <br>
the Securities Exchange Act of 1934 </font></P>
<div align="center">
<TABLE border=0 width="50%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=center width="50%">
<FONT size=2>For the month of: </FONT><B><FONT size=2>May 2011</FONT></B><font size="2">
</font>
	</TD>
	<TD align=center width="50%">
<FONT size=2>Commission File Number: </FONT><B><FONT size=2>1-8481</FONT></B><font size="2">
</font>
	</TD>
</TR>
</TABLE></div>
<font size="2"><BR>
</font>
<P align="center">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font>&nbsp;<B>BCE Inc.</B>
<font size="2"><I><br>
(Translation of Registrant&#146;s name into English)</I> </font></P>
<P align="center">
<B>1, Carrefour Alexander-Graham-Bell, Verdun, Qu&eacute;bec H3E 3B3, (514) 870-8777</B><br>
<font size="2"><I>(Address of principal executive offices)</I> </font></P>
<P align="left">
<font size="2">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
</font></P>
<div align="center">
<TABLE border=0 width="50%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=center width="50%">
<FONT size=2>Form 20-F <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u></FONT>
	</TD>
	<TD align=center width="50%">
<FONT size=2>Form 40-F <u>&nbsp;&nbsp;&nbsp;&nbsp; <b>X</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u></FONT>
	</TD>
</TR>
</TABLE></div>
<P align="left">
<font size="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____
</font></P>
<P align="left">
<font size="2">Indicate by
check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____
</font></P>
<P align="left">
<font size="2">Indicate by check mark whether by furnishing the
information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
</font></P>
<div align="center">
<TABLE border=0 width="50%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=center width="50%">
<font size="2">Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u></font>
	</TD>
	<TD align=center width="50%">
<font size="2">No <u>&nbsp;&nbsp;&nbsp;&nbsp; <b>X</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u></font>
	</TD>
</TR>
</TABLE></div>
<P align="left">
<font size="2">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____.</font></P>
<hr color="#000000" size="1" width="75%">
<P align="left">
&nbsp;</P>
<P align="left">
<font size="2">Only the BCE Inc. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations for the quarter ended March 31, 2011 and the BCE Inc. unaudited interim consolidated financial statements for
the quarter ended March 31, 2011, included in the BCE Inc. 2011 First Quarter Shareholder Report furnished with this Form 6-K as Exhibit 99.1, are incorporated by reference in the registration statements filed by BCE Inc. with the Securities and
Exchange Commission on Form F-3 (Registration Statement No. 333-12130), Form S-8 (Registration Statement No. 333-12780) and Form S-8 (Registration Statement No. 333-12802). Except for the foregoing, no other document or portion of document furnished
with this Form 6-K is incorporated by reference in BCE Inc.&#146;s registration statements. Notwithstanding any reference to BCE Inc.&#146;s Web site on the World Wide Web in the documents attached hereto, the information contained in BCE
Inc.&#146;s site or any other site on the World Wide Web referred to in BCE Inc.&#146;s site is not a part of this Form 6-K and, therefore, is not furnished to the Securities and Exchange Commission.
</font></P>
<P align="right" style="margin-bottom: 0">
<font size="2">Page 1 </font></P>

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

<P align="center">
<font face="Arial">
<B>SIGNATURE</B> </font></P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</font></P>
<P align="left">
&nbsp;</P>
<div align="right">
	<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse">
		<tr>
			<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left">
<B>BCE Inc.</B></P>
			<p>
<I><font size="2">(signed) Siim A. Vanaselja</font></I></td>
		</tr>
		<tr>
			<td><font size="2">Siim A. Vanaselja<BR>
			Executive Vice-President and Chief Financial
			Officer <BR>
<BR>
			May 12, 2011 </font></td>
		</tr>
	</table>
</div>
<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<font size="2">Page 2 </font></P>

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

<P align="center">
<B>EXHIBIT INDEX </B></P>
<P align="left">
<font size="2">99.1&nbsp;&nbsp; BCE Inc. 2011 First Quarter Shareholder Report<BR>
99.2&nbsp;&nbsp; Supplementary Financial Information &#150; First Quarter 2011<BR>
99.3&nbsp;&nbsp; CEO/CFO Certifications<BR>
99.4&nbsp;&nbsp; News Release<BR>
99.5&nbsp;&nbsp; Bell Canada Unaudited Selected Summary Financial Information
</font></P>
<P align="right" style="margin-bottom: 0">
<font size="2">Page 3 </font></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>bce_q111.htm
<DESCRIPTION>BCE INC. 2011 FIRST QUARTER SHAREHOLDER REPORT
<TEXT>

<HTML>
<HEAD>
   <TITLE>BCE&nbsp;2011 First Quarter Shareholder Report</TITLE>
   <meta equiv="Content-Type" content="text/html; charset=windows-1252">
</HEAD>

<BODY bgcolor="#ffffff">



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





</font>

<p align="right"><font face="Arial" size="2">EXHIBIT 99.1</font></p>
<TABLE border=0 width="100%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="48%" rowspan="16" valign="top">
<img border="0" src="bce_frontcover.jpg" width="609" height="773"></TD>
	<TD align=left width="2%" rowspan="16" valign="top">
&nbsp;</TD>
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
&nbsp;<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
&nbsp;<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
&nbsp;<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
&nbsp;<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
&nbsp;<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
&nbsp;<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
&nbsp;<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
&nbsp;<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
&nbsp;<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
&nbsp;<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
&nbsp;<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
<B><FONT size=1 face="Arial">CONTENTS</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width="5%">
<p style="margin-bottom: 6px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
<FONT size=2 face="Arial">MD&amp;A </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 24px; margin-bottom: 6px">
<FONT size=2 face="Arial">Caution Regarding Forward-Looking Statements </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 24px; margin-bottom: 6px">
<FONT size=2 face="Arial">About Our Business </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 24px; margin-bottom: 6px">
<FONT size=2 face="Arial">Quarterly Financial Information </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 24px; margin-bottom: 6px">
<FONT size=2 face="Arial">Financial Results Analysis </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 36px; margin-bottom: 6px">
<FONT size=2 face="Arial">Consolidated Analysis </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 36px; margin-bottom: 6px">
<FONT size=2 face="Arial">Segmented Analysis </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">10 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 24px; margin-bottom: 6px">
<FONT size=2 face="Arial">Financial and Capital Management </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 24px; margin-bottom: 6px">
<FONT size=2 face="Arial">Updates to Our Regulatory Environment </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">17 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 24px; margin-bottom: 6px">
<FONT size=2 face="Arial">Assumptions and Risks that Could Affect Our Business and Results </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">21 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 24px; margin-bottom: 6px">
<FONT size=2 face="Arial">Our Accounting Policies </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">24 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 24px; margin-bottom: 6px">
<FONT size=2 face="Arial">Controls and Procedures </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">25 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 24px; margin-bottom: 6px">
<FONT size=2 face="Arial">Non-GAAP Financial Measures </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">25 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
<FONT size=2 face="Arial">Consolidated Financial Statements </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="45%">
<p style="text-indent: -12px; margin-left: 12px; margin-bottom: 6px">
<FONT size=2 face="Arial">Notes to Consolidated Financial Statements </FONT>
	</TD>
	<TD align=right width="5%">
<p style="margin-bottom: 6px">
<FONT size=2 face="Arial">31 </FONT>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>

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




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






</font>

<P align="left">
<FONT face="Arial" size="5">Management&#146;s Discussion and Analysis</FONT></P>
<P align="left">
<I><font size="2" face="Arial">In this management&#146;s discussion and analysis of
financial condition and results of operations (MD&amp;A),
</font></I><font size="2"><FONT face="Arial">we, us, our
</FONT><I><FONT face="Arial">and </FONT></I><FONT face="Arial">BCE</FONT><I><FONT face="Arial"> mean BCE&nbsp;Inc., its subsidiaries and joint ventures. </FONT></I><FONT face="Arial">Bell&nbsp;Canada </FONT><I><FONT face="Arial">is, unless otherwise
indicated, referred herein as Bell, and comprises our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments. </FONT></I><FONT face="Arial">Bell&nbsp;Aliant </FONT>
</font><I><font size="2" face="Arial">means Bell&nbsp;Aliant&nbsp;Inc. and its subsidiaries.</font></I></P>
<P align="left">
<I><FONT face="Arial" size="2">All amounts in this MD&amp;A are in&nbsp;millions of Canadian dollars, except where noted.</FONT></I></P>
<P align="left">
<I><FONT face="Arial" size="2">Please refer to the unaudited consolidated financial statements for the
first quarter of&nbsp;2011
when reading this MD&amp;A. We also encourage you to read BCE&nbsp;Inc.&#146;s MD&amp;A for the year ended December&nbsp;31,&nbsp;2010 dated March&nbsp;10,&nbsp;2011 (BCE&nbsp;2010 Annual MD&amp;A). In preparing this MD&amp;A, we have taken into account information available to
us up to May&nbsp;11,&nbsp;2011, the date of this MD&amp;A, unless otherwise stated.</FONT></I></P>
<P align="left">
<I><FONT face="Arial" size="2">You will find more information about us, including BCE&nbsp;Inc.&#146;s annual information form for the year ended December&nbsp;31,&nbsp;2010 dated March&nbsp;10,&nbsp;2011 (BCE&nbsp;2010
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. </FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">This MD&amp;A comments on our operations, performance and
financial condition for the three months (Q1) ended March&nbsp;31,&nbsp;2011 and&nbsp;2010.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="4">Caution Regarding Forward-Looking Statements</FONT></B></P>
<P align="left">
<font size="2" face="Arial">This MD&amp;A and, in particular, but without limitation, the section of this MD&amp;A entitled
</font><font size="2"><I><FONT face="Arial">Assumptions and Risks that Could Affect Our Business and Results</FONT></I><FONT face="Arial">, contains
forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to certain aspects of the business outlook of Bell&#146;s Wireline and Wireless segments, our&nbsp;2011 cash requirements, our HSPA+ dual
cell technology deployment plans and BCE&#146;s business objectives and strategies. 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 </FONT><I><FONT face="Arial">aim, anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan,
project, seek, should, strategy, strive, target </FONT></I><FONT face="Arial">and </FONT><I><FONT face="Arial">will</FONT></I><FONT face="Arial">. All such forward-looking statements are made pursuant to the &#145;safe harbour&#146; provisions of
applicable Canadian securities laws and of the </FONT><I><FONT face="Arial">United States Private Securities Litigation Reform Act of 1995</FONT></I></font><font size="2" face="Arial">.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated by us, forward-looking statements in this MD&amp;A describe our expectations at May&nbsp;11,&nbsp;2011 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 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 this MD&amp;A are based on a number of assumptions that we believed were reasonable on May&nbsp;11,&nbsp;2011.
<i>Certain key economic, market and operational assumptions we have
used in making forward-looking statements contained in this MD&amp;A include, without limitation, those described in the section of this MD&amp;A entitled
</i>
</font><FONT face="Arial" size="2">Assumptions and Risks that Could Affect Our Business and
Results<i>, which section is incorporated by reference in this cautionary statement.</i> If our assumptions turn out to be inaccurate, our actual results could be materially different from what we expect. Unless otherwise
indicated in this MD&amp;A, the strategic priorities, business outlooks and assumptions described in the BCE&nbsp;2010 Annual MD&amp;A remain substantially unchanged.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Important risk factors including, without limitation, competitive, operational, technological, economic,
financial and regulatory risks, 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 this MD&amp;A include, but are not limited to the risks
described in the sections of this MD&amp;A entitled </i> </FONT><font size="2"><FONT face="Arial">
Updates to Our Regulatory Environment and Assumptions<I> and </I>Risks that
Could Affect Our Business and Results</FONT></font><font size="2" face="Arial"><i>, which sections are incorporated by reference in this cautionary statement.</i> We caution readers that the risks described in the above mentioned sections of this MD&amp;A 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 position or
financial performance.<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 May&nbsp;11,&nbsp;2011. 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-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b>2 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




<p style="margin-top: 0; margin-bottom: 0" align="right"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<B><FONT face="Arial" size="4">About Our Business</FONT></B></P>
<P align="left">
<B><FONT face="Arial" size="2">QUARTER IN REVIEW</FONT></B></P>
<P align="left">
<font size="2" face="Arial">Bell&#146;s operating performance in the first quarter of&nbsp;2011 was highlighted by strong wireless postpaid subscriber and residential high-speed Internet acquisitions, growing
market traction for Bell&nbsp;Fibe TV (our Internet Protocol Television, or IPTV, service) in Toronto and Montr&eacute;al, fewer network access service (NAS) line losses year over year, higher
average revenue per unit (ARPU) across all our consumer product lines, and continued
progress in wireline cost reductions. All this contributed to solid service revenue growth, significantly higher EBITDA</font><font size="2"><SUP><FONT face="Arial">(1)</FONT></SUP></font><font size="2" face="Arial"> and margin
expansion, when compared to the first quarter of&nbsp;2010, as well as substantial earnings and free cash
flow generation. We also maintained a
strong balance sheet, underpinned by investment grade credit ratings that were recently reconfirmed, and a cash balance at March&nbsp;31,&nbsp;2011 of approximately &#36;2.1&nbsp;billion at Bell, a portion of
which contributed to the financing of our acquisition of CTV&nbsp;Inc. (CTV), previously CTVglobemedia&nbsp;Inc., completed on April&nbsp;1,&nbsp;2011. Additionally, with access to significant committed bank credit facilities totalling &#36;2&nbsp;billion, our liquidity position amply supports the growth of our business and capital structure objectives in&nbsp;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service revenues at Bell&nbsp;increased 1.8% in Q1&nbsp;2011, driven by strong wireless and TV revenue growth of 9.2% and 7.5%, respectively. Residential Internet revenue growth of 4.5% also contributed to the
year-over-year improvement in service revenues at Bell. Product revenues decreased 6.2%, year over year, due mainly to higher data equipment and information and communications technology (ICT) solutions sales in the
first quarter of&nbsp;2010 to large business customers given continued cautious spending consistent with low levels of employment growth in the economy. As expected, revenues generated in Q1&nbsp;2010 as a result of the
Vancouver Olympic Games also moderated overall revenue performance at Bell&nbsp;in the
first quarter of this year, resulting in total combined service and product revenue growth of 1.0% in Q1
2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s EBITDA increased 6.4% this quarter, reflecting higher operating revenues and tight wireline operating cost control. Despite higher
year-over-year wireless postpaid subscriber acquisition and retention costs, wireless EBITDA grew 12.2% this quarter as wireless service revenue margins expanded 1.3 percentage points year over year to 40.3%. Bell&nbsp;Wireline EBITDA improved 4.0%,
driven by lower wireline operating costs realized largely from expenses incurred in&nbsp;2010 for the Vancouver Winter Olympics, decreased labour costs, decreased capital taxes and cost savings realized through renegotiated service contracts and
efficiency-related productivity improvements in both our field operations and call centres.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell&nbsp;Wireless, we continued to broaden our line-up of leading smartphone devices and maintained our market competitiveness with attractive promotional offers, resulting in 13.4% higher postpaid
gross subscriber activations year over year. Postpaid gross activations represented approximately 71% of total gross activations in Q1&nbsp;2011 versus 62% in Q1&nbsp;2010. Although postpaid net activations of 80,648 remained relatively unchanged year over
year as a result of higher customer churn, we experienced a significant increase in smartphone mix in Q1&nbsp;2011 as compared to last year, which contributed to strong wireless data revenue growth of
38% and wireless ARPU growth of 3.2% in the quarter. Consistent with our focus on higher value postpaid customer acquisitions and aggressive acquisition offers from the new wireless entrants for lower value subscribers, we lost 75,356 net prepaid
customers on 24.5% fewer prepaid gross activations this quarter. Accordingly, total wireless net activations decreased to 5,292 in Q1&nbsp;2011 from 55,625 in Q1&nbsp;2010.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 7,663 net TV subscribers in Q1&nbsp;2011, compared to net activations of 19,889 in Q1&nbsp;2010. Although this result reflected higher customer
churn in our Western and Atlantic markets as a result of aggressive competitive pricing on service bundles and other promotional activity by the TV operators in those regions, our Bell&nbsp;Fibe TV service, which is currently available only in select
areas of Toronto and Montr&eacute;al, contributed significantly to TV subscriber acquisitions this quarter. Video ARPU increased 4.4% this quarter, mainly reflecting customer upgrades to higher-priced packages as we continue to successfully leverage our broad selection of high-definition channels and
programming.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 13,161 net high-speed Internet subscribers in Q1&nbsp;2011, compared to 10,467 in Q1&nbsp;2010. The year-over-year increase was driven largely by our Fibe Internet service offering, fewer residential
customer deactivations year over year, and strong Internet attach rates on NAS winbacks and our new Fibe TV service. Our residential Internet ARPU increased 2.3% this quarter, reflecting continued
strong consumer demand for higher speeds of service.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our traditional local telephone business, NAS net losses improved 40.7% in Q1&nbsp;2011 to 59,243 from 99,829 in Q1&nbsp;2010. The improvement in NAS line losses this quarter can be attributed to our
residential service bundling capabilities which has been enhanced by the increasing availability of Fibe TV, competitive retention offers, and customer winbacks. Higher wholesale net additions of business access line services and fewer business NAS
line disconnections also contributed to the year-over-year improvement in NAS line losses. As a result of our improved performance in both residential and business NAS, the rate of erosion in our total NAS customer base decreased to 5.1% in Q1&nbsp;2011
from 6.1% in Q1&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures at Bell&nbsp;increased 16.8% this quarter to &#36;515&nbsp;million from &#36;441&nbsp;million in Q1&nbsp;2010, due mainly to the deployment of broadband
fibre to residential homes and businesses in Ontario and Qu&eacute;bec, ongoing enhancement of Bell&#146;s core wireline broadband network to support the commercial roll-out of our IPTV service, network capacity growth to accommodate
</font></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<I><FONT face="Arial" size="1">(1)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left">
<I><FONT face="Arial" size="1">We define EBITDA as operating revenues less operating costs, as shown in the consolidated income statements. We use EBITDA to evaluate the performance of
our businesses as it reflects their ongoing profitability. EBITDA also is used as a component in the determination
of short-term incentive compensation for all management employees. EBITDA may be referred to as an additional GAAP measure because it is displayed on the face of our income statements.</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>3</b></font></p>

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




<p style="margin-top: 0; margin-bottom:0" align="left"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<FONT face="Arial" size="2">increasing wireline and wireless data consumption, increased investment in customer service to improve client care support systems and self-serve tools, and the construction of data hosting centres.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For BCE, operating revenues grew 0.7% in Q1&nbsp;2011, while EBITDA increased 4.6%, mainly as a result of improved year-over-year performance at Bell&nbsp;as described above.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s cash flows from operating activities were &#36;734&nbsp;million this quarter compared to &#36;1,004&nbsp;million in Q1&nbsp;2010. Free cash
flow</FONT><font size="2"><SUP><FONT face="Arial">(2)</FONT></SUP></font><font size="2" face="Arial"> available to BCE&nbsp;Inc.&#146;s common shareholders decreased to &#36;265&nbsp;million in Q1&nbsp;2011 from &#36;560&nbsp;million in Q1&nbsp;2010.
The year-over-year decline was primarily the result of customer rebates paid from Bell&#146;s deferral account balance as mandated by the Canadian Radio-television and Telecommunications Commission (CRTC) and higher capital spending, offset partly
by higher EBITDA.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings attributable to common shareholders for the
first quarter of&nbsp;2011 were &#36;503&nbsp;million, or &#36;0.67 per share, compared to &#36;706
million, or &#36;0.92 per share, in the same quarter last year. The year-over-year decrease in earnings was due mainly to gains realized on the sale of non-core assets and the fair value gain on the Bell&nbsp;Aliant fund unit liability in Q1&nbsp;2010.
Adjusted net earnings per share</font><font size="2"><SUP><FONT face="Arial">(3)</FONT></SUP></font><font size="2" face="Arial"> (Adjusted EPS) increased to &#36;0.72 per common share in Q1&nbsp;2011 from &#36;0.61 per common share in the previous year, primarily as a result of higher
EBITDA, lower pension finance costs, and slightly higher tax adjustments in Q1&nbsp;2011 as compared to Q1&nbsp;2010 resulting from the favourable resolution of uncertain tax positions. Higher
year-over-year depreciation and amortization expense and increased interest expense partly offset the improvement in Adjusted EPS this quarter.</font></P>
<P align="left">
<B><FONT face="Arial">Bell&nbsp;Customer Connections</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="36%" colspan="6" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center"><B><FONT size=1 face="Arial">NET ACTIVATIONS</FONT></B></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="36%" colspan="6" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center"><B><FONT size=1 face="Arial">TOTAL CONNECTIONS</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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=right width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">MARCH 31,</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">MARCH 31, </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>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">Q1&nbsp;2011</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q1&nbsp;2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="1%" 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 align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=center width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">NAS</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">(59,243</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(99,829 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">40.7% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
	<TD align=right width="1%" 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 align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">6,416,462</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">6,761,193 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(5.1% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Growth services portfolio: </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<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>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Wireless </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">5,292</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">55,625 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(90.5% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">7,247,340</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,888,927 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.2% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=2 face="Arial">Postpaid</FONT></I><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><I><FONT size=2 face="Arial">80,648</FONT></I></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<I><FONT size=2 face="Arial">81,212</FONT></I><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">(0.7</FONT></I><FONT size=2 face="Arial"><i>%</i> </FONT>
	</TD>
	<TD align=left width=2%>
<I><FONT size=2 face="Arial">)</FONT></I><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><I><FONT size=2 face="Arial">5,622,017</FONT></I></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">5,122,442</FONT></I><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">9.8</FONT></I><FONT size=2 face="Arial"><i>%</i> </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2"> &nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 36px">
<I><FONT size=2 face="Arial">Prepaid</FONT></I><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><I><FONT size=2 face="Arial">(75,356</FONT></I></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><I><FONT size=2 face="Arial">)</FONT></I></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width=10%>
<I><FONT size=2 face="Arial">(25,587</FONT></I><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2%>
<I><FONT size=2 face="Arial">)</FONT></I><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">n.m.</FONT></I><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><I><FONT size=2 face="Arial">1,625,323</FONT></I></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">1,766,485</FONT></I><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">(8.0</FONT></I><FONT size=2 face="Arial"><i>%</i> </FONT>
	</TD>
	<TD align=left width=2%>
<I><FONT size=2 face="Arial">)</FONT></I><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom-style: none; border-bottom-width: medium">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">High-speed Internet </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom-style: none; border-bottom-width: medium">
<B><FONT size=2 face="Arial">13,161</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-bottom-style: none; border-bottom-width: medium">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-bottom-style: none; border-bottom-width: medium">
<FONT size=2 face="Arial">10,467 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom-style: none; border-bottom-width: medium">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom-style: none; border-bottom-width: medium">
<FONT size=2 face="Arial">25.7% </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom-style: none; border-bottom-width: medium">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
	<TD align=right width="1%" style="border-bottom-style: none; border-bottom-width: medium">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom-style: none; border-bottom-width: medium">
<B><FONT size=2 face="Arial">2,110,487</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" style="border-bottom-style: none; border-bottom-width: medium">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom-style: none; border-bottom-width: medium">
<FONT size=2 face="Arial">2,067,458 </FONT>
	</TD>
	<TD width=2% style="border-bottom-style: none; border-bottom-width: medium">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom-style: none; border-bottom-width: medium">
<FONT size=2 face="Arial">2.1% </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom-style: none; border-bottom-width: medium">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">TV </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">7,663</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">19,889 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(61.5% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="1%" style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">2,027,761</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">1,968,766 </FONT>
	</TD>
	<TD width=2% style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">3.0% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Total growth services</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">26,116</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">85,981 </FONT>
	</TD>
	<TD align=left width=2% style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(69.6% </FONT>
	</TD>
	<TD align=left width=2% style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="1%" style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">11,385,588</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">10,925,151 </FONT>
	</TD>
	<TD width=2% style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">4.2% </FONT>
	</TD>
	<TD align=left width=2% style="border-top-style: none; border-top-width: medium; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0">
<I><FONT face="Arial" size="1">n.m.: not meaningful</FONT></I></P>
<P align="left">
<B><FONT face="Arial" size="2">OTHER CORPORATE AND BUSINESS DEVELOPMENTS</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Completion of CTV acquisition</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On April&nbsp;1,&nbsp;2011, we completed the approximate &#36;3.2&nbsp;billion acquisition of CTV and launched Bell&nbsp;Media, a new business unit encompassing all of CTV and certain other Bell&nbsp;content assets. We fulfilled all regulatory, legal and other requirements to close the transaction approximately 90 days earlier than originally expected, due to expeditious approvals by the CRTC and the Competition Bureau.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We announced in September&nbsp;2010 that Bell&nbsp;would acquire 100% of CTV to accelerate the delivery of media to Canadians across multiple broadband platforms. We believe the acquisition of&nbsp;Canada&#146;s
premier media company also more than levels the competitive playing field in a marketplace where most of Bell&#146;s major competitors are integrated communications and broadcast
companies.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the CTV acquisition, Bell&nbsp;will proceed with the implementation of a benefits package worth approximately &#36;240&nbsp;million,
consisting of programming, job-creation and technological benefits for the Canadian broadcasting industry. This package includes the development of new, independently produced programming of
national interest including dramas, documentaries and new media content, extended news programming in cities across Western&nbsp;Canada, increased Bell&nbsp;TV carriage of local stations and deployment of advanced digital data compression technology known as
MPEG-4, as well as local programming on CTV&#146;s /A\ channels.</FONT></P>
<P align="left">
<B><FONT face="Arial">Enhanced Mobile TV service and expanded online access to CTV programming</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">In April&nbsp;2011, we introduced an enhanced Mobile TV service from Bell&nbsp;Mobility featuring live and on-demand access to expanded content from CTV, TSN, RDS, BNN, MTV and other top brands in Canadian news, sports and entertainment
from Bell&nbsp;Media. Available on both smartphones and tablet devices, this new content complements Bell&nbsp;Mobile TV&#146;s already industry-leading content line-up, which includes exclusive major league hockey, football and soccer sports broadcasts. Bell&nbsp;
Media is offering this new package of mobile content on commercial terms to all Canadian wireless providers.</FONT></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<I><font size="1" face="Arial">(2)</font></I></td>
		<td width="98%" valign="top">
<P align="left">
<I><font size="1" face="Arial">Free cash flow is a non-GAAP financial measure. See
</font></I><FONT face="Arial" size="1">Non-GAAP Financial Measures &#150; Free cash</FONT><I><font size="1" face="Arial">
flow in this MD&amp;A for more details, including a reconciliation to the most comparable IFRS
financial measure.</I></font></P></td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<I><font size="1" face="Arial">(3)</font></I></td>
		<td width="98%" valign="top"><I><font size="1" face="Arial">Adjusted net earnings and Adjusted EPS are non-GAAP
		financial measures. See
</font></I><FONT face="Arial" size="1">Non-GAAP Financial Measures &#150; Adjusted net
earnings </FONT><I><font size="1" face="Arial">in this MD&amp;A for more details, including a reconciliation to the most comparable IFRS
		financial measure.</font></I></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>






<p style="margin-top: 0; margin-bottom: 0"><b><font face="Arial" size="1">4</font></b><font size="1" face="Arial"><b> </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




<p style="margin-top: 0; margin-bottom: 0" align="right"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enabled by our acquisition of CTV, Bell&nbsp;TV customers also now have expanded online access to an array of top-rated CTV programming anywhere in&nbsp;Canada where they have a high-speed Internet connection.
This latest Bell&nbsp;TV Online enhancement supports Bell&#146;s strategy to deliver content across multiple screens &#150; computers, TVs, smartphones and tablets.</font></P>
<P align="left">
<B><FONT face="Arial">Fibe TV footprint expands to more than 800,000 households</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We continued to expand Bell&#146;s Fibe TV footprint in communities across Ontario and Qu&eacute;bec. At the end of the
first quarter of&nbsp;2011, Bell&#146;s IPTV footprint
encompassed more than 800,000 households in Toronto and Montr&eacute;al, up from approximately 500,000 homes passed at the end of&nbsp;2010. Fibe TV service was introduced commercially in select areas of Toronto and Montr&eacute;al in September&nbsp;
2010.</FONT></P>
<P align="left">
<B><font face="Arial">Increasing HSPA+ wireless network speed through dual-cell technology deployment</font></B></P>
<P align="left">
<FONT face="Arial" size="2">In the first quarter of&nbsp;2011, we continued to deploy HSPA+ dual-cell technology, which doubles the speed of high-speed packet access plus (HSPA+) mobile data service from up to
21 megabits per second (Mbps) to as high as 42 Mbps when using capable universal
serial bus (USB) modem devices. In November&nbsp;2010, Bell&nbsp;became the
first wireless company in North America to deploy leading-edge dual-cell
technology with the launch of 42 Mbps wireless service in Toronto. Since that time, we have expanded service to more Canadian cities and towns, including Vancouver, Whistler, Calgary, Edmonton, Fort McMurray and Winnipeg. Expansion to additional
Canadian cities is expected to continue throughout&nbsp;2011.</FONT></P>
<P align="left">
<B><font face="Arial">Enhancing our business ICT capabilities</font></B></P>
<P align="left">
<FONT face="Arial" size="2">In the first quarter of&nbsp;2011, we announced the construction of two new data centres in the National Capital Region and Markham, Ontario that will provide Bell&#146;s business
customers with co-location, managed hosting and next-generation cloud computing services. Once they are in service, Bell&nbsp;will have six such centres across&nbsp;Canada.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;1,&nbsp;2011, we completed the purchase of xwave, the Bell&nbsp;Aliant division specializing in IT professional services and advanced technology solutions. This acquisition expands Bell&#146;s
portfolio of services to corporate and public sector clients, while enhancing our ability to provide managed hosting and cloud computing services.</FONT></P>
<P align="left">
<B><font face="Arial">New &#36;1&nbsp;billion public debt offering</font></B></P>
<P align="left">
<FONT face="Arial" size="2">On March&nbsp;16,&nbsp;2011, Bell&nbsp;Canada completed its public offering of &#36;1&nbsp;billion principal amount of Medium Term Debentures (Series M-22 Debentures). The Series M-22 Debentures, which are dated March&nbsp;16,&nbsp;2011, will mature on March&nbsp;16, 2018 and carry an annual interest rate of 4.4%. The Series M-22 Debentures are fully and unconditionally guaranteed by BCE&nbsp;Inc. The net proceeds of this offering were used to
finance our
acquisition of CTV.</FONT></P>
<P align="left">
<B><font face="Arial">Bell&nbsp;Aliant</font></B></P>
<P align="left">
<FONT face="Arial" size="2">On January&nbsp;1,&nbsp;2011, Bell&nbsp;Aliant changed to a corporate structure from an income fund. BCE&#146;s ownership position and shareholder rights did not change as a result of this conversion.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; </font><b>
<font face="Arial" size="1">5</font></b></p>

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




<p style="margin-top: 0; margin-bottom:0" align="left"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<B><FONT face="Arial" size="4">Quarterly Financial Information</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">BCE&#146;s&nbsp;2011 first quarter interim condensed financial report was prepared in accordance with International Financial
Reporting Standards (IFRS) under International Accounting Standard (IAS) 34 &#150; Interim Financial Reporting. This is our
first interim financial report prepared under IFRS and IFRS 1 &#150; First-time Adoption of IFRS has been applied.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows selected consolidated financial data of BCE, prepared in accordance with IFRS, for the
five most recently completed quarters. Prior to the adoption of IFRS, our consolidated
financial data was prepared in accordance with previous Canadian
generally accepted accounting principles (previous Canadian GAAP). </FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="36%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="38%" colspan="9" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center"><font face="Arial" size="1">IFRS</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" colspan=6 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center">
<FONT size=1 face="Arial">PREVIOUS CANADIAN GAAP</FONT><SUP><FONT size=1 face="Arial">(1)</FONT></SUP></TD>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=6%>
<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="6%">
<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="6%">
<font face="Arial" size="1">&nbsp;
	2010
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=6%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=6%>
<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=6%>
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Arial">Q1</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q4 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q3 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q2 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q1 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q4 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q3 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q2 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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 revenues </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">4,466</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">4,679 </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">4,517 </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">4,440 </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">4,433 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">4,650 </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">4,457 </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">4,297 </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">EBITDA </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,833</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">1,748 </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">1,841 </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">1,843 </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">1,753 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">1,737 </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">1,801 </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">1,791 </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">Depreciation </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(611</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(607 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(600 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(595 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(586 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(704 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(636 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(630 </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">Amortization of intangible assets </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(179</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(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">(181 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(183 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(180 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(200 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(192 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(191 </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">Severance, acquisition and other costs </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(61</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(86 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(129 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(15 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(32 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">) </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">Restructuring and other </FONT>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(82 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(191 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(146 </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">Earnings from continuing operations </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">582</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">344 </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">482 </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">630 </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">734 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">377 </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">584 </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">376 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(4 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Net earnings </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">582</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">344 </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">482 </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">630 </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">734 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">376 </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">584 </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">372 </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">Net earnings attributable to common shareholders </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">503</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">318 </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">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">605 </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">706 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<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=6%>
<FONT size=2 face="Arial">558 </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">346 </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">Net earnings per common share </FONT>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<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">Net earnings &#150; basic </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.67</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">0.42 </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">0.80 </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">0.92 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">0.46 </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">0.72 </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>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net earnings &#150; diluted </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.67</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">0.42 </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">0.80 </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">0.92 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">0.46 </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">0.72 </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>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Included in net earnings: </FONT>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<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">Net gains (losses) on investments </FONT>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<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: 36px">
<FONT size=2 face="Arial">Continuing operations </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">8 </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">125 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<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=6%>
<FONT size=2 face="Arial">36 </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>
</TR>
<TR valign="bottom">
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<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">(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">(3 </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: 24px">
<FONT size=2 face="Arial">Severance, acquistion and other costs </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(40</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(67 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(91 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(25 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">) </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">Restructuring and other </FONT>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" 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">(123 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(98 </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: 24px">
<FONT size=2 face="Arial">Fair value adjustment on fund unit liability </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(58 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(56 </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 face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">147 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<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">Adjustment to reflect interest on fund unit liability
as non-controlling interest </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</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>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(10 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(8 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">) </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">Adjusted net earnings </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">543</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">446 </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">611 </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">595 </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">467 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">387 </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">649 </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">447 </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">Adjusted EPS </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.72</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">0.59 </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">0.81 </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">0.78 </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">0.61 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">0.51 </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">0.84 </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">0.58 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="36%" style="border-bottom: 3px double #000000">
<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% bgcolor="#C0C0C0" style="border-bottom: 3px double #000000">
<B><FONT size=2 face="Arial">752.9</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">754.1 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">756.7 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">759.7 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">765.7 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">767.2 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">767.2 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">769.0 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
		<p style="margin-top: 6px">
<I><font size="1" face="Arial">(1)</font></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 6px">
<I><font size="1" face="Arial">Under previous Canadian GAAP, the term EBITDA was a non-GAAP
financial measure. Refer to the section entitled
</font></I><FONT face="Arial" size="1">Non-GAAP
Financial Measures &#150; EBITDA </FONT><I><font size="1" face="Arial">in this MD&amp;A for more details, including a reconciliation to the most comparable previous Canadian GAAP
financial
measure for&nbsp;2009.</font></I></P>

		</td>
	</tr>
</table>
<p align="left">&nbsp;</p>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b>6 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




<p style="margin-top: 0; margin-bottom: 0" align="right"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<B><FONT face="Arial" size="4">Financial Results Analysis </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">This section provides detailed information and analysis about our performance in the
first quarter of&nbsp;2011 compared with the first quarter of&nbsp;2010. It focuses on our consolidated operating results and provides
financial information for each of our operating segments.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">CONSOLIDATED ANALYSIS</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">Q1&nbsp;2011</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q1&nbsp;2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Operating revenues</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">4,466</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,433 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.7% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating costs </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(2,633</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(2,680 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">1.8% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">EBITDA</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,833</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,753 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.6% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&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">Depreciation </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(611</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(586 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4.3% </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">Amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(179</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(180 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.6% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&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">Severance, acquisition and other costs </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(61</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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">(90.6% </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">Finance costs </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">Interest expense </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(191</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(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">(11.0% </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">Interest on employee benefit obligations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(242</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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">2.4% </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">Interest on fund unit liability </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</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">100.0% </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2"> &nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom-style: none; border-bottom-width: medium">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected return on pension plan assets </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">254</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom-style: none; border-bottom-width: medium">
<FONT size=2 face="Arial">225 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom-style: none; border-bottom-width: medium">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom-style: none; border-bottom-width: medium">
<FONT size=2 face="Arial">12.9% </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom-style: none; border-bottom-width: medium">
<font face="Arial" size="2"> &nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other (expense) income </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(22</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">269 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: medium; border-right-width: medium; border-top-width: medium; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-top-style: none; border-top-width: medium">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Earnings before income taxes</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-top-style: none; border-top-width: medium" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">781</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-top-style: none; border-top-width: medium" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-top-style: none; border-top-width: medium">
<FONT size=2 face="Arial">937 </FONT>
	</TD>
	<TD align=left width=2% style="border-top-style: none; border-top-width: medium">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-top-style: none; border-top-width: medium">
<FONT size=2 face="Arial">(16.6% </FONT>
	</TD>
	<TD align=left width=2% style="border-top-style: none; border-top-width: medium">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(199</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(203 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">2.0% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Net earnings</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">582</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">734 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(20.7% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Net earnings attributable to:</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">Common shareholders </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">503</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">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">(28.8% </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">Preferred shareholders </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">29</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">50</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Net earnings</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">582</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">734 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(20.7% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Earnings per share (EPS)</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.67</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">0.92 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(27.2% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Adjusted EPS</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.72</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">0.61 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">18.0% </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0">
<I><FONT face="Arial" size="1">n.m.: not meaningful</FONT></I></P>
<P align="left">
<B><FONT face="Arial">Operating Revenues</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Total operating revenues for BCE&nbsp;were &#36;4,466&nbsp;million in the
first quarter of&nbsp;2011, representing a 0.7% increase compared to operating revenues of &#36;4,433&nbsp;million in the
first quarter of&nbsp;2010. Higher revenues at Bell, offset partly by lower revenues at Bell&nbsp;Aliant, resulted in the year-over-year increase in BCE&#146;s total operating revenues this
quarter.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s operating revenues increased 1.0% in Q1&nbsp;2011 to &#36;3,882&nbsp;million from &#36;3,845&nbsp;million in Q1&nbsp;2010, due to higher revenues at our Bell&nbsp;Wireless segment offset partly by a decline in
Bell&nbsp;Wireline revenues. Operating revenues for Bell&nbsp;in the first quarter of&nbsp;2011 were comprised of service revenues of &#36;3,473&nbsp;million, representing a 1.8% increase over the
first quarter of&nbsp;2010, and product revenue of &#36;409&nbsp;million, representing a 6.2% decline year over year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireline&#146;s revenues decreased 2.7% this quarter, due mainly to lower local and access, long distance and data equipment revenues. Growth in revenues from our video and residential Internet
services moderated this decline.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireless segment revenues grew 9.2% in Q1&nbsp;2011, mainly as a result of increased service revenues from a larger subscriber base, increased data usage that generated higher ARPU year over year, and
higher product revenues due to higher postpaid subscriber acquisitions and handset upgrade volumes.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell&nbsp;Aliant were 1.0% lower in the first three months of&nbsp;2011, compared to the same period one year earlier, due to the continued
decline in its local voice and long distance revenues. The year-over-year decrease was offset partly by revenue growth from Internet, wireless and TV services.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See </FONT><font size="2"><I><FONT face="Arial">Segmented Analysis </FONT></I>
</font><font size="2" face="Arial">for a discussion of operating revenues on a segmented basis.</font></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>7</b></font></p>

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




<p style="margin-top: 0; margin-bottom:0" align="left"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<B><FONT face="Arial">Operating Costs</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Operating costs for BCE&nbsp;were &#36;2,633&nbsp;million in the
first quarter of&nbsp;2011 compared to &#36;2,680 million in the same quarter in&nbsp;2010. The year-over-year decrease was the result of
reduced operating costs at Bell. Bell&nbsp;Aliant&#146;s operating costs this quarter remained essentially unchanged, year over year, at &#36;354&nbsp;million, compared to &#36;351&nbsp;million in Q1&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s operating costs were &#36;2,377&nbsp;million in Q1&nbsp;2011, down 2.2% from &#36;2,430&nbsp;million, in Q1&nbsp;2010. The year-over-year decrease was due to reduced operating costs at our Bell&nbsp;Wireline
segment, offset partly by higher operating costs at Bell&nbsp;Wireless. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower operating costs at Bell&nbsp;Wireline, which improved 6.6% to &#36;1,628&nbsp;million this quarter from &#36;1,743&nbsp;million last year, were largely the result of Vancouver Winter Olympics-related expenses
incurred in Q1&nbsp;2010 that did not recur this year, decreased labour costs, reduced purchases of goods and services due mainly to lower product sales year over year, decreased capital taxes, as well as the positive impact of cost savings realized
through renegotiated service contracts and efficiency-related productivity improvements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireless&#146; operating costs increased 7.5% to &#36;790&nbsp;million in Q1&nbsp;2011 from &#36;735&nbsp;million in Q1&nbsp;2010, primarily as a result of greater year-over-year postpaid gross subscriber
acquisitions, increased spending on customer retention and upgrades, and higher overall labour costs.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total pension current service cost at BCE&nbsp;increased 11.3% to &#36;59&nbsp;million this quarter from &#36;53&nbsp;million in Q1&nbsp;2010. Pension current service cost at Bell&nbsp;totalled &#36;44&nbsp;million in Q1&nbsp;2011, up
from &#36;40&nbsp;million in Q1&nbsp;2010. The year-over-year increase was attributable to the impact of a lower discount rate on employee benefit obligations under the employee benefit plans. Pension current service cost at Bell&nbsp;Aliant also was slightly higher, increasing to &#36;15&nbsp;million this quarter from &#36;13&nbsp;million in Q1&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See </FONT><font size="2"><I><FONT face="Arial">Segmented Analysis </FONT></I>
</font><font size="2" face="Arial">for a discussion of operating costs on a segmented basis.</font></P>
<P align="left">
<B><FONT face="Arial">EBITDA</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">EBITDA at BCE&nbsp;increased 4.6% in Q1&nbsp;2011 to &#36;1,833&nbsp;million from &#36;1,753
million in Q1&nbsp;2010, due to higher EBITDA at Bell&nbsp;driven by solid revenue growth and continuing rigorous management of operating costs as described above. Lower
EBITDA at Bell&nbsp;Aliant moderated the year-over-year increase in BCE&#146;s EBITDA this quarter. BCE&#146;s EBITDA margin improved 1.5 percentage-points, year over year, to 41.0% in Q1&nbsp;2011 from 39.5% in Q1&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s EBITDA in the first three months of&nbsp;2011 was &#36;1,505&nbsp;million, up 6.4% from &#36;1,415&nbsp;million in the
first quarter of&nbsp;2010. As a result, Bell&#146;s EBITDA margin also increased, improving to 38.8% in Q1&nbsp;2011 from 36.8% in Q1&nbsp;2010. The increase in Bell&#146;s EBITDA this quarter was driven by improved
performance at both our Bell&nbsp;Wireless and Bell&nbsp;Wireline segments.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireless&#146; EBITDA increased 12.2% in Q1&nbsp;2011, despite higher year-over-year customer acquisition and retention spending, as a result of significant wireless revenue growth and control over selling, general and administrative costs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA at our Bell&nbsp;Wireline segment increased 4.0% in Q1&nbsp;2011 as a result of a decline in operating costs, year over year, offset partly by lower revenues as described above.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Aliant&#146;s EBITDA decreased 3.0% in Q1&nbsp;2011, mainly reflecting lower year-over-year operating revenues.</FONT></P>
<P align="left">
<B><FONT face="Arial">Depreciation and Amortization</FONT></B></P>
<P align="left">
<I><FONT face="Arial">Depreciation</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Depreciation of &#36;611&nbsp;million in the first quarter of&nbsp;2011 represented an increase of &#36;25&nbsp;million, or 4.3%, compared to &#36;586&nbsp;million for the same period last year due
to additions in&nbsp;2010 to property, plant and equipment.</FONT></P>
<P align="left">
<I><FONT face="Arial">Amortization</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Amortization was &#36;179&nbsp;million in the first quarter of&nbsp;2011 compared to &#36;180&nbsp;million for the same period last year.</FONT></P>
<P align="left">
<B><FONT face="Arial">Severance, Acquisition and Other costs</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We recorded severance, acquisition and other costs of &#36;61&nbsp;million in the
first quarter of&nbsp;2011. These included:</FONT></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">charges related to voluntary and involuntary workforce reduction initiatives of &#36;42&nbsp;million at Bell&nbsp;and &#36;1&nbsp;million at Bell&nbsp;Aliant</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">acquisition costs of &#36;2&nbsp;million</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">other charges of &#36;16&nbsp;million in the first quarter of&nbsp;2011, which included &#36;6&nbsp;million of real estate costs related to workforce reduction
initiatives.</FONT></LI>
</UL>
<P align="left">
<FONT face="Arial" size="2">We recorded severance, acquisition and other costs of &#36;32&nbsp;million in the
first quarter of&nbsp;2010. These included:</FONT></P>
<UL>
<LI>
<FONT face="Arial" size="2">charges related to voluntary and involuntary workforce reduction initiatives of &#36;11&nbsp;million at Bell&nbsp;and &#36;11&nbsp;million at Bell&nbsp;Aliant</FONT></LI>
<LI>
<FONT face="Arial" size="2">acquisition costs of &#36;3&nbsp;million</FONT></LI>
<LI>
<FONT face="Arial" size="2">other charges of &#36;7&nbsp;million in the first quarter of&nbsp;2010, which included &#36;2&nbsp;million of real estate costs related to workforce reduction
initiatives.</FONT></LI>
</UL>






<p style="margin-top: 0; margin-bottom: 0"><b><font face="Arial" size="1">8</font></b><font size="1" face="Arial"><b> </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




<p style="margin-top: 0; margin-bottom: 0" align="right"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<B><FONT face="Arial">Finance costs</FONT></B></P>
<P align="left">
<I><FONT face="Arial">Interest expense</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Interest expense of &#36;191&nbsp;million in the first quarter of&nbsp;2011 represented an increase of &#36;19&nbsp;million, or 11.0%, compared to &#36;172&nbsp;million for the same period last
year as a result of higher average debt levels, partially offset by lower average interest rates and the cessation of capitalization of interest expense on our spectrum licences in&nbsp;2011.</FONT></P>
<P align="left">
<I><FONT face="Arial">Interest on employee benefit obligations</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Interest on employee benefit obligations of &#36;242&nbsp;million in the
first quarter of&nbsp;2011 represented a decrease of &#36;6&nbsp;million, or 2.4%, compared to &#36;248&nbsp;million for the same
period last year as a result of a lower discount rate used to value our employee benefit obligations.</FONT></P>
<P align="left">
<I><FONT face="Arial">Interest on fund unit liability</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Interest on the fund unit liability of &#36;92&nbsp;million in the
first quarter of&nbsp;2010 represents the distributions declared and paid to third party fund unit holders.
</FONT></P>
<P align="left">
<B><FONT face="Arial">Expected return on pension plan assets</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Expected return on pension plan assets of &#36;254&nbsp;million in the
first quarter of&nbsp;2011 represented an increase of &#36;29&nbsp;million, or 12.9%, compared to &#36;225&nbsp;million for
the same period last year mainly as a result of higher assets in the Bell&nbsp;pension plan in&nbsp;2011 due to the return on pension plan assets in&nbsp;2010 and a voluntary contribution to the
pension plan made in December&nbsp;2010.</FONT></P>
<P align="left">
<B><FONT face="Arial">Other (expense) income</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Other expense of &#36;22&nbsp;million in the first quarter of&nbsp;2011 represented a decrease of &#36;291&nbsp;million, compared to Other income of &#36;269&nbsp;million for the same period last
year, mainly as a result of the impairment of our Calgary Westwinds campus in the amount of &#36;21&nbsp;million
in the first quarter of 2011 compared to the gain on sale of our investment in SkyTerra Communications&nbsp;Inc. of &#36;120&nbsp;million realized in&nbsp;Q1 2010 and a mark-to-market gain
in Q1 2010
on the fund unit liability of &#36;147&nbsp;million.</FONT></P>
<P align="left">
<B><font face="Arial">Income taxes</font></B></P>
<P align="left">
<FONT face="Arial" size="2">Income taxes of &#36;199&nbsp;million in the first quarter of&nbsp;2011 represented a decrease of &#36;4&nbsp;million, or 2.0%, compared to &#36;203&nbsp;million for the same period last year due
to higher reversals of uncertain tax positions in&nbsp;2011 as certain audit issues were settled and a lower corporate tax rate, partly offset by higher taxable income.</FONT></P>
<P align="left">
<B><font face="Arial">Net earnings attributable to non-controlling interest</font></B></P>
<P align="left">
<FONT face="Arial" size="2">Non-controlling interest of &#36;50&nbsp;million in the
first quarter of&nbsp;2011 represented an increase of &#36;51&nbsp;million, compared to negative non-controlling interest of &#36;1
million for the same period last year. On January&nbsp;1,&nbsp;2011, Bell&nbsp;Aliant changed its corporate form from an income fund to a corporation, thereby removing our fund unit liability and re-establishing non-controlling interest. Our ownership interest
remained the same as a result of the change as fund units were exchanged for common shares on a one-for-one basis. </FONT></P>
<P align="left">
<B><font face="Arial">Net Earnings and EPS</font></B></P>
<P align="left">
<FONT face="Arial" size="2">Net earnings attributable to common shareholders for the
first quarter of&nbsp;2011 were &#36;503&nbsp;million, or &#36;0.67 per common share, compared with net earnings of &#36;706
million, or &#36;0.92 per common share, for the same period last year. The decrease in&nbsp;2011 was a result of higher depreciation and interest expense and an impairment charge on our Calgary Westwinds campus, partly offset by higher EBITDA, lower net
employee benefit plans cost, a lower tax rate and fewer shares outstanding. The decrease also was due in part to an increase in severance, acquisition and other costs in Q1&nbsp;2011 as compared to Q1
2010, and gains on investments in Q1&nbsp;2010. Additionally, for&nbsp;2010, Adjusted net earnings excludes the fair value adjustments on the fund unit liability and adjusts earnings to reflect the interest
on the fund unit liability as non-controlling interest. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding the impact of these severance, acquisition and other costs, gains on investments, the fair value adjustments to our fund unit liability and adjustments to earnings to reflect the interest on the fund unit liability as
non-controlling interest, Adjusted net earnings was &#36;543&nbsp;million in the
first quarter of&nbsp;2011, an increase of &#36;76
million compared to &#36;467&nbsp;million for the same period last year. As a result, Adjusted EPS increased 18.0% in Q1&nbsp;2011 to &#36;0.72 per common share from &#36;0.61 in Q1&nbsp;2010.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>9</b></font></p>

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




<p style="margin-top: 0; margin-bottom:0" align="left"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<B><FONT face="Arial" size="2">SEGMENTED ANALYSIS</FONT></B></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. <br>
&nbsp;&nbsp;&nbsp;&nbsp; In the first quarter of 2011, Bell acquired xwave, a division of
Bell Aliant, specializing in IT professional services and advanced technology
solutions. As a result, we have restated prior period results for Bell Wireline
and Bell Aliant to reflect the change of ownership in xwave between Bell and
Bell Aliant. Our reportable segments and consolidated results did not change as
a result of this restatement.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">OPERATING REVENUES </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">Q1&nbsp;2011</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q1&nbsp;2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Bell&nbsp;Wireline </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">2,672</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,747 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2.7% </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 size=2 face="Arial">Bell&nbsp;Wireless </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,251</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,146 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9.2% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(41</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(48 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">14.6% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&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;</FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">3,882</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,845 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.0% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&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%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">682</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">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">(1.0% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(98</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(101 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">3.0% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Total operating revenues</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">4,466</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">4,433 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">0.7% </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<tr>
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=center width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">Q1&nbsp;2011</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q1&nbsp;2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Bell&nbsp;Wireline </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,044</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">4.0% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Wireless </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">461</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">411 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">12.2% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&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;</FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,505</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,415 </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">6.4% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">328</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">338 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(3.0% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Total EBITDA</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,833</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">1,753 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">4.6% </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial">Bell&nbsp;Wireline Segment</FONT></B></P>
<P align="left">
<I><FONT face="Arial">Bell&nbsp;Wireline Revenue</FONT></I></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL WIRELINE REVENUE </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">Q1&nbsp;2011</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q1&nbsp;2010 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=center width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Local and access </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">729</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">762 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4.3% </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">Long distance </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">234</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">236 </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 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">Data </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">955</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,015 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</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 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%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">460</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">428 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</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">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Equipment &amp; other </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">219</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">227 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(3.5% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Total external revenues </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">2,597</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,668 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</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 valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">75</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">79 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(5.1% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Total Bell&nbsp;Wireline revenue</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">2,672</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">2,747 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(2.7% </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Wireline revenues totalled &#36;2,672&nbsp;million in the
first quarter of&nbsp;2011, down 2.7% from &#36;2,747&nbsp;million in the first quarter of&nbsp;2010. Year-over-year declines of &#36;33&nbsp;million in local and access, &#36;2&nbsp;million in long distance, &#36;60&nbsp;million in data, and &#36;8&nbsp;million in equipment and other were offset partly by a &#36;32&nbsp;million increase in video
revenue.</FONT></P>
<P align="left">
<FONT face="Arial">Local and access</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Local and access revenues were &#36;729&nbsp;million in the
first quarter of&nbsp;2011, down 4.3% from &#36;762&nbsp;million in the same quarter in&nbsp;2010. This decrease was due mainly to
ongoing residential and business NAS erosion and reprice pressures, mainly within our large and mass business markets, as a result of competitive pricing offers in the marketplace. Although local and access revenues were 4.3% lower year over year,
the rate of decline this quarter improved as compared to 5.4% in both Q1&nbsp;2010 and Q4&nbsp;2010, due mainly to fewer NAS net losses, year over year, and the favourable impact of price increases which contributed to higher Home Phone ARPU this
quarter.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our NAS net losses in the first three months of&nbsp;2011 were 59,243, representing a 40.7% improvement over net losses of 99,829 in the same quarter
last year. This result reflected fewer year-over-year residential NAS line losses, which improved 15.0% in Q1&nbsp;2011. Although residential NAS continued to be affected by aggressive pricing and
promotional activity by cable TV competitors in our incumbent areas of Ontario and Qu&eacute;bec, as well as by the effects of wireless and Internet-based technological substitution, the improvement in NAS line losses this quarter can be attributed
to our service bundling capabilities which has been enhanced by the increasing availability of Fibe TV, competitive retention offers, and customer winbacks.<br>
&nbsp;</FONT></P>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b>10 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




<p style="margin-top: 0; margin-bottom: 0" align="right"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business NAS lines increased 5,044 in the first quarter of&nbsp;2011, compared to a net loss of 24,211 in the
first quarter of&nbsp;2010, mainly as a result of growth in wholesale net additions via a third-party reseller of business access line services. The year-over-year improvement was also driven by fewer business NAS line disconnections
reflecting the success of our customer retention strategies, despite increased competition in the mass and mid-sized business market, continued soft demand for new installations due to sluggish
employment rates and cautious spending, as well as on-going conversion of voice lines to more efficient IP-based services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31,&nbsp;2011, our combined residential and business NAS customer base totalled 6,416,462 lines (comprised of 3,544,600 residential lines and 2,871,862 business lines), compared to 6,761,193 lines
(comprised of 3,810,912 residential lines and 2,950,281 business lines) at the end of the
first quarter of&nbsp;2010. As a result of the reduction in combined residential and business NAS line losses
year over year, the rate of erosion on our total NAS customer base decreased to 5.1% in Q1&nbsp;2011 from 6.1% in Q1&nbsp;2010. This was comprised of annualized rates of residential and business NAS erosion this quarter of 7.0% and 2.7%, respectively,
compared to 8.0% and 3.6% in the first quarter of&nbsp;2010.</FONT></p>
<P align="left">
<FONT face="Arial">Long distance</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Long distance revenues were &#36;234&nbsp;million in the
first three months of&nbsp;2011, down 0.8% from &#36;236&nbsp;million in Q1&nbsp;2010. The rate of long distance revenue erosion in Q1&nbsp;2011
improved considerably compared to previous quarters, mainly as a result of higher revenues from increased sales of global long distance minutes. These revenues were offset by the unfavourable impact of lower minutes of use by residential and
business customers resulting from competitive NAS line losses and technology substitution to wireless calling and IP-based services, on-going toll competition, rate pressures in our business markets, as well as the continuing shift by residential
customers from per-minute rate plans to unlimited or high-usage packages for a set monthly price.</FONT></P>
<P align="left">
<FONT face="Arial">Data</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Data revenues totalled &#36;955&nbsp;million in Q1&nbsp;2011, down 5.9% from &#36;1,015&nbsp;million in Q1&nbsp;2010. The year-over-year decrease resulted from reduced sales of data-related equipment and ICT managed services to large business
customers primarily in the public sector, IP broadband connectivity revenues generated in the
first quarter of&nbsp;2010 by our Business Markets unit directly as a result of the Vancouver Olympic
Games, as well as the continued decline in legacy data revenues. The decrease in legacy data revenues can be attributed to continued business customer migration to IP-based systems, competitive losses, pricing pressures in our business and wholesale
market segments, and a lower volume of digital network access circuits in use by our business customers due to continued cautious spending consistent with low levels of employment growth in the economy. These factors, which had an unfavourable
impact on Bell&#146;s overall data revenue growth this quarter, were offset partly by higher residential Internet service revenues driven primarily by subscriber growth and a higher proportion of customers subscribing to Bell&nbsp;Fibe Internet
packages.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 13,161 net high-speed Internet subscribers in the
first quarter of&nbsp;2011, compared to 10,467 in the first three months of&nbsp;2010. Despite ongoing aggressive acquisition offers from our competitors and wireless substitution, the year-over-year increase was driven largely by our Fibe Internet service offering as
the broadband consumer market continues to demonstrate strong demand for higher speeds of service, fewer residential customer deactivations year over year, and strong Internet attach rates on NAS winbacks and our new Fibe TV service. At March&nbsp;31,
2011, our total number of high-speed Internet connections was 2,110,487, representing a 2.1% increase since the end of the
first quarter of&nbsp;2010.</FONT></P>
<P align="left">
<FONT face="Arial">Video</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Video revenues increased 7.5% in the first quarter of&nbsp;2011 to &#36;460&nbsp;million from &#36;428&nbsp;million in the
first quarter of
2010, as a result of higher ARPU and a larger customer base. Video ARPU in Q1&nbsp;2011 was up 4.4%, or &#36;3.16, to &#36;75.76 per month from &#36;72.60 per month in Q1&nbsp;2010. The year-over-year improvement in video ARPU was due mainly to customer
upgrades to higher-priced programming packages, driven partly by increased customer adoption of premium set-top boxes (STBs), and price increases.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 7,663 net TV subscribers in Q1&nbsp;2011, compared to net activations of 19,889 in Q1&nbsp;2010. Although this result reflected higher customer
churn in our Western and Atlantic markets as a result of aggressive competitive pricing on service bundles and other promotional activity by the TV operators in those regions, our Bell&nbsp;Fibe TV service, which is currently available only in select
areas of Toronto and Montr&eacute;al, contributed significantly to TV subscriber acquisitions this quarter. Our video churn rate in Q1&nbsp;2011 increased to 1.4% from 1.1% in Q1&nbsp;2010. Wholesale satellite TV net additions this quarter were relatively unchanged year over year. At March&nbsp;31,&nbsp;2011, our video
subscriber base totalled 2,027,761, representing a 3.0% increase since the end of the
first quarter of&nbsp;2010.
</FONT></P>
<P align="left">
<FONT face="Arial">Equipment &amp; other</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Equipment and other revenues decreased 3.5% this quarter to &#36;219&nbsp;million from &#36;227&nbsp;million in Q1&nbsp;2010. The year-over-year decline was due mainly to lower year-over-year wireline equipment sales, as well as to promotional
offers at Bell&nbsp;TV that reduced the average retail price of our premium video STBs.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; </font><b>
<font face="Arial" size="1">11</font></b></p>

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




<p style="margin-top: 0; margin-bottom:0" align="left"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<I><FONT face="Arial">Bell&nbsp;Wireline EBITDA</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">EBITDA for our Bell&nbsp;Wireline segment was &#36;1,044&nbsp;million in the
first quarter of&nbsp;2011, up 4.0% from &#36;1,004&nbsp;million in the first three months of&nbsp;2010. This corresponded to an EBITDA margin of 39.1% this quarter, representing a 2.6 percentage-point improvement over Q1&nbsp;2010.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The year-over-year increase in Bell&nbsp;Wireline EBITDA was due primarily to reduced operating costs, which improved 6.6% this quarter to &#36;1,628&nbsp;million from &#36;1,743&nbsp;million in the
first quarter of&nbsp;2010. This improvement was due primarily to:</FONT></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">lower operating expenses and marketing-related costs as a result of costs incurred for our sponsorship of the Vancouver Winter Olympics in Q1&nbsp;2010</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">lower cost of revenues as a result of decreased product sales year over year</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">a decline in labour costs due to a reduced workforce and decreased use of outsourced labour</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">lower stock-based and variable management compensation expenses</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">IT savings from reduced contract maintenance and project costs as well as lower print and mailing costs for customer billing</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">lower U.S. dollar hedge rates in&nbsp;2011 on our U.S. dollar-denominated purchases</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">the elimination of capital taxes at the end of&nbsp;2010</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">decreased bad debt expense</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">other efficiency gains resulting from productivity and service improvements in both our field operations and residential
services call centres.</FONT></LI>
</UL>
<P align="left">
<FONT face="Arial" size="2">Higher cost of revenues resulting from increased sales of global long distance minutes, as well as higher pension current service costs, partly offset the year-over-year improvement in Bell&nbsp;Wireline operating costs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, the favourable impact of lower operating costs on Bell&nbsp;Wireline EBITDA in Q1&nbsp;2011 was moderated by the 2.7% decline in operating revenues this quarter as described previously.</FONT></P>
<P align="left">
<B><FONT face="Arial">Bell&nbsp;Wireless Segment</FONT></B></P>
<P align="left">
<I><FONT face="Arial">Bell&nbsp;Wireless Revenue</FONT></I></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL WIRELESS REVENUE </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b><FONT size=1 face="Arial">Q1&nbsp;2011 </FONT></b>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q1&nbsp;2010 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=center width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Service </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,145</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,053 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8.7% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Product </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">99</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">86 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">15.1% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&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">Total external revenues </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,244</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,139 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9.2% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">7</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150;</FONT></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Total Bell&nbsp;Wireless revenue</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,251</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">1,146 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">9.2% </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Wireless operating revenues, comprised of network service and product revenues, increased 9.2% to &#36;1,251&nbsp;million in the
first quarter of&nbsp;2011 from &#36;1,146&nbsp;million in
the first quarter of&nbsp;2010. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless service revenue grew 8.7% in Q1&nbsp;2011 to &#36;1,145&nbsp;million from &#36;1,053&nbsp;million in Q1&nbsp;2010. The year-over-year increase was the result of postpaid subscriber base growth and increased
wireless data usage, which contributed to higher ARPU in Q1&nbsp;2011. Wireless data revenue was 38% higher this quarter compared to Q1&nbsp;2010, while wireless voice revenue increased 1.1% year over year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product revenues were 15.1% higher in the first quarter of&nbsp;2011, increasing to &#36;99&nbsp;million from &#36;86&nbsp;million in the same quarter in&nbsp;2010,
even with lower average handset pricing driven by discounted acquisition offers in response to the high level of competitive intensity. The year-over-year increase reflected higher smartphone
sales, as well as a higher number of gross postpaid subscriber activations and customer upgrades.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blended ARPU increased 3.2% in Q1&nbsp;2011 to &#36;51.68 per month from &#36;50.07 per month in Q1&nbsp;2010 as a result of higher postpaid ARPU. Lower prepaid ARPU, year over year, moderated the improvement
in blended ARPU this quarter.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid ARPU increased 1.3% in Q1&nbsp;2011 to &#36;62.51 per month from &#36;61.72 per month in Q1&nbsp;2010. The increase was due to data ARPU growth, reflecting increased use of e-mail, wireless Internet, text messaging and other mobile applications, as well as increased adoption of data plans, driven by increased penetration of smartphones and other data devices including turbo hubs and tablets.
Higher long distance revenue attributable to increased prices on long distance wireless plans and increased usage also contributed to higher postpaid ARPU in Q1&nbsp;2011. Lower voice ARPU was driven mainly by competitive price pressures and substitution
for data features and services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid ARPU was &#36;15.36 per month in Q1&nbsp;2011 compared to &#36;16.87 per month in Q1&nbsp;2010. The year-over-year decrease was mainly the result of lower average usage per customer driven by increased
prepaid-to-postpaid customer migrations. Additionally, increased competitive intensity during the quarter from the newer wireless entrants at the low end of the consumer market resulted in the loss of some higher ARPU prepaid customers, contributing
to lower prepaid ARPU year over year. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid gross activations increased 13.4% this quarter to 299,657 from 264,312 in Q1&nbsp;2010. Postpaid gross activations represented approximately 71% of total gross activations in Q1&nbsp;2011, compared to
62% in Q1&nbsp;2010. The year-over-year increase in postpaid gross activations reflected our extensive handset line-up, including the latest smartphones and other sought-after
</FONT></P>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b>12 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




<p style="margin-top: 0; margin-bottom: 0" align="right"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<FONT face="Arial" size="2">mobile devices many of which are exclusive to Bell&nbsp;for a certain period of time, promotional offers, a continued focus on attracting high value customers, and expanded distribution. At March&nbsp;31,&nbsp;2011, smartphone subscribers
represented 34% of the postpaid subscriber base as compared to 20% one year earlier.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid gross activations decreased 24.5% in Q1&nbsp;2011 to 124,142 from 164,522 in Q1&nbsp;2010, primarily due to our emphasis on postpaid acquisitions at Bell&nbsp;Mobility and Virgin as well as aggressive
acquisition offers from the new wireless entrants for lower value subscribers.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding significantly higher postpaid gross activations year over year, total gross wireless activations decreased 1.2% in Q1&nbsp;2011 to
423,799 from 428,834 in Q1&nbsp;2010 due to lower prepaid gross activations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our blended churn rate increased to 1.9% in Q1&nbsp;2011 from 1.8% in Q1&nbsp;2010 as a result of higher postpaid and prepaid churn. Postpaid churn increased to 1.4% this quarter from 1.2% in Q1&nbsp;2010, while
prepaid churn increased to 3.7% from 3.4% for the same respective periods. Higher postpaid and prepaid churn this quarter mainly reflected heightened competitive marketing intensity, particularly
at the low end of the consumer market, due in part to price competition and an increased number of unlimited usage rate plan offers. Although our postpaid churn rate this quarter increased year over year, it improved compared to churn of 1.5% in Q4
2010, reflecting successful customer retention efforts and continued enhancements to network quality.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total wireless net subscriber activations decreased to 5,292 in Q1&nbsp;2011 from 55,625 in the
first three months of&nbsp;2010 as strong growth in higher
value postpaid gross activations was offset largely by fewer prepaid gross activations and increased churn. Postpaid net activations this quarter were essentially stable, year over year, at 80,648 compared to 81,212 in Q1&nbsp;2010, while prepaid net
customer losses increased to 75,356 from 25,587 in the same respective periods. At March&nbsp;31,&nbsp;2011, we provided service to 7,247,340 wireless subscribers, representing a 5.2% increase since the end of the
first quarter of&nbsp;2010.</FONT></P>
<P align="left">
<I><FONT face="Arial">Bell&nbsp;Wireless EBITDA</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our Bell&nbsp;Wireless segment reported EBITDA of &#36;461&nbsp;million in the
first quarter of&nbsp;2011, up 12.2% from &#36;411&nbsp;million in the first three months of&nbsp;2010. The year-over-year increase in Bell&nbsp;Wireless EBITDA was mainly the result of higher wireless operating revenues as described above, offset partly by higher operating costs. Bell&nbsp;Wireless&#146; EBITDA margin as
a percentage of wireless service revenue was 40.3% in Q1&nbsp;2011, up from 39.0% in Q1&nbsp;2010.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireless&#146; operating costs, which increased 7.5% in Q1&nbsp;2011 to &#36;790&nbsp;million from &#36;735&nbsp;million in Q1&nbsp;2010, reflected higher
year-over-year spending on customer retention and handset upgrades, increased subscriber acquisition costs resulting from a greater number of postpaid gross activations and higher per-unit handset costs to support increased smartphone loading,
higher payments to other carriers due to increased data roaming volume, as well as higher labour costs related to annual wage increases for our full-time workforce and increased outsourced labour to provide customer support to a growing base of
smartphone customers using more sophisticated data services and applications. Lower advertising and marketing expenses due to higher spending last year during the Vancouver Winter Olympics, as well as reduced general administrative costs
reflecting improved efficiency in supporting our wireless subscriber base, partly offset the increase in wireless operating costs this quarter.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning in Q1&nbsp;2011, we have changed our methodology for calculating wireless COA to better align with Canadian industry practices which excludes certain recurring commissions paid from the
calculation of COA and, instead, considers them to be a cost of maintaining customers. Prior quarters have been restated to make year-over-year comparisons consistent.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless COA per gross activation increased 14.0% in Q1&nbsp;2011 to &#36;366 from &#36;321 in the previous year. Wireless COA per gross activation increased year over year, mainly as a result of higher
per-unit handset subsidies and sales commissions driven by a higher proportion of postpaid and smartphone customer activations this quarter compared to the
first quarter of&nbsp;2010. This was
moderated partly by the favourable impact of decreased advertising and lower U.S. dollar hedge rates in&nbsp;2011 on our U.S. dollar-denominated purchases of wireless devices.</FONT></P>
<P align="left">
<B><FONT face="Arial">Bell&nbsp;Aliant Segment</FONT></B></P>
<P align="left">
<I><FONT face="Arial">Bell&nbsp;Aliant Revenue</FONT></I></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL ALIANT REVENUE </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">Q1&nbsp;2011</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q1&nbsp;2010 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=center width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Local and access </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">308</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">321 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</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="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long distance </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">90</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">92 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</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="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Data </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">172</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">159 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</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">&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%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">21</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</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 size=2 face="Arial">10.5% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Equipment &amp; other </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">34</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">35 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(2.9% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Total external revenues </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">625</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<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">(0.2% </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">57</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">63 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(9.5% </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Total Bell&nbsp;Aliant revenue</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">682</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">689 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(1.0% </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Aliant revenues decreased 1.0% in the first quarter of&nbsp;2011 to &#36;682&nbsp;million from &#36;689&nbsp;million in the same quarter last year. The year-over-year decline resulted
from the continued erosion of Bell&nbsp;Aliant&#146;s legacy voice and data businesses. Higher revenues from growth in Internet, wireless and TV services partly offset the year-over-year decrease in Bell&nbsp;Aliant&#146;s operating revenues this
quarter.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; </font><b>
<font face="Arial" size="1">13</font></b></p>

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




<p style="margin-top: 0; margin-bottom:0" align="left"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local and access revenues decreased 4.0% in Q1&nbsp;2011 to &#36;308&nbsp;million from &#36;321&nbsp;million in Q1&nbsp;2010. This was due to a 4.7% decline in the NAS customer base since the end of the
first quarter of&nbsp;2010, reflecting competitive losses driven by aggressive pricing and an expansion in the cable competitive footprint, as well as
substitution for other services including wireless and Voice over Internet Protocol (VoIP) services. In order to moderate the impact of a declining NAS customer base on its revenues, Bell&nbsp;Aliant has programs in place targeted at retaining the
highest value customers and has implemented pricing increases in certain areas of its territory that reflect the higher value provided through its bundled packages. At March&nbsp;31,&nbsp;2011, Bell&nbsp;Aliant
had 2,742,691 NAS in service, compared to 2,877,576 NAS one year earlier.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long distance revenues were &#36;90&nbsp;million in the
first quarter of&nbsp;2011, down 2.2% as compared to &#36;92&nbsp;million in the first three months of&nbsp;2010. Although long distance revenues continued to decrease as a result of NAS line losses and technology substitution to wireless calling and IP-based services, the rate of erosion
improved this quarter due to a slowing in the decline of minutes of use year over year, and the positive impact of price increases.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data revenues increased 8.2% in Q1&nbsp;2011 to &#36;172&nbsp;million from &#36;159&nbsp;million in Q1&nbsp;2010. The year-over-year improvement can be attributed largely to increased TV service revenues from subscriber
growth, higher Internet revenues resulting from a 3.8% increase in the number of high-speed subscribers and a 4.8% improvement in residential ARPU from growth in value-added services and price increases. At March&nbsp;31,&nbsp;2011, Bell&nbsp;Aliant had 851,261
high-speed Internet subscribers compared to 819,886 subscribers one year earlier.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless revenues grew 10.5% in the first quarter of&nbsp;2011 to &#36;21&nbsp;million from &#36;19&nbsp;million in the
first quarter of&nbsp;2010, due mainly to subscriber growth. At March&nbsp;31,&nbsp;2011, Bell&nbsp;Aliant had 134,541 wireless customers, representing a 10.8% increase since the end of Q1&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment and other revenues in Q1&nbsp;2011 were essentially unchanged, year over year, at &#36;34&nbsp;million compared to &#36;35&nbsp;million in Q1&nbsp;2010.</font></P>
<P align="left">
<I><FONT face="Arial">Bell&nbsp;Aliant EBITDA</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">EBITDA at Bell&nbsp;Aliant decreased 3.0% to &#36;328&nbsp;million in the
first quarter of&nbsp;2011 from &#36;338&nbsp;million in the first
quarter of&nbsp;2010. The year-over-year decline was primarily due to lower operating revenues as described previously. Operating costs remained relatively stable year over year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Aliant&#146;s operating costs were &#36;354&nbsp;million in Q1&nbsp;2011, up from &#36;351&nbsp;million in Q1&nbsp;2010. The slight year-over-year increase was due to higher purchases of goods and services this
quarter attributable to growth in </FONT><font size="2"><I><FONT face="Arial">FibreOP</FONT></I></font><font size="2" face="Arial"> subscribers, increased content costs and higher data product revenues. Labour costs were also higher in Q1&nbsp;2011, compared with the previous year,
due to cost reductions in Q1&nbsp;2010 related to an equity-based executive incentive plan. Various cost containment and other expense reduction measures that reduced general and administrative expenses, as well as lower employee-related discretionary
spending as a result of workforce reductions in&nbsp;2010, largely offset the increase in Bell&nbsp;Aliant&#146;s operating costs this quarter.
</font></P>
<P align="left">
<B><FONT face="Arial" size="4">Financial and Capital Management</FONT></B></P>
<P align="left">
<I><FONT face="Arial" size="2">This section tells you how we manage our cash and capital resources to carry out our strategy and deliver
financial results. It provides an analysis of our
financial condition, cash flows and liquidity on a consolidated basis.</FONT></I></P>
<P align="left">
<B><FONT face="Arial" size="2">NET DEBT</FONT></B></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%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">MARCH 31,</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">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="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&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">Debt due within one year</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">3,049</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,570 </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%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">11,556</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,581 </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><SUP><FONT size=2 face="Arial">(2)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,385</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,385 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash and cash equivalents </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(2,172</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(771 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Net debt</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">13,818</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">13,765 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
		<p style="margin-top: 6px">
<I><FONT face="Arial" size="1">(1)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 6px">
<I><FONT face="Arial" size="1">Includes bank advances and notes payable and sale of trade receivables</FONT></I></P>

		</td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
		<p style="margin-top: 0">
<I><FONT face="Arial" size="1">(2)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 0">
<I><FONT face="Arial" size="1">Assumes 50% debt weighting on &#36;2,770&nbsp;million of outstanding preferred shares consistent with the treatment by credit agencies</FONT></I></P>

		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">Net debt increased &#36;53&nbsp;million to &#36;13,818&nbsp;million in the
first quarter of&nbsp;2011 due mainly to an increase in long-term debt at Bell&nbsp;from the issue of medium-term
debentures having a principal amount of &#36;1&nbsp;billion and bearing interest at 4.40% and an increase in notes payable and bank advances, partly offset by an increase in cash and cash equivalents.</FONT></P>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b>14 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




<p style="margin-top: 0; margin-bottom: 0" align="right"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<B><FONT face="Arial" size="2">OUTSTANDING SHARE DATA</FONT></B></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%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">MARCH 31,</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DECEMBER 31, </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Arial">(in&nbsp;millions)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=right 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>
</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%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">754.1</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">752.3 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Stock options </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">7.5</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">8.5 </FONT>
	</TD>
	<TD align=right width="2%" style="border-bottom: 3px double #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">We had 754.1&nbsp;million common shares outstanding at March&nbsp;31,&nbsp;2011, an increase of 1.8&nbsp;million from December&nbsp;31,&nbsp;2010, resulting from BCE&nbsp;Inc.&#146;s stock options that were exercised in the
first quarter of&nbsp;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of stock options outstanding at March&nbsp;31,&nbsp;2011 was 7.5&nbsp;million, a decrease of 1.0&nbsp;million from December&nbsp;31,&nbsp;2010. The weighted average exercise price of the stock options outstanding at
March&nbsp;31,&nbsp;2011 was &#36;33. Of the total outstanding stock options at March&nbsp;31,&nbsp;2011, 5.1&nbsp;million were exercisable at a weighted average exercise price of &#36;31. In the
first three months of
2011:</FONT></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">2.4&nbsp;million options were granted</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">1.8&nbsp;million previously granted options were exercised</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">1.6&nbsp;million previously granted options expired or were forfeited.</FONT></LI>
</UL>
<P align="left">
<FONT face="Arial" size="2">On April&nbsp;1,&nbsp;2011, as part of the acquisition of CTV, BCE&nbsp;Inc. issued 21.7&nbsp;million shares to Woodbridge Ltd.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">CASH FLOWS</FONT></B></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 align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">Q1&nbsp;2011</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q1&nbsp;2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Cash flows from operating activities</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">734</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant dividends / distributions paid to BCE&nbsp;</FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">63</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">73 </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">Capital expenditures </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(634</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(535 </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">Cash dividends paid on preferred shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(28</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash dividends paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(91</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Acquisition costs paid </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">4</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant free cash flow </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">217</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">42 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">
<B><FONT size=2 face="Arial">Free cash flow</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">265</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">560 </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">Bell&nbsp;Aliant free cash flow, excluding dividends / distributions paid </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(280</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(115 </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">Business acquisitions</FONT></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Acquisition costs paid </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(4</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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 align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Business dispositions </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">2</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Increase in investments </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(2</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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 valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Decrease in investments </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">3</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10 </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 investing activities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">4</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net issuance of debt instruments </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,452</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&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>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Sale of trade receivables </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(2</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Issue of common shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">49</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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 valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Repurchase of common shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(125 </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">Issue of equity securities by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">288</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="76%">
<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%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(344</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other financing activities </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(30</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(11 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Net increase in cash and cash equivalents</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,401</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">62 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial">Cash Flows from Operating Activities</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Cash flows from operating activities were &#36;734&nbsp;million, a decrease of &#36;270&nbsp;million, or 27%, compared to &#36;1,004&nbsp;million in the
first quarter of&nbsp;2010. The decrease is due to:</FONT></P>
<UL>
<LI>
<FONT face="Arial" size="2">an increase of &#36;199&nbsp;million in pension contributions due to a &#36;200&nbsp;million lump sum pension contribution at Bell&nbsp;Aliant</FONT></LI>
<LI>
<FONT face="Arial" size="2">an increase of &#36;153&nbsp;million in severance and other costs paid mainly due to rebates paid to residential home phone customers further to our commitment under the CRTC deferral account
mechanism</FONT></LI>
<LI>
<FONT face="Arial" size="2">a reduction in working capital.</FONT></LI>
</UL>
<P align="left">
<FONT face="Arial" size="2">This decrease was partly offset by an increase in EBITDA, exclusive of
pension current service costs of &#36;86&nbsp;million and a decrease in interest paid of &#36;83&nbsp;million due to the
payment of distributions to fund unit holders in&nbsp;2010.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; </font><b>
<font face="Arial" size="1">15</font></b></p>

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




<p style="margin-top: 0; margin-bottom:0" align="left"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<B><FONT face="Arial">Free Cash Flow</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Free cash flow this quarter was &#36;265&nbsp;million, a decrease of &#36;295&nbsp;million, compared to free cash
flow of &#36;560
million in the first quarter of&nbsp;2010. The decrease was due to lower cash flows from operating activities of &#36;270&nbsp;million, higher capital
expenditures of &#36;99&nbsp;million and payment of cash dividends by subsidiaries to non-controlling interest of &#36;91&nbsp;million, partly offset by an increase in the adjustment for Bell&nbsp;Aliant free cash
flow of &#36;175&nbsp;million.</FONT></P>
<P align="left">
<B><FONT face="Arial">Capital Expenditures</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Capital expenditures for BCE&nbsp;increased to &#36;634&nbsp;million in the
first quarter of&nbsp;2011 from &#36;535&nbsp;million in the first
quarter of&nbsp;2010, reflecting higher spending at both Bell&nbsp;and Bell&nbsp;Aliant. As a percentage of revenues, capital expenditures for BCE&nbsp;were 14.2% this quarter, up from 12.1% in Q1&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell, capital expenditures increased 16.8% to &#36;515&nbsp;million in the
first three months of&nbsp;2011 from &#36;441&nbsp;million in the corresponding
period last year. This represented a capital intensity ratio of 13.3% in Q1&nbsp;2011 compared to 11.5% in Q1&nbsp;2010. The year-over-year increase was due mainly to:</FONT></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">the deployment of broadband fibre to residential neighbourhoods, new condominiums and other multiple-dwelling units (MDUs) and businesses in Ontario and
Qu&eacute;bec</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">the deployment of fibre-to-the-home (FTTH) in Qu&eacute;bec City as well as in new urban and suburban housing developments in Ontario and
Qu&eacute;bec</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">ongoing grooming of Bell&#146;s core wireline broadband network to support the commercial roll-out of our IPTV service</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">network capacity growth to accommodate increasing wireline and wireless data consumption</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">increased investment in customer service to improve client care support systems and self-serve tools</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">spending associated with the construction of data hosting centres in Ontario.</FONT></LI>
</UL>
<P align="left">
<font size="2" face="Arial">Consistent with its strategic priority to grow broadband, Bell&nbsp;Aliant&#146;s capital expenditures increased 26.6%, year over year, in Q1&nbsp;2011 to &#36;119&nbsp;million from &#36;94&nbsp;million in Q1&nbsp;2010, reflecting accelerated expansion of its
</font><font size="2"><I><FONT face="Arial">FibreOP </FONT></I></font>
<font size="2" face="Arial">Internet and TV service coverage through the deployment of FTTH.</font></P>
<P align="left">
<B><FONT face="Arial">Debt Instruments</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">In the first quarter of&nbsp;2011, we issued &#36;1,452&nbsp;million of debt, net of repayments. This included Bell&nbsp;Canada&#146;s issuance of medium-term debentures having a principal
amount of &#36;1&nbsp;billion and borrowings under notes payable and bank advances of approximately &#36;560&nbsp;million, mainly from an issuance of &#36;600&nbsp;million in commercial paper at Bell&nbsp;Canada.</FONT></P>
<P align="left">
<B><FONT face="Arial">Repurchase of Common Shares</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">In the first quarter of&nbsp;2010, BCE&nbsp;Inc. repurchased and cancelled 4.2&nbsp;million of its outstanding common shares for a total cash outlay of &#36;125&nbsp;million under the&nbsp;2010 NCIB
program.</FONT></P>
<P align="left">
<B><FONT face="Arial">Issuance of Equity Securities by Subsidiaries to Non-Controlling Interest</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">In the first quarter of&nbsp;2011, Bell&nbsp;Aliant Preferred Equity&nbsp;Inc., an indirect subsidiary of Bell&nbsp;Aliant&nbsp;Inc., issued preferred shares of &#36;288&nbsp;million. </FONT></P>
<P align="left">
<B><FONT face="Arial">Cash Dividends Paid on Common Shares</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">In the first quarter of&nbsp;2011, cash dividends paid on common shares increased as we paid a dividend of &#36;0.457 per common share, as compared to a dividend paid of &#36;0.405
per common share in the first quarter of&nbsp;2010, partly offset by lower common shares outstanding in&nbsp;2011 as compared to the same period last year.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">CREDIT RATINGS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Our key credit ratings at May&nbsp;11,&nbsp;2011 remain unchanged from those described in the BCE&nbsp;2010 Annual MD&amp;A.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">LIQUIDITY</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Our cash requirements remain substantially unchanged from those described in the BCE&nbsp;2010 Annual MD&amp;A.</FONT></P>






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<p style="margin-top: 0; margin-bottom: 0" align="right"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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<P align="left">
<B><FONT face="Arial" size="2">RECENT DEVELOPMENTS IN LEGAL PROCEEDINGS</FONT></B></P>
<P align="left">
<font size="2" face="Arial">The following are updates to the legal proceedings described in the BCE&nbsp;2010 AIF under the section
</font><font size="2"><I><FONT face="Arial">Legal Proceedings</FONT></I><FONT face="Arial"> (at pages 29 to 33 of the BCE&nbsp;2010 AIF),
filed with the Canadian securities regulatory authorities (available on BCE&#146;s website at www.bce.ca and on SEDAR at www.sedar.com) and with the United States Securities and Exchange Commission under Form
40-F (available on EDGAR at www.sec.gov). For ease of reference, the updates below have been presented under the same headings and in the same order as in the section entitled </FONT><I><FONT face="Arial">Legal Proceedings</FONT></I></font><font size="2" face="Arial"> of the BCE&nbsp;2010 AIF.</font></P>
<P align="left">
<B><FONT face="Arial">Lawsuits Related to BCE&nbsp;Inc.</FONT></B></P>
<P align="left">
<I><FONT face="Arial">Purported Class Action Concerning Dividends</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">As discussed in more detail in the BCE&nbsp;2010 AIF, BCE&nbsp;Inc., BCE&nbsp;Acquisition&nbsp;Inc., Ontario Teachers&#146; Pension Plan Board and affiliates of Providence Equity Partners&nbsp;Inc. and
Madison Dearborn Partners, LLC, are defendants in a purported class action instituted on October&nbsp;24,&nbsp;2008 on behalf of persons or entities that held common shares of BCE&nbsp;Inc. between August&nbsp;8,&nbsp;2007 and July&nbsp;4,&nbsp;2008, seeking, among other things, the
payment by BCE&nbsp;Inc. to class members of common share dividends in respect of the second and third quarters of&nbsp;2008. On September&nbsp;21,&nbsp;2010, BCE&nbsp;Inc. served an amended motion to strike the statement of claim on the basis that it is frivolous,
vexatious and an abuse of process. The motion is scheduled to be heard in July&nbsp;2011.</FONT></P>
<P align="left">
<B><FONT face="Arial">Lawsuits Related to Bell&nbsp;Canada</FONT></B></P>
<P align="left">
<I><FONT face="Arial">Purported Class Action Concerning Internet Service Speed</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">As discussed in more detail in the BCE&nbsp;2010 AIF, Bell&nbsp;Canada is defendant in a purported class action instituted on May&nbsp;29,&nbsp;2008, seeking reimbursement of 80% of customers&#146; monthly fees for high-speed Internet service and the
payment of punitive damages. On February&nbsp;22,&nbsp;2011, the Qu&eacute;bec Superior Court dismissed the plaintiffs&#146; amended motion to obtain authorization to institute the class action. On March&nbsp;24,&nbsp;2011, plaintiffs appealed the Qu&eacute;bec
Superior Court&#146;s decision to the Qu&eacute;bec Court of Appeal.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="4">Updates to Our Regulatory Environment</FONT></B></P>
<P align="left">
<font size="2" face="Arial">The following are updates to the regulatory initiatives and proceedings described in the BCE&nbsp;2010 Annual MD&amp;A under the section
</font><font size="2"><I><FONT face="Arial">Our Regulatory Environment</FONT></I><FONT face="Arial"> (at pages 63
to 69 of the BCE&nbsp;2010 Annual Report), filed with the Canadian securities regulatory authorities (available on BCE&#146;s website at www.bce.ca and on SEDAR at www.sedar.com) and with the United
States Securities and Exchange Commission under Form 40-F (available on EDGAR at www.sec.gov). For ease of reference, the updates below have, where applicable, been presented under the same headings and in the same order as in the section entitled
</FONT><I><FONT face="Arial">Our Regulatory Environment </FONT></I></font>
<font size="2" face="Arial">of the BCE&nbsp;2010 Annual MD&amp;A.</font></P>
<P align="left">
<B><FONT face="Arial" size="2">TELECOMMUNICATIONS ACT</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Key Telecommunications Issues</FONT></B></P>
<P align="left">
<I><FONT face="Arial">Review of Usage-Based Billing (UBB)</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">As discussed in more detail in the BCE&nbsp;2010 Annual MD&amp;A, on March&nbsp;13,&nbsp;2009, Bell&nbsp;Canada and Bell&nbsp;Aliant Regional Communications, Limited Partnership (Bell&nbsp;Aliant LP) submitted to the CRTC proposed tariffs that would introduce
UBB for their wholesale residential Gateway Access Services (GAS) consistent with pricing changes that Bell&nbsp;Canada and Bell&nbsp;Aliant LP had been implementing since February&nbsp;1,&nbsp;2007 for their retail Internet access services. On January&nbsp;25,&nbsp;2011, the
CRTC issued Telecom Decision&nbsp;2011-44 approving wholesale UBB rates at a discount of 15% from the comparable UBB rates for retail Internet services. On January&nbsp;26,&nbsp;2011, Vaxination Informatique
filed a petition to the Governor-in-Council requesting that the Governor-in-Council review and overturn the CRTC&#146;s approval of UBB rates. On February&nbsp;8,&nbsp;2011, the CRTC initiated a proceeding to review its decisions regarding UBB and suspended
implementation of wholesale UBB pending the outcome of its review.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;28,&nbsp;2011, Bell&nbsp;Canada and Bell&nbsp;Aliant LP withdrew their UBB proposal and proposed instead Aggregated Volume Pricing (AVP). AVP is composed of a monthly access fee and a volume rate applied to
all of a wholesale ISP&#146;s traffic on an aggregate basis. AVP is aligned with recommendations from other parties, including a number of wholesale ISPs, and offers wholesale ISPs the
flexibility to develop their own Internet pricing approaches, while supporting the fundamental principle that those who use less network capacity should not subsidize those that use the most.
Acknowledging that Bell&nbsp;Canada and Bell&nbsp;Aliant LP withdrew their wholesale UBB proposal, Vaxination Informatique withdrew its petition to the Governor-in-Council on March&nbsp;28,&nbsp;2011. An oral proceeding is scheduled to begin on July&nbsp;11,&nbsp;2011. The
CRTC&#146;s decision is not expected before the fourth quarter of&nbsp;2011.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; </font><b>
<font face="Arial" size="1">17</font></b></p>

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<p style="margin-top: 0; margin-bottom:0" align="left"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<I><FONT face="Arial">Review of Unbundled Local Loop Rates</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">As discussed in more detail in the BCE&nbsp;2010 Annual MD&amp;A, on June&nbsp;2,&nbsp;2009, Bell&nbsp;Canada and Bell&nbsp;Aliant LP 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. 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 CRTC issued its decision
on January&nbsp;12,&nbsp;2011 and the approved rate changes apply retroactively to the date of interim approval (December&nbsp;14,&nbsp;2009). On March&nbsp;7,&nbsp;2011, MTS Allstream
filed a review and variance application
of the latter CRTC decision arguing that rates should be even lower than they were before the December&nbsp;14,&nbsp;2009 decision. On April&nbsp;26,&nbsp;2011, Bell&nbsp;Canada
filed its own review and variance
application of the CRTC decision seeking increases, rather than decreases, to the rates approved by the CRTC. There is a risk that the CRTC will approve, in whole or in part, MTS Allstream&#146;s application and reject Bell&nbsp;Canada&#146;s
application.</FONT></P>
<P align="left">
<I><FONT face="Arial">Proceeding to Review Access to Basic Telecommunications Services and Other Matters</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The CRTC has a &#36;175.8&nbsp;million subsidy (contribution) regime (using&nbsp;2010 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 0.73%
of eligible telecom revenues in&nbsp;2010. Bell&nbsp;Canada no longer draws monies from the contribution subsidy fund, and is also the largest payer into the fund. On May&nbsp;3,&nbsp;2011, the CRTC issued its decision regarding the proceeding to review access to basic
telecommunications services which it had initiated on January&nbsp;28,&nbsp;2010. The proceeding included a review of the obligation to serve, the basic service objective, and the local service subsidy (contribution) regime.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CRTC established universal target broadband speeds for the end of 2015 of 5 Mbps download and 1 Mbps upload speeds (actual not advertized speeds) &#150; based on a variety of technologies. The
CRTC did not, however, impose a broadband obligation to serve, nor did it establish a funding mechanism for broadband deployment. The CRTC instead continues to rely on market forces and targeted government funding for&nbsp;Canada to reach those
objectives. The CRTC will continue to monitor progress in this respect and may revisit its approach over time.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CRTC&#146;s decision also allows for certain rate increases to standalone primary exchange service (PES) (standalone PES customers only subscribe to residential single line local service): up to
&#36;30 over a three-year period and thereafter by the annual rate of inflation in forborne exchanges and up to annual inflationary increases
in regulated exchanges.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The decision also calls for many changes to the contribution subsidy regime. In particular, competitive local exchange carriers are no longer eligible for subsidies in regulated exchanges and
subsidies are eliminated altogether in forborne exchanges which is a positive change for Bell&nbsp;Canada as a net payer to the contribution subsidy fund. As always, incumbent local exchange carriers have the option to
file updated costs in order to justify higher subsidies which, if granted, could result in higher payments by Bell&nbsp;Canada into the fund.</FONT></P>
<P align="left">
<I><FONT face="Arial">Petition Submitted to the Governor-in-Council by Rogers Communications Partnership&nbsp;Inc. (Rogers) Related to the CRTC Deferral Account Mechanism</FONT></I></P>
<P align="left">
<font size="2" face="Arial">As discussed in more detail in the BCE&nbsp;2010 Annual MD&amp;A, on January&nbsp;26,&nbsp;2011, Rogers submitted a petition to the Governor-in-Council pursuant to section 12 of the Telecommunications Act concerning Telecom Decision&nbsp;2010-805,
</font><font size="2"><I><FONT face="Arial">Bell&nbsp;Canada &#150; Applications to review and vary certain determinations in Telecom Decision CRTC&nbsp;2010-637 concerning the use of high-speed packet access wireless technology and the deferral account
balance</FONT></I></font><font size="2" face="Arial">, in which the CRTC approved Bell&nbsp;Canada&#146;s revised proposal to use the approved &#36;306.3&nbsp;million of deferral account funds for the use of HSPA+ wireless technology instead of wireline DSL for the expansion
of broadband to the 112 communities approved for inclusion in Bell&nbsp;Canada&#146;s deferral account-funded program.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Governor-in-Council may, until October&nbsp;29,&nbsp;2011, choose to vary or rescind the decision or refer it back to the CRTC for reconsideration of all or a portion of it. However, on March&nbsp;28,&nbsp;2011, Bell&nbsp;
Canada challenged the legality of Rogers&#146; petition and sought an order from the Federal Court to prohibit Cabinet from considering the petition on the grounds that it addresses issues that were not part of the CRTC&#146;s original decision that
Rogers is challenging. A court decision is expected before the October&nbsp;29 deadline.
</font></P>
<P align="left">
<B><FONT face="Arial" size="2">BROADCASTING ACT</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Canadian Broadcasting in New Media</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">As discussed in more detail in the BCE&nbsp;2010 Annual MD&amp;A, in Broadcasting Regulatory Policy CRTC&nbsp;2009-329, dated June&nbsp;4,&nbsp;2009, the CRTC referred to the Federal Court of Appeal the legal question of whether ISPs are subject to
the Broadcasting Act and therefore subject to broadcasting regulation. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Federal Court of Appeal issued its decision on July&nbsp;7,&nbsp;2010, in which it concluded that ISPs &#147;do not carry on, in whole or in part, &#145;broadcasting undertakings&#146; subject to the
Broadcasting Act when, in their role as ISPs, they provide access through the Internet to &#145;broadcasting&#146; requested by end-users.&#148; On September&nbsp;27,&nbsp;2010, the Alliance of Canadian Cinema, Television and Radio Artists, the Canadian Media
Production Association, the Directors Guild of&nbsp;Canada and the Writers Guild of&nbsp;Canada
filed an application to the Supreme Court of&nbsp;Canada seeking leave to appeal the Federal Court of Appeal&#146;s
July&nbsp;7,&nbsp;2010 decision. On </FONT></P>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b>18 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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<p style="margin-top: 0; margin-bottom: 0" align="right"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<FONT face="Arial" size="2">March&nbsp;24,&nbsp;2011, the Supreme Court granted leave to appeal to these content creators. As a consequence, the Supreme Court will ultimately determine the legal question of whether ISPs are subject to the Broadcasting Act when, acting
in their role as Internet access providers, they provide access through the Internet to broadcasting content. If the Supreme Court were to reverse the Federal Court of Appeal&#146;s decision and in so doing determine that ISPs do carry on a
broadcasting undertaking when in their role as ISPs they provide access through the Internet to broadcasting, this would give the CRTC the jurisdiction to impose a levy on ISP revenues, which funds could be used (in whole or in part) to subsidize
the creation and/or distribution of Canadian new media broadcasting programming content.</FONT></P>
<P align="left">
<B><FONT face="Arial">Proceeding to Review the Regulatory Framework Relating to Vertical Integration</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">As discussed in more detail in the BCE&nbsp;2010 Annual MD&amp;A, on October&nbsp;22,&nbsp;2010, noting the growing trend of &#147;vertical integration&#148; taking place in the Canadian broadcasting industry, the CRTC launched Broadcasting
Notice of Consultation&nbsp;2010-783. In this proceeding, the CRTC will examine whether existing regulatory tools will be sufficient to address any concerns that vertically integrated distributors have
the potential to behave in an anti-competitive manner, to the detriment of the Canadian broadcasting industry. A hearing in this matter is scheduled to take place in the second quarter of&nbsp;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CRTC&#146;s vertical integration proceeding will also determine whether a CRTC-imposed moratorium against new exclusive programming agreements will be continued. In Broadcasting Decision CRTC
2011-163, dated March&nbsp;7,&nbsp;2011, approving BCE&#146;s acquisition of CTV, the CRTC determined that BCE&nbsp;was prohibited from entering into new agreements that would prevent it from making available to competitors on commercial terms, mobile and
broadband rights to programs that had aired on CTV conventional and speciality services. This moratorium also applies to other vertically integrated entities (e.g. Rogers Communications&nbsp;Inc., Shaw Communications&nbsp;Inc. and Quebecor Media&nbsp;Inc.) and
will continue until such time as the CRTC issues its determination in the vertical integration proceeding.</FONT></P>
<P align="left">
<B><FONT face="Arial">Bell&nbsp;Media</FONT></B></P>
<P align="left">
<font size="2" face="Arial">Bell&nbsp;Media&#146;s television and radio broadcasting operations are subject to the requirements of the
</font><font size="2"><I><FONT face="Arial">Broadcasting Act</FONT></I></font><font size="2" face="Arial">, the policies and decisions of the CRTC, and the
broadcasting licences and conditions issued thereunder. Any changes in such legislation or amendments to existing or adoption of new regulations or amendments to licences, including any decisions by the CRTC from time to time that affect the
industry as a whole or Bell&nbsp;Media in particular, may have a negative effect on Bell&nbsp;Media&#146;s business and results of operations.</font></P>
<P align="left">
<I><FONT face="Arial">Value for Signal</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">As discussed in more detail in the BCE&nbsp;2010 Annual MD&amp;A, the CRTC announced in Broadcasting Regulatory Policy CRTC&nbsp;2010-167 its intention to implement a regime where broadcasters can choose to either retain their existing
regulatory protections or negotiate a value-for-signal (VFS) fee with distributors. As the CRTC concluded that there was a legal uncertainty as to whether it had jurisdiction to impose a VFS regime, it referred the question of its jurisdiction in
this area to the Federal Court of Appeal. In a decision dated February&nbsp;28,&nbsp;2011, the Federal Court of Appeal ruled that the CRTC has the jurisdiction under the Broadcasting Act to establish a regulatory regime allowing private local over-the-air
television stations (OTAs) to choose to negotiate with broadcasting distribution undertakings (BDUs), such as Bell&nbsp;TV, for a fair value in exchange for the distribution of the programming services broadcast by those local OTAs. On April&nbsp;29,&nbsp;2011,
Cogeco Cable&nbsp;Inc., Rogers, Shaw Cablesystems G.P. and TELUS Communications Company requested leave to appeal the Federal Court of Appeal&#146;s decision to the Supreme Court of&nbsp;Canada. If an appeal were successful, and VFS were not implemented, Bell&nbsp;
Media would lose the ability to obtain an additional revenue stream beyond advertising to compensate it for the value of its conventional TV signals. </FONT></P>
<P align="left">
<I><FONT face="Arial">Group-Based Licence Renewals for English-Language Television Groups</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">On March&nbsp;22,&nbsp;2010, the CRTC issued a new policy regarding a group-based approach to licensing private television services affiliated with larger Canadian broadcasting groups
(the group-based policy). The group-based policy applies to Bell&nbsp;Media, Shaw Media&nbsp;Inc., and Rogers Broadcasting Ltd. In addition, Corus Entertainment Ltd. has proposed that it should be subject to the same policy. On December&nbsp;22,&nbsp;2010, the CRTC
launched Broadcasting Notice of Consultation CRTC&nbsp;2010-952 to consider the applications for licence renewals
filed by each of the large ownership groups under the new policy. A CRTC hearing
related to this consultation took place in April&nbsp;2011. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The key issues considered in the CRTC&#146;s consultation are: the amount of expenditures required by the large ownership groups on Canadian programming and programs of national interest; the terms of
trade applicable to commercial negotiations between Canadian broadcasters and Canadian television producers; and the mandatory transition to digital television for conventional broadcasters in certain markets. In addition to making proposals on
these key issues, Bell&nbsp;Media requested a number of changes to the conditions of licence for several of its specialty television services. The CRTC may not accept Bell&nbsp;Media&#146;s proposals which could result in sub-optimal conditions of licence for
some services and/or regulations requiring a larger annual spending requirement on Canadian programming than that proposed by Bell&nbsp;Media. CRTC decisions on the licence renewal applications of Bell&nbsp;Media and the other large ownership groups are
expected by August&nbsp;31,&nbsp;2011.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; </font><b>
<font face="Arial" size="1">19</font></b></p>

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<p style="margin-top: 0; margin-bottom:0" align="left"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<I><FONT face="Arial">Opening up Genres of Specialty Services to Competition</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Certain specialty services that Bell&nbsp;Media operates benefit from guaranteed carriage by BDUs and protection from other services being licensed in their assigned genre. In
October&nbsp;2008, the CRTC indicated that it was prepared to open up both the mainstream news and mainstream sports genres to competition. This decision may increase the amount of competition Bell&nbsp;Media&#146;s news and sports services face, which could
have an adverse impact on programming costs and on advertising and subscription revenues.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the CRTC noted that it would be prepared to consider opening up other genres in the future. Depending on which genres are opened to competition, this could have an adverse impact on Bell&nbsp;
Media&#146;s specialty television business and results of operations.</FONT></P>
<P align="left">
<I><FONT face="Arial">New Packaging Rules for BDUs</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">In October&nbsp;2008, the CRTC announced that, beginning on September&nbsp;1,&nbsp;2011, new rules relating to how BDUs package specialty services would come into force. These new rules give BDUs significant packaging
flexibility, which could affect the distribution of Bell&nbsp;Media&#146;s specialty services, and have a negative impact on both advertising and subscription
revenues.</FONT></P>
<P align="left">
<I><FONT face="Arial">Review of DTH Satellite Distribution Policy</FONT></I></P>
<P align="left">
<font size="2" face="Arial">As discussed in more detail in the BCE&nbsp;2010 Annual MD&amp;A, in Broadcasting Regulatory Policy CRTC&nbsp;2010-167 (</font><font size="2"><I><FONT face="Arial">A group-based approach to the licensing of private television services</FONT></I></font><font size="2" face="Arial">), dated March&nbsp;22,&nbsp;2010, the CRTC stated its intention to conduct a review of its policies concerning DTH satellite services prior to the next licence renewal proceedings for the two DTH undertakings currently in operation (Shaw Direct
and Bell&nbsp;TV). The proceeding focused on two issues: (i) the conventional local television stations that DTH distributors are required to offer to their subscribers; and (ii) the manner in which DTH distributors perform simultaneous substitution.
Simultaneous substitution is a process whereby licensed broadcasting distribution undertakings (including Bell&nbsp;TV and its major competitors) are required to substitute local Canadian television signals for non-Canadian television signals where the
programming is simultaneous and identical. The CRTC issued its decision on May&nbsp;4,&nbsp;2010, in Broadcasting Regulatory Policy&nbsp;2010-295. The new policy supports Bell&#146;s prior proposals to distribute additional stations in high definition, and to add more stations in standard definition by September&nbsp;2012. This includes the commitments made by BCE&nbsp;to gain approval for its purchase of
CTV. There were no changes to the CRTC&#146;s rules for simultaneous substitution.
</font></P>
<P align="left">
<B><FONT face="Arial" size="2">RADIOCOMMUNICATION ACT</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Consultation on the Renewal of Cellular and Personal Communications Services (PCS) Spectrum Licences</FONT></B></P>
<P align="left">
<font size="2" face="Arial">As discussed in more detail in the BCE&nbsp;2010 Annual MD&amp;A, on March&nbsp;25,&nbsp;2009, Industry&nbsp;Canada initiated a consultation to consider the renewal of non-auctioned and auctioned cellular and PCS licences which expire in&nbsp;2011. On
March&nbsp;14,&nbsp;2011, Industry&nbsp;Canada released its decision titled </font>
<font size="2"><I><FONT face="Arial">Renewal Process for Cellular and Personal Communications Services Spectrum Licences</FONT></I></font><font size="2" face="Arial">, which addresses the renewal of non-auctioned
and auctioned cellular and PCS licences. As a result of the decision, Bell&nbsp;Mobility&#146;s spectrum licences will be renewed for a twenty-year, versus the current ten-year, licence term. While Industry&nbsp;Canada had proposed to eliminate the condition
of license requiring licensees to spend 2% of their revenues on research and development, it has deferred its decision regarding this item to a future date. Industry&nbsp;Canada had also proposed to review the level of the current annual licence fees
within this process. The decision indicates that while it has decided that licence fees will apply to all renewed licences, including those acquired through spectrum auctions subsequent to the initial term, the current fee of &#36;0.035 per MHz per
population will be maintained at its current level. </font></P>
<P align="left">
<B><FONT face="Arial">Consultation on Revisions to the Framework for Spectrum Auctions in&nbsp;Canada</FONT></B></P>
<P align="left">
<font size="2" face="Arial">As discussed in more detail in the BCE&nbsp;2010 Annual MD&amp;A, on April&nbsp;8,&nbsp;2009, Industry&nbsp;Canada initiated a consultation, which considered changes to the 2001 Framework for spectrum auctions in&nbsp;Canada, which is a general policy
that applies to all future spectrum auctions. On March&nbsp;14,&nbsp;2011, Industry&nbsp;Canada released its decision titled
</font><font size="2"><I><FONT face="Arial">Framework for Spectrum Auctions in&nbsp;Canada</FONT></I></font><font size="2" face="Arial">. The decision indicates that Industry
Canada will, subject to consultation and based on the nature of the spectrum available for auction, consider alternate auction designs in future spectrum auction consultations. The Department currently uses a simultaneous multiple round ascending
format for spectrum auctions. Industry&nbsp;Canada also decided that the Minister may, under certain circumstances, consult on the use of an auction for the assignment of domestic satellite authorization(s), while noting that it anticipates the
circumstances that would give rise to the use of auctions for satellite slots to be limited. The Framework decision also references the movement to twenty-year licence terms as well as the decision to apply licence fees, subsequent to the initial
term, to licences acquired through spectrum auctions.</font></P>






<p style="margin-top: 0; margin-bottom: 0"><b><font face="Arial" size="1">20</font></b><font size="1" face="Arial"><b> </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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<p style="margin-top: 0; margin-bottom: 0" align="right"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<B><FONT face="Arial" size="4">Assumptions and Risks that Could Affect Our Business and Results</FONT></B></P>
<P align="left">
<B><FONT face="Arial" size="2">ASSUMPTIONS MADE IN THE PREPARATION OF FORWARD-LOOKING STATEMENTS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">As at the date of this MD&amp;A, our forward-looking statements set out in the BCE&nbsp;2010 Annual MD&amp;A, as subsequently updated in this MD&amp;A, are based on certain assumptions including, without limitation, the
following:</FONT></P>
<P align="left">
<B><FONT face="Arial">Assumptions About the Canadian Economy</FONT></B></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">growth in the Canadian economy of approximately 2.9% in&nbsp;2011 based on the Bank of&nbsp;Canada&#146;s estimate, a half-a-percentage point increase compared with the 2.4% the central bank forecasted at the
beginning of&nbsp;2011.</FONT></LI>
</UL>
<P align="left">
<B><FONT face="Arial">Canadian Market Assumptions</FONT></B></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">continued cost rationalization and cautious spending by business customers given employment levels and the modest pace of economic recovery</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">current levels of residential wireline competition to continue especially from cable companies and providers of VoIP services</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">higher wireline substitution, due primarily to the presence of new wireless entrants and the accelerating adoption of mobile Internet and mobile television</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">wireless industry penetration gain of 4 to 5 basis points in&nbsp;2011 stimulated, in particular, by new entrant competition, the accelerating adoption of smartphones and the use of data applications, as well
as by the emergence of new types of wireless devices such as tablets.</FONT></LI>
</UL>
<P align="left">
<B><FONT face="Arial">Operational Assumptions Concerning Bell&nbsp;Wireline (Excluding Bell&nbsp;Aliant)</FONT></B></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">further reduction in local line losses as we leverage our broadband fibre investments in both TV and Internet to drive three-product household
penetration, increase our MDU market share and generate higher pull-through attach rates for our other residential services</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">in particular, targeted retention and service bundle offers, customer winbacks and better service execution to reduce residential NAS line losses year over year</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">subscriber acquisition and higher ARPU at Bell&nbsp;TV to be driven by Bell&#146;s ability to leverage its market leadership position in high definition
programming, seek greater penetration within the MDU market, capitalize on its extensive retail distribution network, which includes The Source, and the progressive rollout of Bell&nbsp;Canada&#146;s IPTV service in Toronto and
Montr&eacute;al</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">substantial ongoing investments in our fibe optic networks to further expand our wireline broadband footprint to strengthen our competitive position
versus cable companies and allow for the introduction of leading edge IP products not available through cable technologies</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">increased business customer spending, new business formation and higher demand for connectivity and ICT services, as the economy strengthens and employment rates improve, to result in a gradual
improvement in the performance of our Business Markets unit including business NAS line losses</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">expense savings and operating efficiency gains to be achieved from renegotiated contracts with our vendors and outsource suppliers, lower corporate
support costs, further streamlining of our labour force, field services productivity improvements, consolidating management roles and organizational structures to achieve
further operational efficiencies, reducing traffic that is not on our own network, and managing content
costs</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">continued customer migration to Internet Protocol (IP) based systems and ongoing pricing pressures in our business and wholesale markets.</FONT></LI>
</UL>
<P align="left">
<B><FONT face="Arial">Operational Assumptions Concerning Bell&nbsp;Wireless (Excluding Bell&nbsp;Aliant)</FONT></B></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">Bell&nbsp;to benefit from the flow-through of significant investments made in
2010 in customer acquisition and retention along with continued acceleration in smartphone activations and data usage</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">new wireless entrant competition to intensify in&nbsp;2011 as additional service providers come to market and existing providers continue to open new markets and improve their distribution reach</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">wireless revenue growth to be driven by ARPU from new services, careful price management and continued disciplined expansion of our subscriber base</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">Bell&nbsp;to 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</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">continued 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></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">Bell&nbsp;to maintain its market share of the incumbent wireless postpaid market</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">Bell&#146;s ability to leverage its HSPA+ network investments to drive a higher mix of smartphone and other high-value customers, resulting in higher data and roaming revenues.</FONT></LI>
</UL>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>21</b></font></p>

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<p style="margin-top: 0; margin-bottom:0" align="left"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<B><FONT face="Arial">Operational Assumptions Concerning Bell&nbsp;Media</FONT></B></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">maintaining the top 20 ratings positions in conventional TV to support growth in advertising</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">continued advertising momentum for Bell&nbsp;Media&#146;s specialty assets, leveraging off ratings increases in our sports specialty services and reflecting
stronger year-over-year subscription revenues</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">maintaining a strong competitive position in Bell&nbsp;Media&#146;s Toronto radio market with the launch of TSN Radio and early ratings success of the Flow 93.5 radio station (acquired in January&nbsp;2011)</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">continue to successfully acquire high-rated programming and differentiated content for Bell&nbsp;Media&#146;s conventional and specialty TV assets</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">continued investment in high definition for Bell&nbsp;Media&#146;s specialty channels and the successful transition to digital TV as mandated by the
CRTC.</FONT></LI>
</UL>
<P align="left">
<font size="2" face="Arial">Please see the section entitled </font>
<font size="2"><I><FONT face="Arial">Business Outlook and Assumptions</FONT></I></font><font size="2" face="Arial"> in the BCE&nbsp;2010 Annual MD&amp;A at pages 33 to 35 of the BCE&nbsp;2010 Annual Report for a more complete
description of certain of the above and other assumptions for&nbsp;2011 that we made in preparing forward-looking statements, which section is incorporated herein by reference. If our assumptions turn out to be inaccurate, our actual results could be
materially different than what we expect.</font></P>
<P align="left">
<B><FONT face="Arial" size="2">RISKS THAT COULD AFFECT OUR BUSINESS AND RESULTS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">A risk is the possibility that an event might happen in the future that could have a negative effect on our business,
financial position or financial performance. Part of managing our business is to understand what these potential risks could be and to mitigate them where we can.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual effect of any event could be materially different from what we currently anticipate. In addition, our description of risks does not include all possible risks.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the BCE&nbsp;2010 Annual MD&amp;A we provided a detailed review of risks that could affect our business,
financial position and financial performance and that could cause actual results or events to differ materially from our expectations expressed in or implied by our forward-looking statements. The risks described in the BCE&nbsp;2010
Annual MD&amp;A included, without limitation, risks associated with:</FONT></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">the intensity of competitive activity, including the increase in wireless competitive activity resulting from Industry&nbsp;Canada&#146;s licensing of AWS spectrum to new wireless entrants and their ability to
launch or expand services, and the resulting impact on our ability to retain existing customers and attract new ones, as well as on our pricing strategies, ARPU and financial results</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">variability in subscriber acquisition and retention costs based on subscriber acquisitions, retention volumes, smartphone sales and subsidy levels</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">the level of technological substitution contributing to reduced utilization of traditional wireline voice services and the increasing number of households that have only wireless telephone
services</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">the increased adoption by customers of TV alternative services</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">general economic and financial market conditions, the level of consumer confidence and spending, and the demand for,
and prices of, our products and services</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">our ability to implement our strategies and plans in order to produce the expected benefits</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">our ability to continue to implement our cost reduction initiatives and contain capital intensity while seeking to improve customer service</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">our ability to respond to technological changes and rapidly offer new products and services</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">increased contributions to employee benefit plans</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">events affecting the functionality of, and our ability to protect, maintain and replace, our networks, IT systems and software</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">the complexity and costs of our IT environment</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">events affecting the ability of third-party suppliers to provide to us essential products and services and our ability to purchase essential products and services such as handsets</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">the quality of our network and customer equipment and the extent to which they may be subject to manufacturing defects</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">labour disruptions</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">the potential adverse effects on our Internet and wireless networks of the significant increase in broadband demand and in the volume of wireless
data-driven traffic</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">capital and other expenditure levels, financing and debt requirements and our ability to raise the capital we need to implement our business plan,
including for dividend payments and to fund capital and other expenditures and generally meet our financial obligations</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">our ability to discontinue certain traditional services as necessary to improve capital and operating efficiencies</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">regulatory initiatives or proceedings (including the possibility of Industry&nbsp;Canada increasing spectrum licence fees and possible changes to foreign ownership restrictions), litigation, changes in laws or
regulations and tax matters</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">launch and in-orbit risks of satellites used by Bell&nbsp;TV</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">competition from unregulated U.S. DTH satellite television services sold illegally in&nbsp;Canada and the theft of our satellite television services</FONT></LI>
</UL>






<p style="margin-top: 0; margin-bottom: 0"><b><font face="Arial" size="1">22</font></b><font size="1" face="Arial"><b> </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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<p style="margin-top: 0; margin-bottom: 0" align="right"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">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</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">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</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">stock market volatility</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">our ability to maintain customer service and our networks operational in the event of the occurrence of environmental disasters or epidemics, pandemics and other health risks</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">health concerns about radio frequency emissions from wireless devices</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">employee retention and performance.</FONT></LI>
</UL>
<P align="left">
<font size="2" face="Arial">Please see the section entitled </font>
<font size="2"><I><FONT face="Arial">Risks that Could Affect Our Business and Results </FONT></I><FONT face="Arial">in the BCE&nbsp;2010 Annual MD&amp;A at pages 70 to 76 of the BCE&nbsp;2010 Annual Report, and the
sections entitled </FONT><I><FONT face="Arial">Our Competitive Environment </FONT></I><FONT face="Arial">and </FONT><I><FONT face="Arial">Our Regulatory Environment </FONT></I>
</font><font size="2" face="Arial">in the BCE&nbsp;Annual&nbsp;2010 MD&amp;A, at pages 60 to 69 of
the BCE&nbsp;2010 Annual Report, for a more complete description of the above-mentioned and other risks, which sections are incorporated herein by reference.</font></P>
<P align="left">
<B><FONT face="Arial" size="2">UPDATE TO THE DESCRIPTION OF RISKS</FONT></B></P>
<P align="left">
<font size="2" face="Arial">The following is an update to the description of risks contained in the section entitled
</font><font size="2"><I><FONT face="Arial">Risks that Could Affect Our Business and Results </FONT></I>
</font><font size="2" face="Arial">of the BCE&nbsp;2010 Annual MD&amp;A.
</font></P>
<P align="left">
<B><FONT face="Arial">Risks Relating to Bell&nbsp;Media</FONT></B></P>
<P align="left">
<I><FONT face="Arial">Dependence on Advertising </FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">A large part of Bell&nbsp;Media&#146;s revenue from its television and radio broadcasting businesses is derived from the sale of advertising, the demand for which is affected by prevailing economic conditions as well as cyclical and
seasonal variations. An economic downturn tends to make it more difficult for Bell&nbsp;Media to maintain or increase advertising revenues. Certain advertisers have historically been sensitive to
general economic cycles and, as a result, Bell&nbsp;Media&#146;s business, financial position and
financial performance could be negatively affected
by a downturn in the economy. In addition, most of Bell&nbsp;Media&#146;s advertising contracts are short-term and are cancellable on relatively short notice. As discussed in more detail below, Bell&nbsp;Media&#146;s advertising revenues are also affected by
competitive pressures and technological changes. These factors could have an adverse impact on Bell&nbsp;Media&#146;s ability to attract and retain viewers and listeners.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There can be no assurance that Bell&nbsp;Media&#146;s television and radio programming will be successful in attracting and retaining viewers and listeners given the unpredictability and volatility of
viewer and listener preferences, competitive programming from other channels and stations and an increasing number of alternate forms of entertainment. Significant advertisers base a substantial
part of their purchasing decisions on audience ratings. If Bell&nbsp;Media&#146;s television and radio ratings were to decrease substantially, Bell&nbsp;Media&#146;s advertising sales volumes and rates which it charges advertisers could be adversely
affected.</FONT></P>
<P align="left">
<I><FONT face="Arial">Dependence on Distributors</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Media&#146;s specialty television business is dependent on BDUs to distribute its specialty television services. A significant majority of Bell&nbsp;Media&#146;s specialty
television viewers are served by a small number of distributors. Many of the distribution agreements between Bell&nbsp;Media and its key distributors are presently expired. There could be a negative impact on Bell&nbsp;Media&#146;s business and revenues if
agreements with distributors are not renewed on favourable terms and conditions.</FONT></P>
<P align="left">
<I><FONT face="Arial">New Technology and Increasing Fragmentation in Television and Radio Markets</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Television and radio advertising revenue largely depends on the potential audience size and the attractiveness of programming in a given market. The market has become increasingly fragmented and this trend is expected to continue
as new services and technologies increase the diversity of information and entertainment outlets available to consumers. New technologies and alternate distribution platforms such as video-on-demand, personal video/audio platforms, video and audio
services over the Internet and mobile devices and satellite radio could influence changes in consumer behaviour and patterns resulting in a negative impact on the audience size of our broadcast
services. In addition, the increasing use of personal video recorders could influence Bell&nbsp;Media&#146;s capability to generate television advertising revenues as viewers are more capable of
skipping broadcast advertising. As a result, there is no assurance that Bell&nbsp;Media will be able to maintain or increase its advertising revenues or its ability to reach or retain viewers with attractive programming.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, new technologies and changes in broadcasting standards could result in the need to invest in the improvement or replacement of our current equipment and platforms. This could require us
to incur significant unplanned expenses.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>2</b></font><b><font face="Arial" size="1">3</font></b></p>

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<p style="margin-top: 0; margin-bottom:0" align="left"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<I><FONT face="Arial">Copyright</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Media&#146;s radio, conventional television and specialty television undertakings rely upon licences under the Copyright Act in order to make use of the music component of the programming distributed by these undertakings.
Under these licences, Bell&nbsp;Media is required to pay royalties established by the Copyright Board pursuant to the requirements of the Copyright Act to collecting societies that represent the copyright owners in such music components. These royalties
are paid by these undertakings on a monthly basis in the normal course of their business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The levels of royalties payable by Bell&nbsp;Media are subject to change upon application by the collecting societies and approval by the Copyright Board. The Government of&nbsp;Canada may, from time to time,
make amendments to the Copyright Act to implement&nbsp;Canada&#146;s international treaty obligations and for other obligations and purposes. Any such amendments could result in Bell&nbsp;Media&#146;s broadcasting undertakings being required to pay additional
royalties for these licences.</FONT></P>
<P align="left">
<I><FONT face="Arial">Competition</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Media&#146;s television and radio broadcasting businesses and the advertising markets in which they operate are highly competitive. Bell&nbsp;Media&#146;s ability to compete successfully depends on a number of factors, including
its ability to secure popular television programs at cost-effective prices and to achieve high distribution levels. The
financial success of Bell&nbsp;Media&#146;s television and radio broadcasting
operations depends on obtaining revenues from advertising. In the case of Bell&nbsp;Media&#146;s specialty television business, a substantial portion of its revenues also arises from subscription fees derived from contractual arrangements with
distributors. As a result of increased competition in the specialty television market, there is no assurance that contracts with distributors will be renewed on equally favourable terms.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Media&#146;s conventional and specialty television services compete principally for viewers and advertisers with other Canadian television stations that broadcast in their local markets,
specialty channels and with other distant Canadian signals and U.S. border stations. The CRTC has substantially increased the number of specialty television licences which has further increased competitive activity. Internet-based information and
entertainment services, video downloading and DVD rentals also represent competition for share of viewership.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Media&#146;s radio stations compete with the other radio stations in their respective markets as well as with other media, such as newspapers, magazines, television, outdoor advertising and the
Internet. Competition within the radio broadcasting industry occurs primarily in discrete market areas among individual stations. On a national level, Bell&nbsp;Media competes generally with other large radio operators that also own and operate radio
station clusters in various markets across&nbsp;Canada. New technologies, such as on-line music information services, music downloading, portable devices that store and play digital music and on-line music streaming services, provide competition for Bell&nbsp;
Media radio stations&#146; audience share.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The level of competitive activity in the television and radio broadcasting industries could have an adverse impact on the level of audience acceptance for Bell&nbsp;Media&#146;s television programs,
specialty television channels and radio stations, which in turn could have an adverse impact on revenues generated from advertising and subscription fees.</FONT></P>
<P align="left">
<font size="2" face="Arial">Refer to </font><font size="2"><I><FONT face="Arial">Updates to Our Regulatory Environment &#150; Broadcasting Act &#150; Bell&nbsp;Media &#150; Opening up Genres of Specialty Services to Competition</FONT></I></font><font size="2" face="Arial"> for a description of
the risk of increased competition that could result from the CRTC&#146;s indication that it is prepared to open up mainstream news, mainstream sports and other genres of specialty services to competition.</font></P>
<P align="left">
<B><FONT face="Arial" size="4">Our Accounting Policies</FONT></B></P>
<P align="left">
<B><FONT face="Arial" size="2">BASIS OF PRESENTATION</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">BCE&#146;s condensed interim financial report for the
first quarter of&nbsp;2011 was prepared in accordance with International
Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board
(IASB), under International Accounting Standard (IAS) 34 &#150; Interim Financial Reporting. This is our
first condensed interim financial report prepared under IFRS and IFRS 1 &#150; First-time Adoption of IFRS has been applied. The consolidated interim
financial statements do not include all of the notes required in annual financial statements. The consolidated interim
financial
statements are in accordance with generally accepted accounting principles issued by the Canadian Accounting Standards Board for publicly-accountable enterprises.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please refer to the section entitled
</FONT><font size="2"><I><FONT face="Arial">Future Changes to Accounting S</FONT></I></font><i><font face="Arial" size="2">tandards</font></i><font size="2" face="Arial"> in the BCE&nbsp;2010 Annual MD&amp;A for a description of our
changeover to IFRS and the resulting effects on our&nbsp;2010 financial statements. The only change in the resulting effects on our&nbsp;2010
financial
statements under IFRS as reported in the BCE&nbsp;2010 Annual MD&amp;A relates to the accounting for the non-controlling interest in Bell&nbsp;Aliant. Under previous Canadian GAAP, the 55.9% of Bell&nbsp;Aliant
fund units that were publicly held were accounted
for as equity. They were presented as non-controlling interest in our financial statements, and were measured at the pro-rata share of net assets of Bell&nbsp;Aliant. Under IFRS, Bell&nbsp;Aliant
fund
units held by the public that have a feature that allows the holder to redeem the instrument for cash or another
financial asset at the holder&#146;s option are presented as a liability and
recorded at fair value with changes in fair value recorded in net earnings. At the date of transition to IFRS, we recognized a fund unit liability of &#36;3,104&nbsp;million, decreased our non-controlling interest by &#36;1,030&nbsp;million,
decreased accumulated other comprehensive income by $15 million and increased our
deficit by &#36;2,059&nbsp;million. Final decisions on our accounting policies are not required to be made until the completion of our December&nbsp;31,&nbsp;2011
financial statements.
</font></P>






<p style="margin-top: 0; margin-bottom: 0"><b><font face="Arial" size="1">24</font></b><font size="1" face="Arial"><b> </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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<p style="margin-top: 0; margin-bottom: 0" align="right"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<font size="2" face="Arial"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The adoption of IFRS did not impact the overall performance and underlying trends of our operations. Further, our dividend growth model, dividend payout policy and
financial policy targets remain unchanged under IFRS.</font></P>
<P align="left">
<B><FONT face="Arial" size="2">FUTURE CHANGES TO ACCOUNTING STANDARDS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">In November&nbsp;2009, the IASB issued IFRS 9 &#150; Financial Instruments, introducing new requirements for classifying and measuring
financial assets. IFRS 9 is the IASB&#146;s
first step in its project to replace IAS 39 &#150; Financial Instruments: Recognition and Measurement. In October&nbsp;2010, the IASB reissued IFRS 9, incorporating new requirements on accounting for
financial liabilities, and carrying over from IAS 39 the requirements for derecognition of
financial assets and financial liabilities. IFRS 9 must be applied retrospectively for annual periods beginning on or after January&nbsp;1,&nbsp;2013, with early adoption permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2010, IASB amended IFRS 7 &#150; Financial Instruments: Disclosures to require quantitative and qualitative disclosures for transfers of
financial assets where the transferred assets are not derecognized in their entirety or the transferor retains continuing managerial involvement. The amendment also requires disclosure of supplementary information if a substantial
portion of the total amount of the transfer activity occurs in the closing days of a reporting period. The amendments to IFRS 7 must be applied for annual periods beginning on or after July&nbsp;1,&nbsp;2011, with early adoption permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are currently evaluating the impact and effective date of adoption of IFRS 9 and the amendments to IFRS 7.</FONT></P>
<P align="left">
<B><FONT face="Arial">Controls and Procedures </FONT></B></P>
<P align="left">
<B><FONT face="Arial" size="2">CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">No changes were made in our internal control over financial reporting during the quarter ended March&nbsp;31,&nbsp;2011 that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting. </FONT></P>
<P align="left">
<B><FONT face="Arial" size="4">Non-GAAP Financial Measures</FONT></B></P>
<P align="left">
<I><FONT face="Arial" size="2">This section describes the non-GAAP financial measures we use in the MD&amp;A to explain our
financial results. It also provides reconciliations of the non-GAAP financial measures to the most comparable IFRS
financial measures.</FONT></I></P>
<P align="left">
<B><FONT face="Arial" size="2">ADJUSTED NET EARNINGS</FONT></B></P>
<P align="left">
<I><FONT face="Arial" size="2">The terms Adjusted net earnings and Adjusted EPS do not have any standardized meaning according to IFRS. They are therefore unlikely to be comparable to similar measures presented by other companies.</FONT></I><font size="2" face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><I><font size="2" face="Arial">We define Adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs,
and net (gains) losses on investments. For&nbsp;2010, Adjusted net earnings also excludes the fair value adjustments on the fund unit liability and adjusts earnings to reflect the
interest on the fund unit liability as non-controlling interest. We define Adjusted EPS as Adjusted net earnings per BCE&nbsp;Inc. common share.</font></I><font face="Arial" size="2"><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 and non-controlling interest
severance, acquisition and other costs, and net (gains) losses on investments.
For 2010, we also exclude the effects of fair value adjustments on the fund unit
liability and we adjust earnings to reflect the interest on the fund unit
liability as non-controlling interest. 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 IFRS financial measures are net earnings attributable to common shareholders and earnings per share. The following table is a
reconciliation of net earnings attributable to common shareholders 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="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">Q1&nbsp;2011</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width=2% align="center" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=center width="10%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q1&nbsp;2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">TOTAL</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">PER SHARE</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">PER SHARE </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Net earnings attributable to common shareholders</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">503</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.67</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">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">0.92 </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">Severance, acquisition and other costs </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">40</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.05</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.03 </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 (gains) losses on investments </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(125 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.16 </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">Fair value adjustment of fund unit liability </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<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 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.19 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjustment to reflect interest on fund unit liability
as non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">0.01 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Adjusted net earnings</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">543</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.72</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">467 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">0.61 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>&nbsp;<p>&nbsp;</p>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>25</b></font></p>

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




<p style="margin-top: 0; margin-bottom:0" align="left"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<B><FONT face="Arial" size="2">FREE CASH FLOW</FONT></B></P>
<P align="left">
<I><FONT face="Arial" size="2">The term free cash flow does not have any standardized meaning according to IFRS. It is therefore unlikely to be comparable to similar measures presented by
other companies.</FONT></I><font size="2" face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><I><font size="2" face="Arial">We define free cash
flow as cash flows from operating activities, excluding acquisition costs paid, and dividends/distributions received from Bell&nbsp;Aliant less capital expenditures, preferred share dividends, dividends/distributions
paid by subsidiaries to non-controlling interest and Bell&nbsp;Aliant free cash flow.</font></I><font face="Arial" size="2"><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 IFRS financial measure is cash
flows 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="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Arial">Q1&nbsp;2011</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q1&nbsp;2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Cash flows from operating activities</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">734</FONT></B><font face="Arial" size="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">1,004 </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">Bell&nbsp;Aliant distributions to BCE&nbsp;</FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">63</FONT></B><font face="Arial" size="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">73 </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">Capital expenditures </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">(634</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(535 </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">Dividends paid on preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">(28</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">(91</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2%>
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Acquisition costs paid </FONT>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">4</FONT></B><font face="Arial" size="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">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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant free cash flow </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">217</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">42 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Free cash flow</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<B><FONT size=2 face="Arial">265</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">560 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial" size="2">EBITDA UNDER PREVIOUS CANADIAN GAAP</FONT></B></P>
<P align="left">
<I><FONT face="Arial" size="2">The term EBITDA (earnings before interest, taxes, depreciation and amortization of intangible assets) did not have any standardized meaning according to previous Canadian GAAP. It was therefore unlikely to be comparable to
similar measures presented by other companies.</FONT></I><font size="2" face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><I><font size="2" face="Arial">Under previous Canadian GAAP, we defined EBITDA as operating revenues less cost of revenue and selling, general and administrative
expenses, meaning it represented operating income before depreciation, amortization of intangible assets and restructuring and other.</font></I><font face="Arial" size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under previous Canadian GAAP, we used 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 excluded these items because they affect the comparability of our
financial results and could potentially distort the analysis of trends in business performance. We
excluded 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 allowed 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 previous Canadian GAAP financial measure was operating income. The following table is a reconciliation of operating income to
EBITDA on a consolidated basis for BCE.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BCE&nbsp;</FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q4&nbsp;2009 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q3&nbsp;2009 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">Q2&nbsp;2009 </FONT>
	</TD>
	<TD align=right 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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Operating income</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">751 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">781 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">824 </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">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">904 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">828 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">821 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">82 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">192 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">146 </FONT>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">EBITDA under previous Canadian GAAP</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ">
<FONT size=2 face="Arial">1,737 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ">
<FONT size=2 face="Arial">1,801 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ">
<FONT size=2 face="Arial">1,791 </FONT>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>&nbsp;<p>&nbsp;</p>






<p style="margin-top: 0; margin-bottom: 0"><b><font face="Arial" size="1">26</font></b><font size="1" face="Arial"><b> </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




<p style="margin-top: 0; margin-bottom: 0" align="right"><font face="Arial">Management&#146;s Discussion
and Analysis</font></p>






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






<P align="left">
<FONT face="Arial" size="5">Consolidated Income Statements</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 PERIOD ENDED </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% bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">MARCH 31,</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">MARCH 31, </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Arial">(in&nbsp;millions of Canadian dollars, except share amounts) (unaudited)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">4,466</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,433 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating costs </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(2,633</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(2,680 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,833</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">1,753 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Depreciation </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(611</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(586 </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">Amortization of 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(179</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(180 </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">Severance, acquisition and other costs </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(61</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Finance 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% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(191</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(172 </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">Interest on employee benefit obligations </FONT>
	</TD>
	<TD align=left width="10%">
<p align="right">
<font face="Arial" size="2">&nbsp;
	13</font></TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(242</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest on fund unit liability </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected return on pension plan assets </FONT>
	</TD>
	<TD align=left width="10%">
<p align="right">
<font face="Arial" size="2">&nbsp;
	13</font></TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">254</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">225 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other (expense) income </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(22</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">269 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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 before 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">781</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">937 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(199</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(203 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">582</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">734 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Net earnings attributable to: </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% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">Common shareholders </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">503</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">706 </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">Preferred shareholders </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">29</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">50</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">582</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">734 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Net earnings 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=left width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">Basic </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.67</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.92 </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: 24px">
<FONT size=2 face="Arial">Diluted </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.67</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.92 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average number of common shares outstanding </FONT><I><FONT size=2 face="Arial">(millions)</FONT></I><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">752.9</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">765.7 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" size="5">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="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE PERIOD ENDED </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">MARCH 31,</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">MARCH 31, </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Arial">(in&nbsp;millions of Canadian dollars) (unaudited)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&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">Net earnings </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">582</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">734 </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 comprehensive income (loss) &#150; net of income taxes </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net change in unrealized losses on available-for-sale financial assets, net of income taxes of nil at March&nbsp;31,&nbsp;2011 and&nbsp;2010 </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="76%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Unrealized losses </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(10</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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="76%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Gains realized in earnings </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(125 </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: 24px">
<FONT size=2 face="Arial">Net change in unrealized losses on derivatives designated as cash flow hedges, net of income taxes of &#36;7&nbsp;million and &#36;4&nbsp;million at March&nbsp;31,&nbsp;2011 and&nbsp;2010, respectively </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="76%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Unrealized losses </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(21</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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 valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">(Gains) losses realized in earnings </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(1</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Actuarial gains (losses) on employee benefit plans, net of income taxes of (&#36;61)&nbsp;million and &#36;234&nbsp;million at March&nbsp;31,&nbsp;2011 and&nbsp;2010, respectively </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">141</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(594 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other comprehensive income (loss) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">109</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(723 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Comprehensive income</FONT></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">691</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Comprehensive income (loss) attributable to: </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Common shareholders </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">607</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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 size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Preferred shareholders </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">29</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">55</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Comprehensive income</FONT></TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">691</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>27</b></font></p>

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




<P align="left">
<FONT face="Arial" size="5">Consolidated Statements of Changes in Equity</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="48%" colspan="12" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<p align="center"><font face="Arial" size="1">ATTRIBUTABLE TO OWNERS</font></TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; " bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; " bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; " bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; " bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">ACCUMULATED </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE PERIOD ENDED </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">OTHER </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=1 face="Arial">NON- </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">MARCH 31,&nbsp;2011 </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">COMMON </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Arial">CONTRIBUTED </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">COMPREHEN- </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=1 face="Arial">CONTROLLING </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">TOTAL</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Arial">(in&nbsp;millions of Canadian dollars) (unaudited)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">SURPLUS </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">SIVE INCOME </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">DEFICIT </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">INTEREST </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">EQUITY</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at January&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">12,691 </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">2,579 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">66 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">(7,952 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">10,154 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">10,168</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">532 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">532 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">582</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other comprehensive (loss) income</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">(31 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">135 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">104 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">5 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">109</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Comprehensive (loss) income </FONT>
	</TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">(31 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">667 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">636 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">55 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">691</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common shares issued under stock option plan </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">12 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">54 </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(5 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">49 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">49</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Share-based compensation </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">12 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">12 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">13</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends declared on BCE&nbsp;common and preferred shares </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">(401 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">(401 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(401</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends declared by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">(60 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(60</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Issue of equity securities by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">281 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">281</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Equity transaction with non-controlling interest </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<p align="right">
<font face="Arial" size="2">&nbsp;
	&#150;</font></TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<p align="right">
<font face="Arial" size="2">&nbsp;
	&#150;</font></TD>
	<TD width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<p align="right">
<font face="Arial" size="2">&nbsp;
	(50</font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">)&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<p align="right">
<font face="Arial" size="2">&nbsp;
	&#150;</font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">(50 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<FONT size=2 face="Arial">44 </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(6</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Conversion of fund unit liability </FONT>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">4, 10 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">2,716 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">2,729 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">331 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">3,060</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at March&nbsp;31,&nbsp;2011 </FONT>
	</TD>
	<TD align=left width="6%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=6% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">12,745 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000; ; border-left-width:1px; border-top-width:1px" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000; ; border-right-width:1px; border-top-width:1px" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">2,536 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">48 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">(4,970 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">13,129 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<FONT size=2 face="Arial">666 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">13,795</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 6px">
<I><FONT face="Arial" size="1">(1)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 6px">
<I><FONT face="Arial" size="1">The deficit for the three-month period ended March&nbsp;31,&nbsp;2011 includes actuarial gains on employee benefit plans of &#36;135&nbsp;million, net of income taxes of &#36;61&nbsp;million and non-controlling interest of &#36;6&nbsp;million.</FONT></I></P>
		</td>
	</tr>
</table>
<p>&nbsp;</p>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="48%" colspan="12" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center"><font face="Arial" size="1">ATTRIBUTABLE TO OWNERS</font></TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<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="6%">
<FONT size=1 face="Arial">ACCUMULATED </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<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="6%">
<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=6%>
<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="6%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE PERIOD ENDED </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="6%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<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="6%">
<FONT size=1 face="Arial">OTHER </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<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="6%">
<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=6%>
<FONT size=1 face="Arial">NON- </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">MARCH 31,&nbsp;2010 </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">COMMON </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=1 face="Arial">CONTRIBUTED </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">COMPREHEN- </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<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="6%">
<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=6%>
<FONT size=1 face="Arial">CONTROLLING </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">TOTAL </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Arial">(in&nbsp;millions of Canadian dollars) (unaudited)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">SURPLUS </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">SIVE INCOME </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">DEFICIT </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">INTEREST </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">EQUITY </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at January&nbsp;1,&nbsp;2010 </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">12,921 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">2,517 </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">186 </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">(7,508 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">10,886 </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">21 </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">10,907 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<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 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%" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<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">735 </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 face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">734 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other comprehensive loss</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(129 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(593 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(722 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(723 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Comprehensive (loss) income </FONT>
	</TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(129 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">142 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common shares repurchased and cancelled </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD width=2%>
<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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(70 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(5 </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">(50 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(125 </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">(125 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common shares issued under stock option plan </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<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">&#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">1 </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">1 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Share-based compensation </FONT>
	</TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<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 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%" style="border-left-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<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="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">8 </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">8 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends declared on BCE&nbsp;common and preferred shares </FONT>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(361 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(361 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(361 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at March&nbsp;31,&nbsp;2010 </FONT>
	</TD>
	<TD align=left width="6%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">12,852 </FONT>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000; ; border-left-width:1px; border-top-width:1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000; ; border-right-width:1px; border-top-width:1px">
<FONT size=2 face="Arial">2,520 </FONT>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">57 </FONT>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(7,777 </FONT>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">10,422 </FONT>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">10,441 </FONT>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 6px">
<I><FONT face="Arial" size="1">(1)</FONT></I></td>
		<td width="98%" valign="top">
<p style="margin-top: 6px">
<I><font size="1" face="Arial">The deficit for the three-month period ended
March&nbsp;31,&nbsp;2010 includes actuarial losses on employee benefit plans of $593
million, net of income taxes of $234&nbsp;million
</font></I><font face="Arial" size="1"><BR>
</font>
<I><font size="1" face="Arial">and non-controlling interest of &#36;1&nbsp;million.</font></I></td>
	</tr>
</table>
<p>&nbsp;</p>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b> 28 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




<P align="left">
<FONT face="Arial" size="5">Consolidated Statements of Financial Position</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 PERIOD ENDED </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%">
<B><FONT size=1 face="Arial">MARCH 31,</FONT></B><font face="Arial" size="1">
</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">DECEMBER 31, </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">JANUARY 1, </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Arial">(in&nbsp;millions of Canadian dollars) (unaudited)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">ASSETS</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<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">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">&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">Cash </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%">
<B><FONT size=2 face="Arial">2,069</FONT></B><font face="Arial" size="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">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">195 </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">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%">
<B><FONT size=2 face="Arial">103</FONT></B><font face="Arial" size="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">642 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">489 </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">Trade 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%">
<B><FONT size=2 face="Arial">2,580</FONT></B><font face="Arial" size="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">2,885 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,779 </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">Current tax receivable </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">97</FONT></B><font face="Arial" size="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">139 </FONT>
	</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 </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">Inventory </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%">
<B><FONT size=2 face="Arial">424</FONT></B><font face="Arial" size="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">431 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">442 </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">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%">
<B><FONT size=2 face="Arial">450</FONT></B><font face="Arial" size="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">224 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&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>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other current assets </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">106</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">205 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">138 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total current assets </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">5,829</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">4,655 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">4,451 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Non-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">&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">Property, plant and equipment </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%">
<B><FONT size=2 face="Arial">17,582</FONT></B><font face="Arial" size="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">17,775 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,347 </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">Intangible assets </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%">
<B><FONT size=2 face="Arial">6,288</FONT></B><font face="Arial" size="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">6,201 </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">6,347 </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">Deferred tax assets </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%">
<B><FONT size=2 face="Arial">437</FONT></B><font face="Arial" size="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">501 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">401 </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">Investments in associates and joint ventures </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%">
<B><FONT size=2 face="Arial">313</FONT></B><font face="Arial" size="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">303 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">260 </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">Other non-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%">
<B><FONT size=2 face="Arial">669</FONT></B><font face="Arial" size="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">652 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Goodwill </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">17 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">5,806</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">5,806 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">5,774 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total non-current assets </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">31,095</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">31,238 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">30,984 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total assets </FONT>
	</TD>
	<TD align=left width="10%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<B><FONT size=2 face="Arial">36,924</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">35,893 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">35,435 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width=10%>
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom:1px dotted #000000; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">LIABILITIES</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-bottom:1px dotted #000000; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-bottom:1px dotted #000000; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" style="border-bottom:1px dotted #000000; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-bottom:1px dotted #000000; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=10% style="border-bottom:1px dotted #000000; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-bottom:1px dotted #000000; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-bottom:1px dotted #000000; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-bottom:1px dotted #000000; border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<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">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">&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">Trade and other payables </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%">
<B><FONT size=2 face="Arial">3,232</FONT></B><font face="Arial" size="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">3,815 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,523 </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">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%">
<B><FONT size=2 face="Arial">135</FONT></B><font face="Arial" size="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">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">144 </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">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%">
<B><FONT size=2 face="Arial">383</FONT></B><font face="Arial" size="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">356 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&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>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Current tax 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%">
<B><FONT size=2 face="Arial">78</FONT></B><font face="Arial" size="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">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">&#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: 24px">
<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%">
<B><FONT size=2 face="Arial">51</FONT></B><font face="Arial" size="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">33 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&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>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Debt due within one year </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">3,049</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">2,570 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">1,894 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total current liabilities </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">6,928</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">6,954 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">5,993 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Non-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">&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">Long-term debt </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%">
<B><FONT size=2 face="Arial">11,556</FONT></B><font face="Arial" size="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">10,581 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,299 </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">Fund unit liability </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%">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="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">3,060 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,104 </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">Deferred tax liabilities </FONT>
	</TD>
	<TD align=left width="10%">
<p align="right">
<font face="Arial" size="2">&nbsp;
	18</font></TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">579</FONT></B><font face="Arial" size="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">526 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,132 </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">Employee benefit obligations </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%">
<B><FONT size=2 face="Arial">2,786</FONT></B><font face="Arial" size="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">3,302 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,995 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other non-current liabilities </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">1,280</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">1,302 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">1,005 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total non-current liabilities </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">16,201</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">18,771 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">18,535 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total liabilities </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">23,129</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">25,725 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">24,528 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width=10%>
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">EQUITY</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px dotted #000000">
<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">Equity attributable to owners </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 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">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%">
<B><FONT size=2 face="Arial">2,770</FONT></B><font face="Arial" size="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">2,770 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,770 </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">Common shares </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%">
<B><FONT size=2 face="Arial">12,745</FONT></B><font face="Arial" size="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">12,691 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12,921 </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">Contributed surplus </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%">
<B><FONT size=2 face="Arial">2,536</FONT></B><font face="Arial" size="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">2,579 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,517 </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">Accumulated other 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%">
<B><FONT size=2 face="Arial">48</FONT></B><font face="Arial" size="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">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">186 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Deficit </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">(4,970</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(7,952 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(7,508 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Total equity attributable to owners </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%">
<B><FONT size=2 face="Arial">13,129</FONT></B><font face="Arial" size="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">10,154 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,886 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">666</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">21 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total equity </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">13,795</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">10,168 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">10,907 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total liabilities and equity </FONT>
	</TD>
	<TD align=left width="10%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<B><FONT size=2 face="Arial">36,924</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">35,893 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">35,435 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; </font><b>
<font face="Arial" size="1">29</font></b></p>

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




<P align="left">
<FONT face="Arial" size="5">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="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE PERIOD ENDED </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% bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">MARCH 31,</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">MARCH 31, </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<I><FONT size=1 face="Arial">(in&nbsp;millions of Canadian dollars) (unaudited)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">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% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">582</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">734 </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">Adjustments to reconcile net earnings 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% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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: 36px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=left width="10%">
<p align="right">
<font face="Arial" size="2">&nbsp;
	5</font></TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">790</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">766 </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: 36px">
<FONT size=2 face="Arial">Net employee benefit plans cost </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">47</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&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: 36px">
<FONT size=2 face="Arial">Severance, acquisition and other costs </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5, 7 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">61</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">32 </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: 36px">
<FONT size=2 face="Arial">Net 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">189</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">262 </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: 36px">
<FONT size=2 face="Arial">Gains 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(125 </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: 36px">
<FONT size=2 face="Arial">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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">199</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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: 36px">
<FONT size=2 face="Arial">Contributions to employee pension 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(354</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(155 </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: 36px">
<FONT size=2 face="Arial">Payments under other employee future 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(24</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Severance and other costs 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(247</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(94 </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: 36px">
<FONT size=2 face="Arial">Acquisition costs 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(4</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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 align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(167</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(8</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Operating assets and liabilities </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(330</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(393 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">734</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">1,004 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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 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% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">Capital expenditures </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(634</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(535 </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">Business acquisitions</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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Business dispositions </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">2</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(2</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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 valign="bottom">
	<TD align=left width="64%">
<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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">3</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other investing activities </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">4</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(627</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(521 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Cash flows from (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% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">526</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">108 </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">Sale of trade 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(2</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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">Issue of long-term debt </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,002</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(76</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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">Issue of 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">49</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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 valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Issue of equity securities 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">288</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">Repurchase of common shares </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(125 </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">Cash dividends paid on 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(344</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(28</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(91</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other financing activities </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(30</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(11 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from (used in) financing activities </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,294</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(421 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Net increase (decrease) in cash </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% bgcolor="#C0C0C0">
<font face="Arial" size="2"> <b>1,940</b> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(94 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash at beginning of period </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">129</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">195 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash at end of period </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">2,069</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">101 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Net (decrease) increase in 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(539</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">156 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash equivalents at beginning of period </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2"> <b>642</b> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">489 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash equivalents at end of period </FONT>
	</TD>
	<TD align=left width="10%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">103</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">645 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>






<p style="margin-top: 0; margin-bottom: 0"><b><font face="Arial" size="1">30</font></b><font size="1" face="Arial"><b> </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




<P align="left">
<FONT face="Arial" size="5">Notes to Consolidated Financial Statements</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">These notes are unaudited.</FONT></I></P>
<P align="left">
<font size="2" face="Arial">We<i>,</i> us<i>,</i> our<i>,</i> BCE&nbsp;</font><font size="2"><I><FONT face="Arial">and </FONT></I><FONT face="Arial">the company </FONT><I><FONT face="Arial">mean BCE&nbsp;Inc., its subsidiaries, joint ventures and associates; </FONT></I><FONT face="Arial">Bell</FONT><I><FONT face="Arial"> means our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments on an aggregated basis; and </FONT></I><FONT face="Arial">Bell&nbsp;Aliant </FONT>
</font><I><font size="2" face="Arial">means Bell&nbsp;Aliant&nbsp;Inc. and its
subsidiaries.</font></I></P>
<P align="left">
<I><FONT face="Arial" size="2">All amounts are in&nbsp;millions of Canadian dollars, except where noted.</FONT></I></P>
<P align="left">
<B><FONT face="Arial" size="4">Note 1: Corporate Information</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc. is incorporated and domiciled in&nbsp;Canada. The address of our registered office is Montreal, Quebec. The consolidated
financial statements of BCE&nbsp;Inc. for the year ended December&nbsp;31,&nbsp;2010, prepared using previous Canadian generally accepted accounting principles (previous Canadian GAAP), were approved by the board of directors and authorized for issue
on March&nbsp;10,&nbsp;2011. These interim financial statements were approved and authorized for issue on May&nbsp;11,&nbsp;2011.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="4">Note 2: Basis of Presentation</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">These consolidated interim financial statements were prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting
Standards Board (IASB), under International Accounting Standard (IAS) 34 &#150; Interim Financial Reporting. These are our
first consolidated interim financial statements prepared under IFRS and IFRS 1 &#150; First-time Adoption of IFRS has been applied. The consolidated interim
financial statements do not include all of the notes
required in annual financial statements. These consolidated interim financial statements are in accordance with generally accepted accounting
principles issued by the Canadian Accounting Standards Board for publicly-accountable enterprises.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An explanation of how the transition to IFRS has affected our reported
financial position, financial performance and cash flows is provided in Note 4,
<i>First-time Adoption of IFRS</i>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements have been prepared on a historical cost basis, except for certain
financial instruments that are measured at fair values as described in our accounting policies.</FONT></P>
<P align="left">
<b><font face="Arial" size="2">FUNCTIONAL CURRENCY</font></b></P>
<P align="left">
<FONT face="Arial" size="2">The consolidated financial statements are presented in Canadian dollars, the company&#146;s functional currency.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="4">Note 3: Significant Accounting Policies</FONT></B></P>
<P align="left">
<B><FONT face="Arial" size="2">BASIS OF CONSOLIDATION</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We consolidate the financial statements of all our subsidiaries. Subsidiaries are entities we control, where control is the power to govern the
financial and operating policies of an entity so as to obtain benefits from its activities.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The results of subsidiaries acquired or sold during the year are consolidated from the date of acquisition and up to the date of disposal, as appropriate. Where necessary, adjustments are made to the
financial statements of subsidiaries to make their accounting policies consistent with those used by us. All intercompany transactions, balances, income and expenses are eliminated on
consolidation.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">EBITDA</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We define EBITDA as operating revenues less operating costs, as shown in the consolidated income statements. We use EBITDA to evaluate the performance of our businesses as it
reflects their ongoing profitability. EBITDA also is used as a component in the determination of short-term incentive compensation for all
management employees. EBITDA is referred to as an additional GAAP measure because it is displayed on the face of our income statements.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">INVESTMENTS IN ASSOCIATES AND JOINT VENTURES</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Our consolidated financial statements incorporate our share of the results of our associates and joint venture interests using the equity method of accounting, except when the
investment is classified as held for sale.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in associates and joint ventures are recognized initially at cost and adjusted thereafter to include the
company&#146;s share of income or loss and comprehensive income on an after-tax
basis. Investments are also reviewed for impairment by comparing their recoverable amount to their carrying amount.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; </font><b>
<font face="Arial" size="1">31</font></b></p>

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




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






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






<P align="left">
<B><FONT face="Arial">Associates</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">An associate is an entity over which we have significant influence and that is neither a subsidiary nor an interest in a
joint venture. Significant influence is the power to participate in the financial and
operating policy decisions of the investee but does not represent control or joint control over those decisions.</FONT></P>
<P align="left">
<B><FONT face="Arial">Joint Ventures</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">A joint venture is an arrangement whereby we undertake an economic activity that is subject to joint control. Joint control is the contractually-agreed sharing of control over an economic activity and exists only when the
strategic financial and operating decisions relating to the activity require the unanimous consent of the parties sharing control.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">RECOGNIZING REVENUE</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We measure revenues at the fair value of the arrangement consideration. We recognize revenues from the sale of products or the rendering of services 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">the significant risks and rewards of ownership are transferred to customers and we retain neither continuing managerial involvement nor
effective control </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">the amount of revenue and related costs can be measured reliably
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">it is probable that the economic benefits
associated with the transaction will flow to the company.</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>
</ul>
<P align="left">
<font size="2" face="Arial">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 are presented in
</font><font size="2"><I><FONT face="Arial">Trade payables and other </FONT></I><FONT face="Arial">or in </FONT><I><FONT face="Arial">Other
non-current liabilities </FONT></I>
</font><font size="2" face="Arial">on the statement of financial
position.<br>
&nbsp;&nbsp;&nbsp;&nbsp; Revenues are reduced for customer rebates and allowances and exclude sales and other taxes we collect from our customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp; We expense subscriber acquisition costs when the related services are activated.</font></P>
<P align="left">
<B><FONT face="Arial">Multiple-Element Arrangements</FONT></B></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. When two or more products or services have value to our
customers on a stand-alone basis, we separately account for each product or service according to the methods previously described. The total price to the customer is allocated to each product or service based on its relative fair value. When an
amount allocated to a delivered item is contingent upon the delivery of additional items or meeting specified performance conditions, the amount allocated to that delivered item is limited to the
non-contingent amount.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the conditions to account separately for each product or service are not met, we recognize revenue proportionately over the term of the sale agreement.</FONT></P>
<P align="left">
<B><FONT face="Arial">Subcontracted Services</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We may enter into arrangements with subcontractors and others who provide services to our customers. When we act as the principal in these arrangements, we recognize revenue based on the amounts billed to our customers. Otherwise,
we recognize the net amount that we retain as revenue.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">CASH AND CASH EQUIVALENTS</FONT></B></P>
<P align="left">
<I><font size="2" face="Arial">Cash</font></I><font size="2"><FONT face="Arial"> and </FONT><I><FONT face="Arial">cash equivalents </FONT></I>
</font><font size="2" face="Arial">are comprised of cash or highly liquid investments with original maturities of three months or less from the
date of purchase.</font></P>






<p style="margin-top: 0; margin-bottom: 0"><b><font face="Arial" size="1">32</font></b><font size="1" face="Arial"><b> </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




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






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

<P align="left">
<B><FONT face="Arial" size="2">SALE OF TRADE RECEIVABLES</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Proceeds on sale of trade receivables are recognized as a collateralized borrowing as we do not transfer control and substantially all the risks and rewards of ownership to another entity.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">INVENTORY</FONT></B></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
reserves for inventory that is slow-moving or obsolete, calculated using an inventory aging analysis.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">CAPITAL ASSETS</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Property, Plant and Equipment</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We record property, plant and equipment at historical cost, except for certain Bell&nbsp;Wireline assets which are valued at deemed cost. Historical cost includes expenditures that are attributable directly to the acquisition or
construction of the asset, including the purchase cost, labour and overhead and borrowing costs if the time to build or develop is in excess of one year. Deemed cost is the fair value of the assets as at January&nbsp;1,&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We initially measure and record asset retirement obligations at management&#146;s best estimate using a present value methodology, adjusted subsequently for any changes to the timing or amount of the
original estimate of cash flows and changes in discount rates. 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 finance costs to reflect the passage of time.</FONT></P>
<P align="left">
<B><FONT face="Arial">Leases</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Leases of property, plant and equipment are classified as
finance leases when we obtain substantially all the risks and
rewards of ownership of the underlying assets. At the inception of the lease, we record an asset together with a corresponding long-term liability at the lower of the fair value of the leased asset or the present value of the minimum lease payments.
Thereafter, the asset is amortized over the shorter of its useful life and the lease term and the liability is measured at amortized cost using the effective interest method.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other leases are classified as operating leases. Lease payments are expensed on a straight-line basis over the term of the lease.</FONT></P>
<P align="left">
<B><FONT face="Arial">Finite-life Intangible Assets</FONT></B></P>
<P align="left">
<I><FONT face="Arial">Software</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We record internal-use software at historical cost. Cost includes expenditures that are attributable directly to the acquisition or development of the software,
including the purchase cost, labour and overhead.</FONT></P>
<P align="left">
<I><FONT face="Arial">Customer Relationships</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Customer relationship assets are acquired through business combinations and are recorded at fair value at the date of acquisition.</FONT></P>
<P align="left">
<B><FONT face="Arial">Indefinite-Life Intangible Assets</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Brand assets, mainly comprised of the Bell&nbsp;brand, are acquired through business combinations and are recorded at fair value at the date of acquisition. Wireless spectrum licences are recorded at acquisition cost, including
borrowing costs when the time to build or develop the related network is in excess of one year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently there are no legal, regulatory, competitive or other factors that limit the useful lives of our brands or spectrum licences.</FONT></P>
<P align="left">
<B><FONT face="Arial">Borrowing Costs</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We capitalize borrowing costs to qualifying assets that take in excess of one year to build or develop using our weighted average cost of borrowing.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; </font><b>
<font face="Arial" size="1">33</font></b></p>

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




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






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






<P align="left">
<B><FONT face="Arial">Depreciation and Amortization</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We amortize capital assets on a straight-line basis over their estimated useful lives. We review our estimates of the useful lives of the assets on an annual basis and adjust depreciation and amortization on a prospective basis,
if needed. Land and assets under construction or development are not amortized.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="48%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">ESTIMATED USEFUL LIFE </FONT>
	</TD>
	<TD align=right 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>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Property, plant and equipment </FONT>
	</TD>
	<TD align=left width="48%">
<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="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Network infrastructure and equipment </FONT>
	</TD>
	<TD align=right width="48%">
<FONT size=2 face="Arial">3 to 50 years </FONT>
	</TD>
	<TD align=right width="2%">
<font 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">Buildings </FONT>
	</TD>
	<TD align=right width="48%">
<FONT size=2 face="Arial">10 to 40 years </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Finite-life intangible assets </FONT>
	</TD>
	<TD align=left width="48%">
<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="50%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Software </FONT>
	</TD>
	<TD align=right width="48%">
<FONT size=2 face="Arial">2 to 7 years </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Customer relationships </FONT>
	</TD>
	<TD align=right width="48%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">5 to 30 years </FONT>
	</TD>
	<TD align=right width="2%" style="border-bottom: 3px double #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial" size="2">GOODWILL AND BUSINESS COMBINATIONS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value at the date of acquisition. Acquisition-related transaction costs are expensed
as incurred.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identifiable assets and liabilities, including intangible assets, of acquired businesses are recorded at their fair values at the date of
acquisition. When we acquire control of a business, any previously-held equity interest is also remeasured to fair value. The excess of the purchase consideration and any previously-held equity interest over the fair value of identifiable net assets acquired is goodwill. If the fair value of identifiable net assets acquired exceeds the purchase consideration and any previously-held
equity interest, the difference is recognized in earnings immediately as a bargain purchase gain.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in our ownership interest in subsidiaries that do not result in a loss of control are accounted for as equity transactions. Any difference between the change in the carrying amount of
non-controlling interest and the consideration paid or received is attributed to owner&#146;s equity.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">IMPAIRMENT OF NON-FINANCIAL ASSETS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Goodwill, indefinite-life intangible assets and finite-life intangible assets are tested for impairment annually or when
there is an indication that the asset may be impaired. Other capital assets are tested for impairment if events or changes in circumstances, assessed quarterly, indicate that their carrying amount may not be recoverable. For the purpose of
impairment tests, assets are grouped at the lowest level for which there are separately identifiable cash
flows.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment losses are recognized and measured as the excess of the carrying value of the assets over their recoverable amount. An asset&#146;s recoverable amount is the higher of its fair value less
costs to sell and value in use. Previously recognized impairment losses, other than those attributable to goodwill, are reviewed for possible reversal at each reporting date and, if the asset&#146;s value has increased, all or a portion of the
impairment is reversed.</FONT></P>
<P align="left">
<b><FONT face="Arial">Goodwill Impairment Testing</FONT></b></P>
<P align="left">
<FONT face="Arial" size="2">We perform an annual test for goodwill impairment for each of our Cash Generating Units (CGUs) in the fourth quarter and whenever events or changes in circumstances indicate that goodwill might be impaired.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A CGU is the smallest identifiable group of assets that generates cash inflows that are
independent of the cash inflows from other assets or groups of assets. We assess goodwill impairment at the level of each CGU or group of CGUs likely to benefit from acquisition-related synergies within an operating segment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We identify any potential impairment by comparing the carrying value of a CGU to its recoverable amount. The recoverable amount of a CGU is the higher of its fair value less costs to sell and its
value in use. Fair value less costs to sell is based on estimates of discounted future cash
flows or other valuation methods. Cash flows are
projected based on past experience, actual operating results and business plans. When the recoverable amount of a CGU is less than its carrying value, the recoverable amount is determined for all its identifiable assets and
liabilities. The excess of the recoverable amount of the CGU over the total of the amounts assigned to its assets and liabilities is the recoverable amount of goodwill.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An impairment charge is deducted from earnings for any excess of the carrying value of goodwill over its recoverable amount.</FONT></P>






<p style="margin-top: 0; margin-bottom: 0"><b><font face="Arial" size="1">34</font></b><font size="1" face="Arial"><b> </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




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






<P align="left">
<B><FONT face="Arial" size="2">FINANCIAL INSTRUMENTS</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Held for Trading</FONT></B></P>
<P align="left">
<font size="2" face="Arial">Financial assets and liabilities classified as held for trading are measured at fair value, with changes in fair value recognized in
</font><font size="2"><I><FONT face="Arial">Other (expense) income </FONT></I><FONT face="Arial">in the income statement. </FONT><I><FONT face="Arial">Cash</FONT></I><FONT face="Arial"> and </FONT><I><FONT face="Arial">Cash equivalents </FONT></I>
</font><font size="2" face="Arial">are classified as held for trading.</font></P>
<P align="left">
<B><FONT face="Arial">Available-for-sale (AFS) Financial Assets</FONT></B></P>
<P align="left">
<font size="2" face="Arial">Our portfolio investments in equity securities are classified as AFS and are presented in our statements of
financial
position as </font><font size="2"><I><FONT face="Arial">Other non-current assets</FONT></I><FONT face="Arial">. These securities are recorded at fair value on the date of acquisition, plus related transaction costs. Investments in publicly-traded securities are
adjusted to fair value at each reporting date. Investments in privately-held securities also are adjusted to fair value when we can measure fair value reliably. The corresponding unrealized gains and losses are recorded in comprehensive income and
are reclassified to </FONT><I><FONT face="Arial">Other (expense) income </FONT></I><FONT face="Arial">in the income statement when realized or when an impairment is determined. Income from
investments also is recorded in </FONT><I><FONT face="Arial">Other (expense)
income </FONT></I>
</font><font size="2" face="Arial">in the income statement.</font></P>
<P align="left">
<B><FONT face="Arial">Trade and Other Receivables</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Trade and other receivables, which include accounts receivable and other short-term receivables, are measured at amortized cost using the effective interest method, net of any allowance for doubtful accounts.</FONT></P>
<P align="left">
<B><FONT face="Arial">Other Financial Liabilities</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Other financial liabilities are recorded at amortized cost using the effective interest method and include
trade and other payables, interest payable and
debt.</FONT></P>
<P align="left">
<B><FONT face="Arial">Costs of Issuing Debt and Equity</FONT></B></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. The cost of issuing equity is reflected in the statements of changes in equity as a reduction of the proceeds received.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">DERIVATIVE FINANCIAL INSTRUMENTS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We use derivative financial instruments to manage interest rate risk and foreign currency risk. We do not use derivative
financial instruments for speculative or trading purposes.</FONT></P>
<P align="left">
<B><FONT face="Arial">Hedge Accounting</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">To qualify for hedge accounting, we document all relationships between each derivative and the item it hedges and our risk management objective and strategy. This includes associating each derivative to a specific asset or liability, a specific
firm commitment, or a specific anticipated transaction.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</FONT></P>
<P align="left">
<I><FONT face="Arial">Fair Value Hedges</FONT></I></P>
<P align="left">
<font size="2" face="Arial">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 </font><font size="2"><FONT face="Arial"><i>Other current
assets </i>or </FONT><I><FONT face="Arial">Trade and other payables </FONT></I><FONT face="Arial">for swaps that mature within one year and in
</FONT><I><FONT face="Arial">Other non-current assets </FONT></I><FONT face="Arial">or </FONT><I><FONT face="Arial">Other
non-current liabilities </FONT></I><FONT face="Arial">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 </FONT><I><FONT face="Arial">
Other (expense) income </FONT></I>
</font><font size="2" face="Arial">in the income statements and offset, except for any ineffective portion of the hedging
relationship.</font></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; </font><b>
<font face="Arial" size="1">35</font></b></p>

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




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






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






<P align="left">
<I><FONT face="Arial">Cash Flow Hedges</FONT></I></P>
<P align="left">
<font size="2" face="Arial">Our cash flow hedges are used to mitigate foreign currency risk on certain long-term debt instruments and purchase commitments. We use forward foreign exchange contracts to
manage the exposure to anticipated transactions denominated in foreign currencies. We use cross-currency swaps to hedge
firm commitments to pay interest and/or principal amounts in the foreign
currency. 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 earnings. Realized gains and losses in accumulated other
comprehensive income are reclassified to </font><font size="2"><I><FONT face="Arial">
Other (expense) income </FONT></I><FONT face="Arial">in the income statement in the same periods as the corresponding hedged
items are recognized in earnings. Cash flow hedges that mature within one year are included in </FONT>
<I><FONT face="Arial">Other current assets </FONT></I><FONT face="Arial">or
</FONT><I><FONT face="Arial">Trade and other payables</FONT></I><FONT face="Arial">, whereas hedges that have a maturity of more than one year are included in </FONT><I><FONT face="Arial">Other
non-current assets </FONT></I><FONT face="Arial">or </FONT><I><FONT face="Arial">Other
non-current liabilities</FONT></I></font><font size="2" face="Arial">.</font></P>
<P align="left">
<B><FONT face="Arial">Economic Hedges</FONT></B></P>
<P align="left">
<font size="2" face="Arial">Derivatives that are economic hedges and do not qualify for hedge accounting are recognized at fair value. We record changes in the fair value of these derivatives in
</font><font size="2"><I><FONT face="Arial">Other (expense) income
</FONT></I></font><font size="2" face="Arial">in the income statement.</font></P>
<P align="left">
<B><FONT face="Arial" size="2">EMPLOYEE BENEFIT PLANS</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Defined Benefit (DB) Plans</FONT></B></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 average rate of pay during the highest paid consecutive five years of service. Most employees are not required to contribute to the plans. The plans provide increasing
pension benefits to help protect a portion of the income of retired employees against inflation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are responsible for adequately funding our DB pension plans. We make contributions to them based on various actuarial cost methods permitted by pension regulatory bodies. Contributions
reflect actuarial assumptions about future investment returns, salary projections and future service.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide other employee future 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 employee future 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 pension plan assets. Pension and other employee future 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 unit credit method, prorated on years of service, which takes into account future pay levels
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT 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">
<FONT face="Arial" size="2">The expected long-term rate of return is a weighted average rate of our forward-looking view of long-term returns on each of the major plan asset categories in our funds. We value pension plan assets at fair value using current
market values.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expense relating to our employee benefit plans is shown in operating costs, interest on
our employee benefit obligations and expected return on pension plan
assets. Pension current service cost is included in operating costs and is spread systematically over employees&#146; expected service periods. The interest on
our employee benefit obligations and the expected return on pension plan assets are recognized in net
earnings and are displayed on the face of the income statements. Interest on our
employee benefit obligations is the accretion of interest on the obligations under the employee benefit plans and the expected
return on pension plan assets is based on conditions that existed at the beginning of the year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial gains and losses for all employee benefit plans are recorded in other comprehensive income in the period in which they occur and
recognized immediately in the deficit.</FONT></P>
<P align="left">
<B><FONT face="Arial">Defined Contribution (DC) Pension Plans</FONT></B></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 a predetermined amount to an
employee&#146;s retirement savings, based on a percentage of that employee&#146;s salary.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize a pension current service 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 can participate only in the DC pension arrangements.</FONT></P>






<p style="margin-top: 0; margin-bottom: 0"><b><font face="Arial" size="1">36</font></b><font size="1" face="Arial"><b> </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




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






<P align="left">
<B><FONT face="Arial" size="2">INCOME TAXES</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Income tax expense comprises current and deferred taxes. Tax expense is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A current or long-term tax liability/asset is the estimated tax payable/receivable on taxable
earnings for the current and past periods, inclusive of
any possible effect that could arise from a review by the tax authorities.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A deferred tax asset or liability is tax recoverable or payable in future periods as a result of past transactions or events. We use the liability method to account for deferred tax assets and
liabilities, which arise from:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">temporary differences between the carrying amount of assets and liabilities recognized in the statement of
	financial position and their corresponding tax basis
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the
carryforward of unused tax losses and credits.</FONT></P></li>
</ul>
<P align="left" style="margin-top: 0">
<font face="Arial" size="2">Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply when the asset or liability is recovered or settled. Both our current tax and deferred tax assets and
liabilities are calculated using tax rates that have been enacted or substantively enacted at the end of the reporting date.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by us and
it is probable that the temporary difference will not reverse in the foreseeable future.</font></P>
<P align="left">
<B><FONT face="Arial">Investment Tax Credits, Tax Credits and Government Grants</FONT></B></P>
<P align="left">
<font size="2" face="Arial">We recognize investment tax credits (ITCs) and other government grants given on eligible expenditures when it is more likely than not that they will be realized. They are presented as part of
</font><font size="2"><I><FONT face="Arial">Trade and
other receivables </FONT></I><FONT face="Arial">and </FONT><I><FONT face="Arial">Other
non-current assets </FONT></I>
</font><font size="2" face="Arial">on the statements of financial position. We use the cost
reduction method to account for ITCs, under which the credits are applied against the expense or asset to which the ITC or government grant relates.</font></P>
<P align="left">
<B><FONT face="Arial" size="2">SHARE-BASED PAYMENTS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Our equity-settled, share-based payment arrangements include stock option plans, restricted share units (RSUs), deferred share units (DSUs) and employee savings plans (ESPs). Certain RSUs are cash-settled or provide the
counterparty with a choice of settlement.</FONT></P>
<P align="left">
<B><FONT face="Arial">Stock Options</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We use a fair value-based method to measure the cost of our employee stock options, based on the number of stock options that are expected to vest. Compensation expense is adjusted for subsequent changes in management&#146;s
estimate of the number of stock options that are expected to vest.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We credit contributed surplus for stock option expense recognized over the vesting period. When stock options are exercised, we credit share capital for the amount paid and the amounts previously
credited to contributed surplus.</FONT></P>
<P align="left">
<B><FONT face="Arial">RSUs</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">For each RSU granted, we recognize compensation expense equal to the market value of a BCE&nbsp;Inc. common share at the date of grant based on the number of RSUs expected to vest, recognized over the term of the vesting period, with a
corresponding credit to contributed surplus for equity settled RSUs and a corresponding credit to a liability for cash-settled RSUs. Additional RSUs are issued to reflect dividends declared on the
common shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation expense is adjusted for subsequent changes in management&#146;s estimate of the number of RSUs that are expected to vest and, for cash-settled RSUs, changes in the market value of BCE&nbsp;
Inc. common shares. The effect of these changes is recognized in the period of the change. For equity settled RSUs, changes in the market value of BCE&nbsp;Inc. common shares are recognized in the deficit upon settlement. Vested RSUs are settled either in BCE&nbsp;Inc. common shares, in cash, in DSUs, or through a combination of these, depending on the terms of the grant.</FONT></P>
<P align="left">
<B><FONT face="Arial">DSUs</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">DSUs issued are recognized at the fair value of the services received. Additional DSUs are issued to reflect dividends declared on the common shares. DSUs are settled in BCE&nbsp;
Inc. common shares purchased on the open market following the cessation of employment or when a director leaves the board. We credit contributed surplus for the fair value of DSUs at the issue date. Upon settlement of the DSUs, any difference
between the cost of shares purchased on the open market and the amount credited to contributed surplus is reflected in the deficit.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; </font><b>
<font face="Arial" size="1">37</font></b></p>

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




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






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






<P align="left">
<B><FONT face="Arial">ESPs</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We recognize our contributions under our ESPs as compensation expense. Beginning in July&nbsp;2010, employer ESP contributions accrue over a two-year vesting period. We credit contributed surplus for the ESP expense recorded over the
vesting period, based on management&#146;s estimate of the accrued contributions that are expected to vest. We adjust the deficit for any difference between the cost of shares purchased at the
time of settlement and the amount previously credited to contributed surplus.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">USING ESTIMATES AND KEY JUDGEMENTS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">When preparing financial statements according to IFRS, management makes estimates and assumptions relating to:</FONT></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">reported amounts of revenues and expenses</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">reported amounts of assets and liabilities</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">disclosure of contingent assets and liabilities.</FONT></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. 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, share-based compensation plans, employee benefit plans, deferred income taxes and goodwill impairment. We also use estimates when recording
the fair values of assets acquired and liabilities assumed in a business combination. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Provisions are recognized when:</FONT></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">the company has a present legal or constructive obligation based on past events;</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">it is probable that an outflow of economic resources will be required to settle the obligation; and</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">the amount can be reasonably estimated.</FONT></LI>
</UL>
<P align="left">
<FONT face="Arial" size="2">Provisions are measured at the present value of the estimated expenditures expected to settle the obligation. This present value, if material, is determined using the current market assessments of the time value of money and risks
specific to the obligation. The obligation increases as a result of the passage of time and is recorded as interest expense.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimates involving a higher degree of judgement or complexity are described below.</FONT></P>
<P align="left">
<B><FONT face="Arial">Restructuring Provisions</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Restructuring provisions are recognized when we have a detailed, formal plan that materially changes either the scope of our business or the manner in which our business is conducted.</FONT></P>
<P align="left">
<B><FONT face="Arial">Onerous Contracts</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">A provision for onerous contracts is recognized when the unavoidable costs of meeting our obligations under the contract exceed the expected benefits to be received from the
contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of completing the contract.</FONT></P>
<P align="left">
<B><FONT face="Arial">Fair Value of Financial Instruments</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Certain financial instruments, such as investments in equity securities, derivative
financial instruments and certain
elements of borrowings, are carried in the statement of financial position at fair value, with changes in fair value reflected in the income
statement. Fair values are estimated by reference to published price quotations or by using other valuation techniques.</FONT></P>
<P align="left">
<B><FONT face="Arial">Employee Benefit Plans</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The amounts reported in the financial statements relating to DB pension and other employee future benefits are determined
using actuarial calculations that are based on several assumptions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actuarial valuation uses management&#146;s assumptions for the discount rate, expected long-term rate of return on pension 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;The two most significant assumptions used to calculate the net employee benefit plans cost are
the discount rate used to value the employee benefit obligation and the expected long-term rate of return on pension plan assets. Each of our operating segments is affected by these
assumptions.</FONT></P>






<p style="margin-top: 0; margin-bottom: 0"><b><font face="Arial" size="1">38</font></b><font size="1" face="Arial"><b> </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




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






<P align="left">
<i>
<FONT face="Arial">Discount Rate</FONT></i></P>
<P align="left">
<FONT face="Arial" size="2">A discount rate is 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 pension plan. A lower discount rate results in a higher employee benefit obligation and a higher pension deficit.</FONT></P>
<P align="left">
<i>
<FONT face="Arial">Expected Long-Term Rate of Return</FONT></i></P>
<P align="left">
<FONT face="Arial" size="2">The expected long-term rate of return is a weighted average of estimated long-term returns on each of the major plan asset categories in our pension funds. Poor fund performance results in a lower fair value of plan assets and a
higher pension deficit.</FONT></P>
<P align="left">
<B><FONT face="Arial">Useful Lives of Property, Plant and Equipment</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Property, plant and equipment represent a significant proportion of our total assets. Changes in technology or our intended use of these assets may cause the estimated useful
lives of these assets to change.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We review estimates of the useful lives of property, plant and equipment on an annual basis and adjust depreciation on a prospective basis, if necessary.</FONT></P>
<P align="left">
<B><FONT face="Arial">Goodwill Impairment</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We make a number of estimates when calculating the recoverable amount of goodwill 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, and the discount rate.</FONT></P>
<P align="left">
<B><FONT face="Arial">Capital Asset Impairment</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We make a number of 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 number of years used in the cash flow model, and the discount rate.</FONT></P>
<P align="left">
<B><FONT face="Arial">Contingencies</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We become involved in various litigation and regulatory matters as a part of our business that could affect each of our operating segments. Pending litigation, regulatory initiatives or regulatory proceedings represent potential
financial loss to our business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We accrue a potential loss if we believe the loss is probable and can be reasonably estimated, based on information that is available at the time. Any accrual would be charged to earnings and included
in </FONT><font size="2"><I><FONT face="Arial">Trade and other payables </FONT></I><FONT face="Arial">or </FONT><I><FONT face="Arial">Other
non-current liabilities</FONT></I></font><font size="2" face="Arial">. Any cash settlement would be deducted from cash from operating
activities. We estimate the amount of the loss by analyzing potential outcomes and assuming various litigation and settlement strategies.</font></P>
<P align="left">
<B><FONT face="Arial">Income Taxes</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The calculation of income taxes requires judgement in interpreting tax rules and regulations. There are transactions and calculations for which the ultimate tax determination is uncertain. Our tax
filings are also subject to audits, the outcome of which could change the amount of current and deferred tax assets and liabilities. Management believes that it has sufficient amounts accrued for outstanding tax matters based on the information that currently is available.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets and liabilities require management judgement in determining the amounts to be recognized. In particular, judgement is required when assessing the timing of reversal of temporary
differences to which future income tax rates are applied. Further, the amount of deferred 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
amounts of future taxable profit.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; </font><b>
<font face="Arial" size="1">39</font></b></p>

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




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






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






<P align="left">
<B><FONT face="Arial" size="2">FUTURE CHANGES TO ACCOUNTING STANDARDS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">In November&nbsp;2009, the IASB issued IFRS 9 &#150; Financial Instruments, introducing new requirements for classifying and measuring
financial assets. IFRS 9 is the IASB&#146;s
first step in its project to replace IAS 39 &#150; Financial Instruments: Recognition and Measurement. In October&nbsp;2010, the IASB reissued IFRS 9, incorporating new requirements on accounting for
financial liabilities, and carrying over from IAS 39 the requirements for derecognition of
financial assets and financial liabilities. IFRS 9 must be applied retrospectively for annual periods beginning on or after January&nbsp;1,&nbsp;2013, with early adoption permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2010, IASB amended IFRS 7 &#150; Financial Instruments: Disclosures to require quantitative and qualitative disclosures for transfers of
financial assets where the transferred assets are not derecognized in their entirety or the transferor retains continuing managerial involvement. The amendment also requires disclosure of supplementary information if a substantial
portion of the total amount of the transfer activity occurs in the closing days of a reporting period. The amendments to IFRS 7 must be applied for annual periods beginning on or after July&nbsp;1,&nbsp;2011, with early adoption permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are currently evaluating the impact and effective date of adoption of IFRS 9 and the amendments to IFRS 7.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="4">Note 4: First-time Adoption of IFRS</FONT></B></P>
<P align="left">
<font size="2" face="Arial">Our accounting policies presented in Note 3, </font>
<font size="2"><I><FONT face="Arial">Significant Accounting Policies</FONT></I></font><font size="2" face="Arial">, have been applied in
preparing the financial statements for the three months ended March&nbsp;31,&nbsp;2011, the comparative information for the period ended March&nbsp;31,&nbsp;2010, the year ended December&nbsp;31,&nbsp;2010 and the opening
statement of financial position at January&nbsp;1,&nbsp;2010, our date of transition to IFRS.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have applied IFRS 1 &#150;
</font><font size="2"><FONT face="Arial">First-time Adoption of IFRS<I> </I>
</FONT>
</font><font size="2" face="Arial">in preparing the consolidated statement of
financial position as at January&nbsp;1,&nbsp;2010. The effects of the transition to IFRS on equity and total comprehensive income are presented in this note.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to January&nbsp;1,&nbsp;2010, our consolidated financial statements were prepared in accordance with previous Canadian GAAP.</font></P>
<P align="left">
<B><FONT face="Arial" size="2">FIRST-TIME ADOPTION ELECTIONS</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Mandatory exceptions</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Our accounts receivable securitization program does not qualify for derecognition under IFRS. We have recognized our securitized accounts receivable on a retrospective basis as the information was available at the time of the
initial accounting for these transactions. As a result, total current assets and total current liabilities increased by &#36;1,305&nbsp;million as at January&nbsp;1,&nbsp;2010. We have applied all of the other mandatory exceptions to full retrospective application
as required under IFRS 1.</FONT></P>
<P align="left">
<B><FONT face="Arial">Elective exemptions</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We have applied the following elective exemptions to full retrospective application as permitted under IFRS 1.</FONT></P>
<P align="left">
<I><FONT face="Arial">Business Combinations</FONT></I></P>
<P align="left">
<font size="2" face="Arial">We have elected not to apply IFRS 3 &#150; </font>
<font size="2"><FONT face="Arial">Business Combinations<I> </I> </FONT></font>
<font size="2" face="Arial">retrospectively to business combinations that occurred before the date of transition.</font></P>
<P align="left">
<I><FONT face="Arial">Employee Benefit Plans</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We have elected to charge all of our deferred actuarial gains and losses in our DB pension plans under previous Canadian GAAP to the opening deficit as at January&nbsp;1,
2010.</FONT></P>
<P align="left">
<I><FONT face="Arial">Deemed Cost</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We have elected to use fair value as deemed cost as at January&nbsp;1,&nbsp;2010 for certain items of property, plant and equipment.</FONT></P>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b> 40 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




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

<P align="left">
<b><font face="Arial" size="2">RECONCILIATION OF PREVIOUS CANADIAN GAAP TO IFRS</font></b></P>
<P align="left">
<B><FONT face="Arial">Reconciliation of Equity</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Total equity at January&nbsp;1, 2010, March&nbsp;31, 2010 and December&nbsp;31, 2010 under previous Canadian GAAP is reconciled to the amounts reported under IFRS below. All amounts are after tax.</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" 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">AT </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">AT </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">AT </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left 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=right width="10%">
<FONT size=1 face="Arial">JANUARY 1, </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">MARCH 31, </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">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="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Total equity as reported under previous Canadian GAAP </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">16,974 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16,995 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,207 </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">Employee benefit plans </FONT>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">a</FONT></I><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,403 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,042 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,497 </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">Depreciation and amortization / Deemed cost </FONT>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">b, c</FONT></I><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,421 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,417 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,366 </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 </FONT>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">d</FONT></I><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(314 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(313 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </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>
</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=right width="10%">
<I><FONT size=2 face="Arial">e</FONT></I><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">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">20 </FONT>
	</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">Fund unit liability </FONT>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">f</FONT></I><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,074 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,943 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,096 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">124 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">141 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">214 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total equity under IFRS </FONT>
	</TD>
	<TD align=left width="10%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">10,907 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">10,441 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">10,168 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial">Reconciliation of Total Comprehensive Income</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Total net earnings and comprehensive income for the three months ended March&nbsp;31, 2010 and the year ended December&nbsp;31, 2010 under previous Canadian GAAP are reconciled to the amounts reported under IFRS below.</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=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">THREE </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 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 size=1 face="Arial">MONTHS </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 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 size=1 face="Arial">ENDED </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">YEAR ENDED </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" 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" 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">MARCH 31, </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">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="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Net earnings as reported under previous Canadian GAAP </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">637 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,277 </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">Employee benefit plans </FONT>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">a</FONT></I><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</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>
	<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="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Depreciation and amortization expense </FONT>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">b, c</FONT></I><font face="Arial" size="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 </FONT>
	</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 valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">e</FONT></I><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">299 </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">Fund unit liability </FONT>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">f</FONT></I><font face="Arial" size="2"> </font>
	</TD>
	<TD 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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(321 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(23 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings under IFRS </FONT>
	</TD>
	<TD align=left width="10%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">734 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">2,190 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</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 size=1 face="Arial">THREE </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 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 size=1 face="Arial">MONTHS </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 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 size=1 face="Arial">ENDED </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">YEAR ENDED </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" 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" 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">MARCH 31, </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">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="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Comprehensive income as reported under previous Canadian GAAP </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">507 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,155 </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 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 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">(87 </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">Actuarial losses on employee benefit plans, net of tax </FONT>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">a</FONT></I><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</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>
	<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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Non-controlling interest on cash flow hedges </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Comprehensive income under IFRS </FONT>
	</TD>
	<TD align=left width="10%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">1,101 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial">Reconciliation of the Statements of Cash Flows</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">There were no material changes to the statements of
cash flows on adoption of IFRS, except for the cash provided by or used in our investment in joint ventures. Under previous Canadian GAAP, increases and decreases in cash and cash
equivalents in joint ventures was proportionately consolidated. Under IFRS, we account for joint ventures using the equity method, increases and decreases in cash and cash equivalents are presented in cash from investing activities.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>41</b></font></p>

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




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






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






<P align="left">
<B><FONT face="Arial">Explanatory Notes</FONT></B></P>
<P align="left">
<I><FONT face="Arial">a. Employee Benefit Plans</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Under previous Canadian GAAP, we amortized actuarial gains and losses to earnings over employees&#146; expected average remaining service life (EARSL) using the corridor method relating to our DB pension and other employee future
benefit plans. We deducted 10% of the greater of the employee benefit obligation or the market-related value of pension plan assets from the
unamortized net actuarial gains or losses on a market-related value basis. Any excess was amortized to earnings on a straight-line basis over EARSL. Past service costs under previous Canadian GAAP also were amortized on a straight-line basis over
EARSL.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, we recognize actuarial gains and losses on a current basis in
o</FONT><font size="2"><FONT face="Arial">ther comprehensive income<I> </I>
</FONT>
</font><font size="2" face="Arial">as incurred. Vested past service costs
are recognized immediately in earnings; unvested past service costs are amortized on a straight-line basis over the vesting period. IFRS also requires that pension plan assets be measured using market values, instead of the market-related values we
used under previous Canadian GAAP.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS 1, we elected to charge all deferred actuarial gains and losses to the opening deficit on January&nbsp;1, 2010. At the date of transition, we
reduced the employee benefit asset by &#36;2,316&nbsp;million, increased employee benefit obligations by &#36;979&nbsp;million and the opening
deficit increased by &#36;2,403&nbsp;million, net of a decrease in deferred tax liabilities of &#36;652&nbsp;million, an increase in deferred tax assets of &#36;241&nbsp;million and non-controlling interest of
&#36;1&nbsp;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the three months ended March&nbsp;31, 2010, the discount rate declined from 6.4% to 5.9% and the actual return on assets was 2.7% compared to an expected annual return of 7.0%. As a result, our
employee benefit obligation increased by &#36;829&nbsp;million, net of taxes of &#36;235&nbsp;million and non-controlling interest of &#36;1&nbsp;million and &#36;594&nbsp;million was charged to
other comprehensive income.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December&nbsp;31, 2010, the discount rate declined from 6.4% to 5.5% and the actual return on assets was 11.4% compared to an expected annual return of 7.0%. As a result, our employee
benefit obligation increased by &#36;1,358&nbsp;million and the deficit increased by &#36;969&nbsp;million, net of taxes of &#36;389&nbsp;million and
non-controlling interest of &#36;2&nbsp;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The decrease in net earnings of &#36;38&nbsp;million, net of taxes of &#36;10&nbsp;million, for the three months ended March&nbsp;31, 2010 and &#36;97&nbsp;million, net of taxes of &#36;29&nbsp;million, for the year ended
December&nbsp;31, 2010 is comprised of an increase in the net employee benefit plans cost due to the valuation of plan assets at market value, partly offset by the exclusion of amortization of
actuarial losses as the losses were charged to the opening deficit on transition to IFRS and the inclusion of pension current service cost in our capitalized labour rates. Additionally, for the
quarter ended March&nbsp;31, 2010 and the year ended December, 31, 2010, a valuation allowance amounting to &#36;38&nbsp;million, net of taxes of &#36;13&nbsp;million, that was recorded in pension expense under previous Canadian GAAP, has been recorded in
other comprehensive income
under IFRS.</font></P>
<P align="left">
<I><FONT face="Arial">b. Deemed Cost</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Under IFRS, we elected, at the date of transition, to use fair value as deemed cost for certain items of property, plant and equipment. The fair value of the property, plant and equipment was &#36;2,952&nbsp;million, resulting in a
decrease in the carrying amount of &#36;1,344&nbsp;million. As a result, &#36;969&nbsp;million, net of taxes of &#36;375&nbsp;million, was charged to the opening deficit on January&nbsp;1, 2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of this adjustment, net earnings increased by &#36;172&nbsp;million, net of taxes of &#36;74&nbsp;million, for the year ended December&nbsp;31, 2010.</FONT></P>
<P align="left">
<I><FONT face="Arial">c. Depreciation and Amortization</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Under previous Canadian GAAP, we depreciated most of our wireline assets using the group method of depreciation. When we retired or disposed of assets in the ordinary course of business, we charged the gain or loss to accumulated
depreciation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, we depreciate capital assets using the straight-line method over their estimated useful lives and gains and losses on retirement or disposal of assets are included in earnings as
incurred.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At January&nbsp;1, 2010, we applied the straight-line method of depreciation retrospectively to assets previously depreciated using the group method, which resulted in a decrease to the carrying amount of
those assets of &#36;619&nbsp;million. The resulting charge of &#36;452&nbsp;million, net of taxes of &#36;167&nbsp;million, was charged to the opening deficit at January&nbsp;1, 2010. For the year ended December&nbsp;31,
2010, depreciation expense increased by &#36;104&nbsp;million, net of taxes of &#36;2&nbsp;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the three months ended March&nbsp;31, 2010 and year-ended December&nbsp;31, 2010, losses on disposal resulted in a decrease in net earnings of &#36;7&nbsp;million, net of taxes of &#36;2&nbsp;million and &#36;13
million, net of taxes of &#36;5&nbsp;million, respectively.</FONT></P>
<P align="left">
<I><FONT face="Arial">d. Income Taxes</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">On the date of transition, we increased our deferred tax liabilities and the opening deficit by &#36;314&nbsp;million due to the difference in the inclusion rate for temporary
differences related to certain intangible assets.</FONT></P>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b> 42 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




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






<P align="left">
<I><FONT face="Arial">e. Non-Controlling Interest</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Under previous Canadian GAAP, non-controlling interest was presented as a separate component between liabilities and equity in the
statements of financial position and as a component of net earnings in the income
statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, non-controlling interest is presented as a separate component within equity in the
statements of financial position and is not included as part of net earnings in the
income
statements.</FONT></P>
<P align="left">
<I><FONT face="Arial">f. Fund Unit Liability</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Under previous Canadian GAAP, the 55.9% of Bell&nbsp;Aliant trust units (fund units) that were publicly held were accounted for as equity. They were presented as non-controlling interest in our
financial statements, and were measured at the pro-rata share of net assets of Bell&nbsp;Aliant.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, fund units held by the public that have a feature that allows the holder to redeem the instrument for cash or another
financial asset
at the holder&#146;s option are presented as a liability and recorded at fair value with changes in fair value recorded in net earnings.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the date of transition to IFRS, we recognized a fund unit liability of &#36;3,104&nbsp;million, decreased our non-controlling interest by &#36;1,030&nbsp;million and
decreased accumulated other comprehensive income by $15 million and increased our deficit by &#36;2,059&nbsp;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the three months ended March&nbsp;31, 2010, interest on the fund unit liability, which represents distributions paid to the public unit holders, was &#36;92&nbsp;million, the fair value gain was
&#36;147&nbsp;million and previously reported non-controlling interest decreased by &#36;76&nbsp;million, which resulted in an increase in net earnings of &#36;131&nbsp;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the twelve months ended December&nbsp;31, 2010, interest on the fund unit liability was &#36;370&nbsp;million, the fair value gain was &#36;49&nbsp;million and previously reported non-controlling
interest decreased by &#36;299&nbsp;million, which resulted in a decrease in net earnings of &#36;22&nbsp;million.</FONT></P>
<P align="left">
<I><FONT face="Arial">g. Joint Venture Interests</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Under previous Canadian GAAP, we accounted for our interests in joint ventures using the proportionate consolidation method. Under this method, we recorded our pro-rata share of the assets and liabilities, revenues and expenses,
and cash flows of our joint ventures.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, we use the equity method to account for our joint venture interests.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="4">Note 5: Segmented Information</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">In the first quarter of 2011, Bell&nbsp;acquired xwave, a division of Bell&nbsp;Aliant, specializing in IT professional services and advanced technology solutions. As a result, we have
restated prior period results for Bell&nbsp;Wireline and Bell&nbsp;Aliant to reflect the change of ownership in xwave between Bell&nbsp;and Bell&nbsp;Aliant. Our reportable segments and consolidated results did not
change as a result of this restatement.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table is a summary of financial information by segment for the last two years.</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=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">INTER- </FONT>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">INTER- </FONT>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<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=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">SEGMENT </FONT>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">SEGMENT </FONT>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<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%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">BELL </FONT>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">BELL </FONT>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">ELIMINA- </FONT>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">BELL </FONT>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">ELIMINA- </FONT>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE THREE MONTHS ENDED MARCH 31, 2011 </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">WIRELINE </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">WIRELESS </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">TIONS </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">BELL </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">ALIANT </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">TIONS </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">BCE&nbsp;</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </FONT>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">External customers </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">2,597</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,244</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">3,841</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">625</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">4,466</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Inter-segment </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">75</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">7</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(41</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">41</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">57</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(98</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<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">Total operating revenues </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">2,672</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,251</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(41</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">3,882</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">682</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(98</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">4,466</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating costs </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(1,628</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(790</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">41</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(2,377</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(354</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">98</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(2,633</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,044</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">461</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,505</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">328</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,833</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<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">Depreciation and amortization </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(546</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(110</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(656</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(134</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(790</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Severance, acquisition and other costs </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(49</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(2</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(51</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(10</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(61</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Finance costs </FONT>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest expense </FONT>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(191</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest on employee benefit obligations </FONT>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(242</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected return on pension plan assets </FONT>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">254</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other expense </FONT>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(22</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings before income taxes </FONT>
	</TD>
	<TD align=left width="8%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">781</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>&nbsp;<p>&nbsp;</p>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>4</b></font><b><font face="Arial" size="1">3</font></b></p>

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




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






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






<p>&nbsp;</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=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=right width="8%">
<FONT size=1 face="Arial">INTER- </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="8%">
<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="8%">
<FONT size=1 face="Arial">INTER- </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>
</TR>
<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=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=right width="8%">
<FONT size=1 face="Arial">SEGMENT </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="8%">
<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="8%">
<FONT size=1 face="Arial">SEGMENT </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>
</TR>
<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">BELL </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">BELL </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">ELIMINA- </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=right width="8%">
<FONT size=1 face="Arial">BELL </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">ELIMINA- </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>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE THREE MONTHS ENDED MARCH 31, 2010 </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">WIRELINE </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">WIRELESS </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">TIONS </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">BELL </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">ALIANT </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">TIONS </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">BCE&nbsp;</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </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="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="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="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="30%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">External customers </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,668 </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">1,139 </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=right width="8%">
<FONT size=2 face="Arial">3,807 </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">626 </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=right width="8%">
<FONT size=2 face="Arial">4,433 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Inter-segment </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">79 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(48 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">38 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">63 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(101 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Total operating revenues </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,747 </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">1,146 </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">(48 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,845 </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">689 </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">(101 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4,433 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating costs </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(1,743 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(735 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">48 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(2,430 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(351 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">101 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(2,680 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="8%">
<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="8%">
<FONT size=2 face="Arial">411 </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">1,415 </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">338 </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">1,753 </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">Depreciation and amortization </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(515 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(111 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </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=right width="8%">
<FONT size=2 face="Arial">(626 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(140 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </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=right width="8%">
<FONT size=2 face="Arial">(766 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Severance, acquisition and other costs </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(15 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(5 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </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=right width="8%">
<FONT size=2 face="Arial">(20 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(12 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </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=right width="8%">
<FONT size=2 face="Arial">(32 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Finance costs </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="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="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="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="30%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest expense </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="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="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=right width="8%">
<FONT size=2 face="Arial">(172 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest on employee benefit obligations </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="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="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=right width="8%">
<FONT size=2 face="Arial">(248 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest on fund unit liability </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="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="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=right width="8%">
<FONT size=2 face="Arial">(92 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected return on pension plan assets </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="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="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=right width="8%">
<FONT size=2 face="Arial">225 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other income </FONT>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">269 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings before income taxes </FONT>
	</TD>
	<TD align=left width="8%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">937 </FONT>
	</TD>
	<TD align=left width="2%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<P align="left">
<b><font face="Arial" size="2">ADDITIONAL IFRS INFORMATION FOR THE YEAR ENDED
DECEMBER 31, 2010</font></b></P>
<P align="left">
<FONT face="Arial" size="2">The following IFRS disclosures relating to segmented information for the year ended December&nbsp;31, 2010 are presented in our 2011
first quarter financial report to provide a better understanding of how the adoption of IFRS affected our previously reported annual audited
figures.</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=left width=8%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">INTER- </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">INTER- </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 size="1">&nbsp;</font></TD>
</TR>
<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=left width=8%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">SEGMENT </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">SEGMENT </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 size="1">&nbsp;</font></TD>
</TR>
<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">BELL </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">BELL </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">ELIMINA- </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">BELL </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">ELIMINA- </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 size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31, 2010 </FONT>
	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">WIRELINE </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">WIRELESS </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">TIONS </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">BELL </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">ALIANT </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">TIONS </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">BCE&nbsp;</FONT><font size="1"> </font>
	</TD>
	<TD align=right 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>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Segment assets </FONT>
	</TD>
	<TD align=right width=8% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">22,176 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">8,149 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">30,325 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">6,097 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(529 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">35,893 </FONT>
	</TD>
	<TD align=right width="2%" style="border-bottom: 3px double #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial" size="4">Note 6: Operating Costs</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE PERIOD ENDED MARCH 31 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&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">Labour Costs </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Wages, salaries and related taxes and benefits </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(886</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(896 </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: 24px">
<FONT size=2 face="Arial">Pension current service costs </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(59</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(53 </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: 24px">
<FONT size=2 face="Arial">Other labour costs</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(219</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(211 </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">Less: </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Capitalized labour </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">191</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">170 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total labour costs </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(973</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(990 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Cost of revenues</FONT><SUP><FONT size=2 face="Arial">(2)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(1,221</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,188 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other operating costs</FONT><SUP><FONT size=2 face="Arial">(3)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(439</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(502 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total operating costs </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(2,633</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(2,680 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 6px">
<I><FONT face="Arial" size="1">(1)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 6px">
<I><FONT face="Arial" size="1">Other labour costs include contractor and outsourcing costs.</FONT></I></P>
		</td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 0">
<I><FONT face="Arial" size="1">(2)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left">
<I><FONT face="Arial" size="1">Cost of revenues includes costs of wireless devices and other equipment sold, network and content costs, and payments to other carriers.</FONT></I></P>
		</td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 0">
<I><FONT face="Arial" size="1">(3)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left">
<I><FONT face="Arial" size="1">Other operating costs include marketing, advertising and sales commission costs, bad debt expense, taxes other than income taxes, IT costs, professional service fees and rent.</FONT></I></P></td>
	</tr>
</table>
<P align="left">
<B><FONT face="Arial" size="4">Note 7: Severance, Acquisition and Other Costs</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE THREE MONTHS ENDED MARCH 31 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&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">Employee severance </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;</FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(42</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(1</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(11 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Total severance costs </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(43</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Acquisition costs </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(2</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other costs </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(16</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total severance, acquisition and other costs </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(61</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(32 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b> 44 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




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






<P align="left">
<B><FONT face="Arial" size="2">SEVERANCE COSTS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Severance costs consist of employee termination charges related to involuntary and voluntary workforce reduction initiatives.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">ACQUISITION COSTS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Acquisition costs consist of transaction costs, such as legal and bankers&#146; fees, employee severance costs related to the purchase or sale of a business and the costs to integrate acquired companies into Bell&#146;s
operations, when the integration costs are significant.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">OTHER COSTS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Other costs consist of real estate costs for relocating employees and closing real estate facilities that are no longer needed because of workforce reduction initiatives, as well as other costs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recorded charges of &#36;16&nbsp;million and &#36;7&nbsp;million in the
first quarter of 2011 and 2010, respectively, which include &#36;6&nbsp;million of real
estate costs related to workforce reduction initiatives in 2011 and &#36;2&nbsp;million in 2010.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="4">Note 8: Other (expense) income</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE THREE MONTHS ENDED MARCH 31 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Gains on sales of 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Losses on disposal / retirement of 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=right width=10% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(8</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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">Impairment of 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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(21</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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">Fair value gain on fund unit liability </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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 face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">7</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">5 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other (expense) income </FONT>
	</TD>
	<TD align=left width="10%" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(22</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">268 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial" size="2">GAINS ON SALES OF INVESTMENTS</FONT></B></P>
<P align="left">
<font size="2" face="Arial">Gains on investments of &#36;125&nbsp;million in 2010 resulted from the sale of certain of our publicly-traded investments for proceeds of approximately &#36;118&nbsp;million, mainly from our investment in SkyTerra Communications&nbsp;Inc. As a
result, we reclassified unrealized gains of &#36;125&nbsp;million out of </font>
<font size="2"><I><FONT face="Arial">Other comprehensive income (loss) </FONT></I><FONT face="Arial">and into </FONT><I><FONT face="Arial">Other (expense) income</FONT></I></font><font size="2" face="Arial">. We used the average cost method to determine the gain.</font></P>
<P align="left">
<B><FONT face="Arial" size="2">IMPAIRMENT OF ASSETS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We recognized an impairment charge of &#36;21&nbsp;million in the
first quarter of 2011 relating to our Calgary Westwinds campus that is under a
finance lease. The charge was determined by comparing the carrying value of our leasehold interest to its fair value less costs to sell, determined by calculating the expected future discounted cash
flows using a discount rate of 4.92%. The carrying value of our leasehold interest was &#36;67&nbsp;million prior to the impairment.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="4">Note 9: Earnings Per Share</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The following table shows the components used in the calculation of basic and diluted earnings per common share for earnings attributable to common shareholders.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE PERIOD ENDED MARCH 31 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=right 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>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings attributable to common shareholders &#150; basic </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">503</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">706 </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">Dividends declared per common share </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.493</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.435 </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">Weighted average number of common shares outstanding (in&nbsp;millions) </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<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="76%">
<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%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">752.9</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">765.7 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px; margin-top:-4px">
<FONT size=2 face="Arial">Assumed exercise of stock options</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.6</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">0.3 </FONT>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 3px double #000000">
<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%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">753.5</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">766.0 </FONT>
	</TD>
	<TD align=right width="2%" style="border-bottom: 3px double #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 6px">
<I><FONT face="Arial" size="1">(1)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 6px">
<I><FONT face="Arial" size="1">The calculation of the assumed exercise of stock options includes the effect of the average unrecognized future compensation cost of dilutive options. It does not include anti-dilutive options which are options that will
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 2,833,666 in the
first quarter of
2011 compared to 7,310,446 in the first quarter of 2010.</FONT></I></P>
		</td>
	</tr>
</table>
&nbsp;<P align="left">
<FONT face="Arial" size="2">On April&nbsp;1, 2011, as part of the acquisition of CTV&nbsp;Inc. (CTV), previously CTVglobemedia&nbsp;Inc., BCE
Inc.&nbsp;issued 21.7&nbsp;million shares to Woodbridge Ltd.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>4</b></font><b><font face="Arial" size="1">5</font></b></p>

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




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






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






<P align="left">
<B><FONT face="Arial" size="4">Note 10: Debt</FONT></B></P>
<P align="left">
<B><FONT face="Arial" size="2">ISSUANCES/REDEMPTIONS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On March&nbsp;16, 2011, Bell&nbsp;Canada issued 4.40% Series M-22 medium term debentures under its 1997 trust indenture, with a principal amount of &#36;1&nbsp;billion, which mature on March&nbsp;16, 2018.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;26, 2011, Bell&nbsp;Aliant issued 4.88% medium-term notes, with a principal amount of &#36;300&nbsp;million, which mature on April&nbsp;26, 2018. Net proceeds were used to partially redeem early its 4.72%
medium-term notes with a principal amount of &#36;300&nbsp;million, which were due on September&nbsp;26, 2011, out of a total outstanding principal amount of &#36;405&nbsp;million.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">FUND UNIT LIABILITY</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On January&nbsp;1, 2011, when Bell&nbsp;Aliant changed from an income fund to a corporate structure, the fund units were exchanged one-for-one into common shares. The previous redemption feature attached to the fund units did not transfer
to the common shares. As a result, the fund unit liability decreased by &#36;3,060&nbsp;million, non-controlling interest increased by &#36;331&nbsp;million, accumulated
other comprehensive income increased by &#36;13&nbsp;million and the deficit decreased by &#36;2,716&nbsp;million.</FONT></P>
<P align="left">
<B><FONT face="Arial">Note 11: Share Capital</FONT></B></P>
<P align="left">
<B><FONT face="Arial" size="2">CONVERSION OF PREFERRED SHARES</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On May&nbsp;1, 2011, 370,067 of BCE&nbsp;Inc.&#146;s 10,051,751 Cumulative Redeemable First Preferred Shares, Series AG (Series AG Preferred Shares) were converted, on a one-for-one basis, into Cumulative Redeemable First Preferred Shares,
Series AH (Series AH Preferred Shares). In addition, on May&nbsp;1, 2011, 1,159,372 of BCE&nbsp;Inc.&#146;s 3,948,249 Series AH Preferred Shares were converted, on a one-for-one basis, into series AG Preferred Shares. The balance of the Series AG and Series
AH Preferred Shares that have not been converted remain outstanding.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the five-year period beginning on May&nbsp;1, 2011, the Series AG Preferred Shares will pay a quarterly
fixed dividend based on the annual dividend rate of 4.50%. The Series AH Preferred Shares will continue to pay a monthly
floating adjustable cash dividend. Dividends will be paid as
and when declared by the board of directors of BCE&nbsp;Inc.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">2010 NORMAL COURSE ISSUER BID (NCIB) PROGRAM</FONT></B></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 size=1 face="Arial">THREE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TWELVE </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<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">MONTHS </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">MONTHS </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<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">ENDED </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">ENDED </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<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">MARCH 31, </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DECEMBER 31, </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=right 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>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common shares repurchased and cancelled (millions) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">4.2 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">16.2 </FONT>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total cost charged to: </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Common shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">70 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">274 </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">Contributed surplus </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 size=2 face="Arial">18 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Deficit </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">208 </FONT>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">125 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">500 </FONT>
	</TD>
	<TD align=right width="2%" style="border-bottom: 3px double #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The 2010 NCIB program was completed in December&nbsp;2010.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="4">Note 12: Share-Based Payments</FONT></B></P>
<P align="left">
<B><FONT face="Arial" size="2">STOCK OPTIONS</FONT></B></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. The subscription price of a grant is based on the higher of: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the volume-weighted average of the
trading price on the trading day immediately prior to the effective date of the grant</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="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.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">Most options granted in March&nbsp;2007 vested evenly over a four-year period of continuous employment from the date of grant, unless a special vesting period applied. Options granted in December&nbsp;2008
vested fully after two years of continuous employment from the date of the grant. Options granted in February&nbsp;2011 will vest fully after three years of continuous employment from the date of grant. All options become exercisable when they vest and
generally can be exercised for a period of up to seven years from the date of grant without exceeding 10 years from the date of grant.</FONT></P>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b> 46 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




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






<P align="left" style="margin-left: 40px; margin-bottom: 0">
<FONT face="Arial" size="2">Special vesting provisions may apply if:</FONT></P>
<UL>
<LI>
<p 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></LI>
<LI>
<p 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></LI>
</UL>
<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=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">WEIGHTED </FONT>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<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=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">AVERAGE </FONT>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<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=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">EXERCISE </FONT>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<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%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">PRICE </FONT>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">OF OPTIONS </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">(&#36;) </FONT>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="1">&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">Outstanding, January&nbsp;1, 2011 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">8,491,226</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">$32</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<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">Granted </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">2,426,884</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">$36</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px; margin-top:-4px">
<FONT size=2 face="Arial">Exercised</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(1,841,371</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">$26</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<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">Expired </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(1,476,923</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">$40</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Forfeited </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(60,605</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">$33</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, March&nbsp;31, 2011 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">7,539,211</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">$33</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Exercisable, March&nbsp;31, 2011 </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">5,112,327</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">$31</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="2%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 6px">
<I><FONT face="Arial" size="1">(1)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 6px">
<I><FONT face="Arial" size="1">The weighted average share price for options exercised during the quarter was &#36;36.</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<b><FONT face="Arial">Assumptions Used in Stock Option Pricing Model</FONT></b></P>
<P align="left">
<FONT face="Arial" size="2">The fair value of options granted was determined using a variation of a binomial option pricing model that takes into account factors specific to the share incentive plans, such
as the vesting period. The following table shows the principal assumptions used in the valuation.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<FONT size=1 face="Arial">2011 </FONT>
	</b>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1">&nbsp;
	</font>
	</b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Weighted average fair value per option granted </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<b>
<FONT size=2 face="Arial">$3.10 </FONT>
	</b>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2">&nbsp;
	</font>
	</b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Weighted average share price </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<b>
<FONT size=2 face="Arial">$35.67 </FONT>
	</b>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2">&nbsp;
	</font>
	</b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Weighted average exercise price </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<b>
<FONT size=2 face="Arial">$35.67 </FONT>
	</b>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2">&nbsp;
	</font>
	</b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividend yield </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<b>
<FONT size=2 face="Arial">5.5 </FONT>
	</b>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<FONT size=2 face="Arial">% </FONT>
	</b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected volatility </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<b>
<FONT size=2 face="Arial">21 </FONT>
	</b>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<FONT size=2 face="Arial">% </FONT>
	</b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Risk-free interest rate </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<b>
<FONT size=2 face="Arial">2.7 </FONT>
	</b>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<FONT size=2 face="Arial">% </FONT>
	</b>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected life (years) </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<b>
<FONT size=2 face="Arial">4.5 </FONT>
	</b>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2">&nbsp;
	</font>
	</b>
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">Expected volatilities are based on the historical volatility of BCE
Inc.&#146;s share price. The risk-free rate used is equal to the yield available on Government of&nbsp;Canada bonds at the date of grant with a term equal to the expected
life of the options.</FONT></P>
<P align="left">
<B><FONT face="Arial">RSUs</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">RSUs are granted to executives and other key employees. The value of an RSU at the grant date 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. Most of the outstanding RSUs will vest in December&nbsp;2013, provided that the holder is employed by Bell&nbsp;Canada or one of its subsidiaries at that time and, in certain cases,
if performance objectives are met as determined by the board.</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%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">NUMBER</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">OF RSUs</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" 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">Outstanding, January&nbsp;1, 2011 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">3,956,697</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">Granted </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,265,312</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">Dividends credited </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">97,286</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Settled </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(3,956,169</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, March&nbsp;31, 2011 </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">1,363,126</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">For the three months ended March&nbsp;31, 2011 and March&nbsp;31, 2010, we recorded compensation expense for RSUs of &#36;3&nbsp;million and &#36;20&nbsp;million, respectively.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>47</b></font></p>

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




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






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






<P align="left">
<B><FONT face="Arial">DSUs</FONT></B></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%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">NUMBER</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">OF DSUs</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" 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">Outstanding, January&nbsp;1, 2011 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">3,477,365</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">Issued </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">238,916</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">Dividends credited </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">16,879</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Settled </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(75,227</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, March&nbsp;31, 2011 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom: 3px double #000000">
<B><FONT size=2 face="Arial">3,657,933</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial">ESPs</FONT></B></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%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">NUMBER</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">OF ESPs</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" 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">Unvested contributions, January&nbsp;1, 2011 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">360,081</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">Contributions </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">177,202</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">Dividends credited </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">3,936</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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">Vested </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(4,167</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Forfeited </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(15,502</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unvested contributions, March&nbsp;31, 2011 </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">521,550</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">For the three months ended March&nbsp;31, 2011 and March&nbsp;31, 2010, we recorded compensation expense for ESPs of &#36;5&nbsp;million and &#36;9&nbsp;million, respectively.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="4">Note 13: Employee Benefit Plans</FONT></B></P>
<P align="left">
<B><FONT face="Arial" size="2">EMPLOYEE BENEFIT PLANS COST</FONT></B></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, DC pension plans, post-employment benefit costs and long-term disability costs.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE THREE MONTHS ENDED MARCH 31 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&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">DB pension plans cost </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(20</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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 align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">DC pension plans cost </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(16</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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 valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Post-employment benefit cost </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(19</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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">Long-term disability cost </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(3</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">less: capitalized benefit plans cost </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">11</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net employee benefit plans cost </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(47</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(76 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
<b>
<FONT face="Arial">Components of DB Plans Cost</FONT></b></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=center width="22%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">DB PENSION<br>
PLANS COST</FONT></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="10%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center">
<FONT size=1 face="Arial">POST-EMPLOYMENT<br>
BENEFIT COST</FONT></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="22%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center">
<FONT size=1 face="Arial">LONG-TERM<br>
DISABILITY COST </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE THREE MONTHS ENDED MARCH 31 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Current service cost</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(52</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(2</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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="28%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest on obligations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(218</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(224 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(21</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(21 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(3</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </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="28%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected return on plan assets </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">250</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">222 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">4</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Employee benefit plans cost, recognized </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(20</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(47 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(19</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(20 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=10% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(3</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 6px">
<I><FONT face="Arial" size="1">(1)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 6px">
<I><FONT face="Arial" size="1">Current service cost is included in operating costs in the
income statements.</FONT></I></P>

		</td>
	</tr>
</table>
<font face="Arial" size="2"><BR>
</font>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b> 48 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




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






<P align="left">
<b><font face="Arial" size="2">ADDITIONAL IFRS INFORMATION FOR THE YEAR ENDED
DECEMBER 31, 2010</font></b></P>
<P align="left">
<FONT face="Arial" size="2">The following IFRS disclosures relating to our employee benefit plans for the year ended December&nbsp;31, 2010 are presented in our 2011
first quarter financial report to provide a better understanding of how the adoption of IFRS affected our previously reported annual audited
figures for some of our more significant income statement and statement of
financial position items.</FONT></P>
<P align="left">
<b>
<FONT face="Arial">Employee Benefit Plans Cost</FONT></b></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">DB pension plans cost </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(193 </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">DC pension plans cost </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 align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Post-employment benefits cost </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(79 </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">Long-term disability cost </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>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">less: capitalized benefit plans cost </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">37 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net employee benefit plans cost </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(294 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
<i>
<FONT face="Arial">Components of DB Plans Cost</FONT></i></P>
<P align="left">
<FONT face="Arial" size="2">The recognized net employee benefit plans cost reflects the amount reported in
our income statement and is calculated according to our accounting policy.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="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 align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">POST- </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 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 align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">EMPLOYMENT </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">LONG-TERM </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" 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" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DB PENSION </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">BENEFIT </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">DISABILITY </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">PLANS COST </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">COST </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">COST </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Current service cost</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(184 </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>
	<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">Interest on obligations </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(894 </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>
	<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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected return on plan assets </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">885 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Employee benefit plans cost, recognized </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(193 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(79 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(12 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 6px">
<I><FONT face="Arial" size="1">(1)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 6px">
<I><FONT face="Arial" size="1">Current service cost is included as part of operating costs in the income statements.</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">The statement of comprehensive income includes the following amounts, before income taxes.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Cumulative losses recognized directly in equity, January&nbsp;1, 2010 </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="88%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Actuarial losses in other comprehensive income </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,425 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Effect of asset limit </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">67 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cumulative losses recognized directly in equity, December&nbsp;31, 2010 </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(1,358 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>49</b></font></p>

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




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






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






<P align="left">
<b>
<FONT face="Arial">Components of DB Accrued Benefit Asset (Liability)</FONT></b></P>
<P align="left">
<FONT face="Arial" size="2">The following tables show the change in accrued benefit obligation and fair value of plan assets and the funded status of the DB plans.</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=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=right width="10%">
<FONT size=1 face="Arial">POST- </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">LONG-TERM </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" 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" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">PENSION </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">EMPLOYMENT </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">DISABILITY </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31, 2010 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">BENEFITS </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">BENEFITS </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">BENEFITS </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Accrued benefit obligation, beginning of the year </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(14,337 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,394 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(203 </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">Current service cost </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(184 </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>
	<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: 24px">
<FONT size=2 face="Arial">Interest on obligations </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(894 </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>
	<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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Actuarial losses </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,763 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(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">(24 </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">Benefit payments </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">947 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&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>
	<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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Employee contributions </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(6 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(16,237 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(1,608 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(215 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Fair value of plan assets, beginning of the year </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,069 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">191 </FONT>
	</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: 24px">
<FONT size=2 face="Arial">Expected return on plan assets</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%">
<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="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">&#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: 24px">
<FONT size=2 face="Arial">Actuarial gains </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">553 </FONT>
	</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">&#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: 24px">
<FONT size=2 face="Arial">Benefit payments </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(947 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(76 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Employer contributions </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,271 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</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">24 </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">Employee contributions </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">&#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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">14,835 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">209 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Plan deficit </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,402 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,399 </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 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Effect of asset limit </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(253 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit liability, end of the year </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(1,655 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(1,399 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(215 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Employee benefit asset included in other non-current assets </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>
	<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="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Employee benefit obligation </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(1,688 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(1,399 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(215 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 6px">
<I><FONT face="Arial" size="1">(1)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 6px">
<I><FONT face="Arial" size="1">The actual return on plan assets was &#36;1,458&nbsp;million in 2010.</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<b>
<FONT face="Arial">Funded Status of DB Pension Plans</FONT></b></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 align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">PARTIALLY </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 valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">FUNDED </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">FUNDED</FONT><SUP><FONT size=1 face="Arial">(1)</FONT></SUP><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">UNFUNDED</FONT><SUP><FONT size=1 face="Arial">(2)</FONT></SUP><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Present value of accrued benefit obligation </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(15,785 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,697 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(578 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Fair value of plan assets </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">14,815 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">229 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(970 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(1,468 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(578 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 6px">
<I><FONT face="Arial" size="1">(1)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 6px">
<I><FONT face="Arial" size="1">The partially funded plans consist of supplementary executive retirement plans (SERPs) for eligible employees and post-employment benefits. The
company
partially funds the SERP, through letters of credit and a retirement compensation arrangement account with Revenue&nbsp;Canada. Certain paid-up life insurance benefits are funded through
life insurance contracts.</FONT></I></P>
		</td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 0">
<I><FONT face="Arial" size="1">(2)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 0">
<I><FONT face="Arial" size="1">Our unfunded plans consist of long-term disability plans which are pay-as-you-go.</FONT></I></P></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b> 50 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




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






<P align="left">
<b>
<FONT face="Arial">Significant Assumptions</FONT></b></P>
<P align="left">
<I><FONT face="Arial">Discount Rate</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We determine the appropriate discount rate at the end of every year. Our discount rate was 5.5% at December&nbsp;31, 2010, a decrease from 6.4% at December&nbsp;31, 2009. The following table shows the impact of a 0.5% increase and a 0.5%
decrease in the discount rate on the net employee benefit plans cost for 2011 and the employee benefit obligation at December&nbsp;31,
2011.</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 size=1 face="Arial">IMPACT </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">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="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">ON NET </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">EMPLOYEE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<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">EMPLOYEE </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">BENEFIT </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<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">BENEFIT </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">OBLIGATION AT </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<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">PLANS COST </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">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="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">FOR 2011 </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">2011 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<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">INCREASE/ </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">INCREASE/ </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">(DECREASE) </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">(DECREASE) </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&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">Discount rate increased to 6.0% </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="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Wireline </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">(855 </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: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Wireless </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">(16 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(219 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(1,090 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Discount rate decreased to 5.0% </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="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Wireline </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">907 </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">Bell&nbsp;Wireless </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">17 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">231 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(6 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">1,155 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>
<P align="left">
<I><FONT face="Arial">Expected Long-Term Rate of Return</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">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 pension plan assets of 7.0% in 2010, compared to 7.25% in 2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the impact of a 0.5% increase and a 0.5% decrease in the expected rate of return on pension plan assets on the net employee benefit plans cost for 2011 and the employee benefit obligation at December&nbsp;31, 2011.</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 size=1 face="Arial">IMPACT </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">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="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">ON NET </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">EMPLOYEE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<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">EMPLOYEE </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">BENEFIT </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<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">BENEFIT </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">OBLIGATION AT </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<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">PLANS COST </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">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="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">FOR 2011 </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">2011 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<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">INCREASE/ </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">INCREASE/ </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">(DECREASE) </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">(DECREASE) </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&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">Expected rate of return increased to 7.5% </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="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Wireline </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(59 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(59 </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: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Wireless </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">(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(14 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(14 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(74 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(74 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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 rate of return decreased to 6.5% </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="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Wireline </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>
	<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="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Wireless </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">1 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">74 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">74 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>51</b></font></p>

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




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






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






<P align="left">
<B><FONT face="Arial" size="4">Note 14: Acquisition of CTV</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On April&nbsp;1st, 2011, BCE&nbsp;acquired the remaining 85% of CTV common shares that it did not already own. CTV is a media company that holds specialty television, digital media, conventional TV and radio broadcasting assets. We acquired
CTV because it allows us to better leverage content across multiple platforms. CTV will be reported as a new segment, Bell&nbsp;Media, in our consolidated
financial statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp; The following table summarizes the fair value of the purchase consideration.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=right 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>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">656 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Issuance of BCE&nbsp;Inc. common shares</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">597 </FONT>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Purchase consideration </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">1,253 </FONT>
	</TD>
	<TD align=right width="2%" style="border-bottom: 3px double #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 6px">
<I><FONT face="Arial" size="1">(1)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 6px">
<I><FONT face="Arial" size="1">We issued 21,729,239 common shares with a fair value of &#36;764&nbsp;million based on the market price of BCE&nbsp;Inc. common shares on the acquisition date of which &#36;597&nbsp;million is purchased consideration and &#36;167&nbsp;million
is for the repayment of certain acquired debt.</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">While preliminary estimates of the fair value of certain
finite-life intangible assets have been determined for management forecasting purposes, the fair values of other assets
and liabilities have not been determined. Therefore the initial accounting for the transaction is not complete.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The acquisition date fair value of our previously held 15% equity interest in CTV immediately before the acquisition was &#36;221&nbsp;million, resulting in a gain on remeasurement of &#36;89&nbsp;million,
which will be reclassified from </FONT><font size="2"><I><FONT face="Arial">Accumulated other comprehensive income </FONT></I><FONT face="Arial">to </FONT><I><FONT face="Arial">Other (expense) income
</FONT></I></font><font size="2" face="Arial">in the consolidated income statement in the second quarter of 2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&nbsp;consolidated revenues, after reflecting the elimination of intercompany amounts, would have been &#36;4,921&nbsp;million if the acquisition had
occurred on January&nbsp;1, 2011.</font></P>
<P align="left">
<B><FONT face="Arial" size="4">Note 15: Property, Plant and Equipment</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The following IFRS disclosures relating to the year ended December&nbsp;31, 2010 are presented in our 2011
first quarter financial report to provide a better understanding of how the adoption of IFRS affected our previously reported annual audited
figures for some of our more significant statement of financial position items.</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" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NETWORK </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=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 valign="bottom">
	<TD align=left 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">INFRASTRUC- </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=right width=10%>
<FONT size=1 face="Arial">PLANT </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 valign="bottom">
	<TD align=left 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">TURE AND </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">LAND AND </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">UNDER CON- </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 valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">YEAR ENDED DECEMBER 31, 2010 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">EQUIPMENT </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">BUILDINGS </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">STRUCTION </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">COST </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">January&nbsp;1, 2010 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">46,695 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,681 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">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">51,264 </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">Additions </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,637 </FONT>
	</TD>
	<TD align=left 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 size=2 face="Arial">1,106 </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">2,900 </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">Acquisition/(disposition) through business combinations </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">42 </FONT>
	</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>
	<TD align=right width="10%">
<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="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Transfers </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">995 </FONT>
	</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 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(1,124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(92 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Retirements and disposals </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(532 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(24 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(556 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">December&nbsp;31, 2010 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">48,837 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">3,851 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">870 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">53,558 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">ACCUMULATED DEPRECIATION </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">January&nbsp;1, 2010 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">32,246 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,671 </FONT>
	</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">33,917 </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">Depreciation for the year </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,258 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">130 </FONT>
	</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">2,388 </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">Retirements and disposals </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(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">(23 </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">(511 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(15 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(11 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">December&nbsp;31, 2010 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">34,001 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">1,782 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">35,783 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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 CARRYING AMOUNT </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">At January&nbsp;1, 2010 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,449 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,010 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">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">17,347 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">At December&nbsp;31, 2010 </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">14,836 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">2,069 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">870 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">17,775 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b> 52 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




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






<P align="left">
<B><FONT face="Arial" size="4">Note 16: Intangible Assets</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The following IFRS disclosures relating to the year ended December&nbsp;31, 2010 are presented in our 2011
first quarter financial report to provide a better understanding of how the adoption of IFRS affected our previously reported annual audited
figures for some of our more significant statement of financial position items.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=center width=94% colspan=9 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FINITE-LIFE INTANGIBLE ASSETS </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left 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 align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CUSTOMER </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 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 valign="bottom">
	<TD align=left 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 align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">RELATION- </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">SERVICE </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>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">YEAR ENDED DECEMBER 31, 2010 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">SOFTWARE </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">SHIPS </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">CONCESSION </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">COST </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 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">January&nbsp;1, 2010 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,758 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">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">218 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,900 </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">Additions </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">366 </FONT>
	</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 width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">366 </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">Acquisition/(disposition) through business combinations </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>
	<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">14 </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">Transfer </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>
	<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">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">202 </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">Retirements and disposals </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>
	<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">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</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="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Impairment losses recognized in earnings </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(87 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(87 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">December&nbsp;31, 2010 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">5,210 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">846 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">218 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">6,274 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">ACCUMULATED AMORTIZATION </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 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">January&nbsp;1, 2010 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,959 </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">204 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&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">3,208 </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">Amortization for the year </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">678 </FONT>
	</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>
	<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">737 </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">Retirements and disposals </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(114 </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">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</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: 12px">
<FONT size=2 face="Arial">Impairment losses recognized 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">(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 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>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(18 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(18 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">December&nbsp;31, 2010 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">3,505 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">224 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">55 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">3,784 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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 CARRYING AMOUNT </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 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">January&nbsp;1, 2010 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,799 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">720 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">173 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,692 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">December&nbsp;31, 2010 </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">1,705 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">622 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">163 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">2,490 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>&nbsp;<p>&nbsp;</p>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=center width="100%" colspan=7 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">INDEFINITE-LIFE INTANGIBLE ASSETS</FONT></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=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">SPECTRUM </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 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 size=1 face="Arial">AND OTHER </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 align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">YEAR ENDED DECEMBER 31, 2010 </FONT>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">BRAND </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">LICENCES </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=center width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=center 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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">CARRYING AMOUNT </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: 12px">
<FONT size=2 face="Arial">January&nbsp;1, 2010 </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">2,024 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,631 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,655 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Additions </FONT>
	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">56 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">56 </FONT>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">December&nbsp;31, 2010 </FONT>
	</TD>
	<TD align=right width=10% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">2,024 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">1,687 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">3,711 </FONT>
	</TD>
	<TD align=right width="2%" style="border-bottom: 3px double #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial" size="4">Note 17: Impairment Testing of Goodwill and Indefinite-Life Intangibles</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The following IFRS disclosures relate to the year ended December&nbsp;31, 2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp; The carrying value of goodwill is allocated to our CGUs and groups of CGUs as follows.</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" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">BELL </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 align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31, 2010 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">WIRELINE </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">WIRELESS </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">ALIANT </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">BCE&nbsp;</FONT><font size="1"> </font>
	</TD>
	<TD align=right 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>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Goodwill </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">2,532 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">2,302 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">972 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">5,806 </FONT>
	</TD>
	<TD align=right width="2%" style="border-bottom: 3px double #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">Indefinite-life intangibles consist principally of spectrum licences and the brand. For impairment testing purposes, spectrum licences are included in the Bell&nbsp;Wireless CGU and
the brand is allocated across all CGUs.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">RECOVERABLE AMOUNT</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The value in use for our CGUs is determined by discounting
five-year cash flow projections from business plans approved by
senior management. The projections reflect management&#146;s expectations of revenue, EBITDA, capital expenditures, working capital and operating cash
flows, based on past experience and future expectations of operating performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows beyond the five-year period have been extrapolated using a perpetuity growth rate
of up to 1%. None of the perpetuity growth rates exceed the long-term historical growth rates.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pre-tax discount rates, ranging from 8.7% to 9.1%, are applied to the cash
flow projections and are derived from the weighted average cost of
capital for each CGU or group of CGUs.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>5</b></font><b><font face="Arial" size="1">3</font></b></p>

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




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






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






<P align="left">
<B><FONT face="Arial" size="4">Note 18: Income Taxes</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The following IFRS disclosures relating to the year ended December&nbsp;31, 2010 are presented in our 2011
first quarter financial report to provide a better understanding of how the adoption of IFRS affected our previously reported annual audited
figures for some of our more significant income statement and statement of financial position items.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table reconciles the amount of reported income taxes in the income statements with income taxes calculated using our applicable tax rates. Our applicable tax rate is the Canadian
combined rates applicable in the jurisdictions in which we do business.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Earnings before income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,822 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Applicable tax rate </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">30.6 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Income taxes computed at applicable rates </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>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-taxable portion of gains on investments </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="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Resolution of uncertain tax positions </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">160 </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-deductible interest on fund unit liability </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="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-taxable portion of Bell&nbsp;Aliant&#146;s income </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">85 </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">Prior period tax expense adjustment </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>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">33 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total income taxes </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(632 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average effective tax rate </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">22.4 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The following tables show aggregate current and deferred taxes relating to items recognized outside the income statement.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=right 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>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Current taxes </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 valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferred taxes </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">260 </FONT>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total income taxes on items taken to the statement of comprehensive income </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">391 </FONT>
	</TD>
	<TD align=right width="2%" style="border-bottom: 3px double #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="88%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</tr>
<tr>
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31</FONT></TD>
	<TD align=right width="10%" 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 align=right 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>
</tr>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Current taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferred taxes </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total income taxes on items taken directly to equity </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The following table shows the amount of income taxes relating to each component of other comprehensive income.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=right 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>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes on components of comprehensive income </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="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Derivatives designated as cash flow hedges</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Actuarial gains and losses on employee benefit plans </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">389 </FONT>
	</TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total income taxes in other comprehensive income </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">391 </FONT>
	</TD>
	<TD align=right width="2%" style="border-bottom: 3px double #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The following table shows the significant components of income taxes relating to net earnings.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Current taxes </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">Current taxes </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="88%">
<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 size=2 face="Arial">160 </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">Prior period tax expense adjustment </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10 </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">Other </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>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferred taxes </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">Deferred taxes relating to the origination and reversal of temporary differences </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(360 </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: 24px">
<FONT size=2 face="Arial">Prior period tax expense adjustment </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>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<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 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="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">10 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total income taxes </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(632 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>






<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial"><b> 54 </b>&nbsp;BCE&nbsp;INC.&nbsp; <b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT</font></p>

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




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






<P align="left">
<FONT face="Arial" size="2">The following table shows deferred taxes resulting from temporary differences between the carrying amounts of assets and liabilities recognized in the statement of
financial
position and the corresponding tax basis, 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="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" 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">Deferred tax items recognized in the income statement: </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: 12px">
<FONT size=2 face="Arial">Non-capital loss carryforwards </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">219 </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 intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(808 </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">Employee benefit plans </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">578 </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">Property, plant and equipment and finite-life intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(284 </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">Investment tax credits </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(137 </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">Partnership income deferral</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font face="Arial" size="2">
</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 valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">237 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(299 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">Deferred tax items recognized in equity: </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: 12px">
<FONT size=2 face="Arial">Employee benefit plans </FONT>
	</TD>
	<TD align=right width="10%">
<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 align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Share based payments </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 valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Derivative financial instruments </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">274 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net deferred tax liability </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ">
<FONT size=2 face="Arial">(25 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000; ">
<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">Deferred tax assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">501 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferred tax liabilities </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(526 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net deferred tax liability </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(25 </FONT>
	</TD>
	<TD align=left width=2% style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 6px">
<I><FONT face="Arial" size="1">(1)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left" style="margin-top: 6px">
<I><FONT face="Arial" size="1">The taxation year end of certain of Bell&nbsp;Aliant&#146;s corporate subsidiaries differs from their partnership year ends. This results in a deferral of partnership income for tax purposes.</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left" style="margin-bottom: -18px">
<FONT face="Arial" size="2">The deferred tax asset of &#36;501&nbsp;million includes &#36;480&nbsp;million expected to be recovered in more than one year. The deferred tax liability of &#36;526&nbsp;million includes &#36;438&nbsp;million expected to be settled in more than one
year.</FONT></P>
<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; At December&nbsp;31, 2010, BCE&nbsp;had &#36;840&nbsp;million of non-capital loss carryforwards. We:</FONT></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">recognized a deferred tax asset of &#36;219&nbsp;million, of which &#36;200&nbsp;million related to Bell&nbsp;Aliant, on approximately &#36;743&nbsp;million of the non-capital loss carryforwards. All non-capital loss
carryforwards expire in varying annual amounts from 2020 to 2030.</FONT></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">did not recognize a deferred tax asset for approximately &#36;97&nbsp;million of non-capital loss carryforwards. This balance expires in varying annual amounts from 2021 to 2030.</FONT></LI>
</UL>
<P align="left">
<FONT face="Arial" size="2">At December&nbsp;31, 2010, BCE&nbsp;had &#36;1,308&nbsp;million in unrecognized capital loss carryforwards which can be carried forward indefinitely.</FONT></P>




<p style="margin-top: 0; margin-bottom: 0" align="right">
<font size="1" face="Arial">BCE&nbsp;INC.&nbsp;
<b>Q1&nbsp;2011</b>&nbsp; QUARTERLY REPORT&nbsp; <b>55</b></font></p>

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




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






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






<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="48%" valign="top">
		<img border="0" src="bce_backcover.jpg" width="591" height="774"></td>
		<td width="2%" valign="top">
		&nbsp;</td>
		<td width="50%" valign="top">
		<P align="left">
<img border="0" src="bce_logo.jpg" width="149" height="74"></P>
		<P align="left">
<font face="Arial" size="2">This document has been filed by BCE Inc. <br>
with Canadian securities commissions <br>
and the U.S. Securities and Exchange Commission. <br>
It can be found on BCE Inc.&#146;s website at www.bce.ca, <br>
on SEDAR at www.sedar.com and on EDGAR at <br>
www.sec.gov or is
available upon request from:</font></P>
		<P align="left">
<B><font size="2" face="Arial">Investor Relations</font></B><font face="Arial" size="2"><BR>
Building A, 6th floor<BR>
1 Carrefour Alexander-Graham-Bell<BR>
Verdun, Qu&eacute;bec<BR>
H3E 3B3<BR>
www.bce.ca<BR>
<br>
e-mail: investor.relations@bce.ca<BR>
tel: 1-800-339-6353<BR>
fax: 514-786-3970<BR>
For additional copies of these statements, <BR>
please&nbsp;contact investor relations.<br>
<br>
For further information concerning the Dividend <BR>
Reinvestment and Stock Purchase Plan (DRP), <BR>
direct&#160;deposit of dividend payments, the&#160;elimination <BR>
of multiple mailings or the receipt of quarterly <BR>
reports,&#160;please contact:<br>
<BR>
Canadian Stock Transfer Company Inc. <br>
320 Bay Street <br>
3rd floor <br>
Toronto, Ontario <br>
M5H 4A6 <br>
tel: 416-360-7725 <br>
or 1-800-561-0934 <br>
fax: 416-643-5501 <br>
or 1-888-249-6189 <br>
e-mail: bce@canstockta.com<BR>
<BR>
Pour obtenir un exemplaire de la version fran&ccedil;aise <br>
de ce document, contactez les Relations avec <br>
les investisseurs.</font></P>
<P align="left">
<FONT face="Arial" size="1">PRINTED IN CANADA / 11-05 BCE-1E</FONT></P></td>
	</tr>
</table>


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






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</HTML>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>supp_q111.htm
<DESCRIPTION>SUPPLEMENTARY FINANCIAL INFORMATION Q1 2011
<TEXT>


<HTML>
<HEAD>
   <TITLE>BCE Inc. Supplementary Financial Information &#150; First Quarter 2011</TITLE>
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<font size="2"></font>

<p align="right"><font face="Arial" size="2">EXHIBIT 99.2</font></p>
<P align=center><img border="0" src="supp_cover.jpg" width="967" height="758"></P>
<P align=right>&nbsp;</P><hr color="#000000" size="1">
<P align=right>&nbsp;</P>
<P align=right>&nbsp;</P>
<P align=right><B>BCE Inc. <SUP>(1)<br>
</SUP>Consolidated Operational Data</B></P>
<TABLE border=0 cellPadding=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px"><B>
		<FONT size=2>Q1</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>Q1 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I>
		<FONT size=2>($ millions of Canadian dollars, except per share amounts) (unaudited)</FONT></I><font
  size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD style="border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="8%" align=right><B>
		<FONT size=2>2011</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2010 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>$ change </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>% change </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Operating revenues</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>4,466</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>4,433 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>33 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>0.7 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Operating costs </FONT><SUP>
		<FONT size=2>(A)</FONT></SUP><font size="2"> </font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(2,574</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(2,627 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>53 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2.0 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Pension current service costs </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD style="border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="8%" align=right><B>
		<FONT size=2>(59</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(53 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(6 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(11.3 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>EBITDA </FONT><SUP><FONT size=2>(3)</FONT></SUP></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1,833</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1,753 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>80 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>4.6 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><I><FONT size=2>EBITDA margin </FONT></I><SUP>
		<FONT size=2>(5)</FONT></SUP></B><font size="2"> </font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>41.0</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><I><FONT size=2>39.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>1.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="3%" align=left><I><FONT size=2>&nbsp;pts</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Depreciation </FONT> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(611</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(586 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(25 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(4.3 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Amortization of intangible assets </FONT> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(179</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(180 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>0.6 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Severance, acquisition and other costs </FONT> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(61</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(32 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(29 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(90.6 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Finance costs </FONT> </TD>
     <TD width="1%" align=left
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><I><FONT size=2>Interest expense</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(191</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(172 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(19 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(11.0 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><I><FONT size=2>Interest on employee benefit obligations</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(242</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(248 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>6 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2.4 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><I><FONT size=2>Interest on fund unit liability</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>-</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(92 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>92 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>100.0 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Expected return on pension plan assets </FONT> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>254</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>225 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>29 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>12.9 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Other (expense) income </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD style="border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="8%" align=right><B>
		<FONT size=2>(22</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>269 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(291 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>n.m. </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Earnings before income taxes</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>781</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>937 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(156 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(16.6 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Income taxes </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD style="border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="8%" align=right><B>
		<FONT size=2>(199</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(203 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>4 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2.0 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Net earnings</FONT></B><font size="2"> </font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD style="border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="8%" align=right><B>
		<FONT size=2>582</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>734 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(152 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(20.7 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Net earnings attributable to:</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Common shareholders </FONT> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>503</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>706 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(203 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(28.8 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Preferred shareholders </FONT> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>29</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>29 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Non-controlling interest </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD style="border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="8%" align=right><B>
		<FONT size=2>50</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(1 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>51 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>n.m. </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Net earnings</FONT></B><font size="2"> </font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD style="border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="8%" align=right><B>
		<FONT size=2>582</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>734 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(152 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(20.7 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net earnings per common share - basic </FONT> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>
		$</FONT></B></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<B><FONT size=2>
		0.67</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.92 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>(0.25 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(27.2 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net earnings per common share - diluted </FONT> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>
		$</FONT></B></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<B><FONT size=2>
		0.6</FONT></B><font size="2"><b>7</b> </font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.92 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>(0.25 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(27.2 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left height="12">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Dividends per common share</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"
  height="12"><B><FONT size=2>
		$</FONT></B></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"
  height="12"><B><FONT size=2>0.493</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"
  height="12"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" height="12"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right height="12"><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right height="12"><FONT size=2>0.435 </FONT> </TD>
     <TD width="2%" align=left height="12"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" height="12"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right height="12"><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right height="12"><FONT size=2>0.058 </FONT> </TD>
     <TD width="2%" align=left height="12"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right height="12"><FONT size=2>13.3 </FONT> </TD>
     <TD width="3%" align=left height="12"><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Average number of common shares outstanding - basic (millions)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>752.9</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>765.7 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Average number of common shares outstanding - diluted (millions)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>753.5</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>766.0 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<tr>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Number of common shares outstanding (millions)</FONT></B><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
 width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD style="border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
 width="8%" align=right><B>
		<FONT size=2>754.1</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
 width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>763.0 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD>
</tr>
<TR vAlign=bottom>
     <TD width="54%" align=left
  style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>
		<br>
		Adjusted Net Earnings and EPS</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left
  style="border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left
  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="1%"
  style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=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="8%" 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="2%" 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="1%"
  style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" 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="8%" 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="2%" 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="8%" 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="3%" 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></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Net earnings attributable to common shareholders</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>503</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>706 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(203 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(28.7 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Severance, acquisition and other costs </FONT> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>40</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>25 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>15 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>60.0 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net gains on investments </FONT> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>-</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(125 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>125 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>n.m. </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Fair value adjustment on fund unit liability </FONT> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>-</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(147 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>147 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>n.m. </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px">
		<FONT size=2>Adjustment to reflect interest on fund unit liability as non-controlling interest </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD style="border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="8%" align=right><B>
		<FONT size=2>-</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>8 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(8 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>n.m. </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Adjusted net earnings attributable to common shareholders</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right
  style="border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>543</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>467 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>76 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>16.3 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Impact on net earnings per share</FONT></B><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="1%" align=right><B><FONT size=2>
		$</FONT></B></TD>
     <TD style="border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="8%" align=right><B>
		<FONT size=2>0.05</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(0.31 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>0.36 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>n.m. </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<tr>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="54%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Adjusted EPS </FONT><SUP><FONT size=2>(4)</FONT></SUP></B><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="1%" align=right><B><FONT size=2>
		$</FONT></B></TD>
     <TD style="border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="8%" align=right><B>
		<FONT size=2>0.72</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>0.61 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>0.11 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>18.0 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>% </FONT> </TD>
</tr>
<TR vAlign=bottom>
     <TD width="54%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="1%" align=right><font size="1">&nbsp;</font></TD>
     <TD style="border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px; border-left-width:1px"
  width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD width="1%"><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD width="1%"><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD width="3%" align=left>
		<font size="1">&nbsp;</font></TD></TR></TABLE>&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><font size="1">(A)</font></td>
		<td width="98%" valign="top">
<font size="2">Excludes pension current service costs</font></td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="100%" valign="top"><font size="2">n.m. : not meaningful</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 2</font></P>
<HR noShade SIZE=1 color="#000000">



<font size="2"></font>
<P align=right><B>BCE Inc.<br>
Consolidated Operational Data - Historical Trend</B></P>
<TABLE border=0 cellPadding=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1pt solid #000000"><FONT size=2>Total<br>
		2010 </FONT></TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I>
		<FONT size=2>($ millions of Canadian dollars, except per share amounts) (unaudited)</FONT></I><font
  size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>Q1 11</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q4 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q3 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q2 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q1 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Operating revenues</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>4,466</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>18,069 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>4,679 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>4,517 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>4,440 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>4,433 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Operating costs </FONT><SUP>
		<FONT size=2>(A)</FONT></SUP><font size="2"> </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>(2,574</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(10,684 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(2,882 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(2,627 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(2,548 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(2,627 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Pension current service costs </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>(59</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(200 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(49 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(49 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(49 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(53 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>EBITDA</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>1,833</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>7,185 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1,748 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1,841 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1,843 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1,753 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><I><FONT size=2>EBITDA margin</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><I><FONT size=2>41.0</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><I><FONT size=2>39.8</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><I><FONT size=2>37.4</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><I><FONT size=2>40.8</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><I><FONT size=2>41.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><I><FONT size=2>39.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Depreciation </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>(611</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(2,388 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(607 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(600 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(595 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(586 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Amortization of intangible assets </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>(179</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(737 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(193 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(181 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(183 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(180 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Severance, acquisition and other costs </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>(61</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(262 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(86 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(129 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(15 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(32 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Finance costs </FONT> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><I><FONT size=2>Interest expense</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>(191</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(685 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(174 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(169 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(170 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(172 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><I><FONT size=2>Interest on employee benefit obligations</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>(242</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(992 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(248 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(248 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(248 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(248 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><I><FONT size=2>Interest on fund unit liability</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>-</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(370 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(93 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(92 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(93 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(92 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Expected return on pension plan assets </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>254</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>898 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>224 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>225 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>224 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>225 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Other (expense) income </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>(22</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>173 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(68 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(67 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>39 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>269 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Earnings before income taxes</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>781</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>2,822 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>503 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>580 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>802 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>937 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Income taxes </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>(199</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(632 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(159 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(98 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(172 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(203 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Net earnings</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>582</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2,190 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%" 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 style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>344 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>482 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>630 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>734 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Net earnings attributable to:</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Common shareholders </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>503</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>2,083 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>318 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>454 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>605 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>706 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Preferred shareholders </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>29</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>112 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>29 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>27 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>27 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>29 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Non-controlling interest </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>50</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(5 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(3 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(2 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(1 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Net earnings</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>582</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2,190 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>344 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>482 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>630 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>734 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net earnings per common share - basic </FONT> </TD>
     <TD width="1%" align=right><B><FONT size=2>$</FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=2>0.67</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>2.74 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.42 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.60 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.80 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.92 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net earnings per common share - diluted </FONT> </TD>
     <TD width="1%" align=right><B><FONT size=2>$</FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=2>0.6</FONT></B><font size="2"><b>7</b>
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>2.74 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.42 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.60 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.80 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.92 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Dividends per common share</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right><B><FONT size=2>$</FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=2>0.493</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>1.78 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.457 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.457 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.435 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$</FONT></TD>
     <TD width="8%" align=right><FONT size=2>0.435 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Average number of common shares outstanding - basic (millions)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>752.9</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>759.0 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>754.1 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>756.7 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>759.7 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>765.7 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Average number of common shares outstanding - diluted (millions)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>753.5</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>759.5 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>755.0 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>757.3 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>760.1 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>766.0 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Number of common shares outstanding (millions)</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>754.1</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>752.3 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>752.3 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>755.6 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>759.1 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>763.0 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left
  style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>
		<br>
		Adjusted Net Earnings and EPS</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" 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="8%" 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="2%" 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="1%"
  style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" 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="8%" 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="2%" 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="1%"
  style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" 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="8%" 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="2%" 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="1%" 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="8%" 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="2%" 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="1%" 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="8%" 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="2%" 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="1%" 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="8%" 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="2%" 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></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Net earnings attributable to common shareholders</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>503</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>2,083 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>318 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>454 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>605 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>706 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Severance, acquisition and other costs </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>40</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>189 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>67 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>91 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>6 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>25 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net gains on investments </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>-</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(133 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(8 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(125 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Fair value adjustment on fund unit liability </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><B><FONT size=2>-</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(49 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>58 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>56 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(16 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(147 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Adjustment to reflect interest on fund unit liability as non-controlling interest </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>-</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>29 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>3 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>8 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>8 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Adjusted net earnings attributable to common shareholders</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>543</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2,119 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>446 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>611 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>595 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>467 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Impact on net earnings per share</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right><B><FONT size=2>
		$</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>0.05</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>0.05 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>0.17 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>0.21 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(0.02 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(0.31 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="28%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Adjusted EPS</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right><B><FONT size=2>
		$</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>0.72</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2.79 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>0.59 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>0.81 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>0.78 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<FONT size=2>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>0.61 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR></TABLE>&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><font size="1">(A)</font></td>
		<td width="98%" valign="top">
<font size="2">Excludes pension current service costs</font></td>
	</tr>
</table>
<p>&nbsp;</p>
<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 3</font></P>
<HR noShade SIZE=1 color="#000000">



<P align=right><B>BCE Inc.<br>
Segmented Data <SUP>(2)</SUP></B></P>
<TABLE border=0 cellPadding=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><font size="2">&nbsp; </font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px"><B>
		<FONT size=2>Q1</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="10%" align=right><FONT size=2>Q1 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I>
		<FONT size=2>($ millions of Canadian dollars, except where otherwise indicated) (unaudited)</FONT></I><font
  size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B>
		<FONT size=2>2011</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>2010 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>$ change </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>% change </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Revenues</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=left bgcolor="#C0C0C0"
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"
  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 bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireline</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>2,672</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>2,747 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(75 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(2.7 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireless</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1,251</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>1,146 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>105 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>9.2 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><FONT size=2>Inter-segment eliminations </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B>
		<FONT size=2>(41</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(48 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>7 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>14.6 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total Bell</FONT></B><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B>
		<FONT size=2>3,882</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>3,845 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>37 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>1.0 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Aliant</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>682</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>689 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(7 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(1.0 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><FONT size=2>Inter-segment eliminations </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B>
		<FONT size=2>(98</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(101 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>3 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>3.0 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total BCE Inc.</FONT></B><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:3px double #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B>
		<FONT size=2>4,466</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:3px double #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="10%" align=right>
		<FONT size=2>4,433 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="10%" align=right>
		<FONT size=2>33 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="10%" align=right>
		<FONT size=2>0.7 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Operating costs</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=left bgcolor="#C0C0C0"
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"
  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 bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireline</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(1,628</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>(1,743 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>115 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>6.6 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireless</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(790</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>(735 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(55 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(7.5 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><FONT size=2>Inter-segment eliminations </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B>
		<FONT size=2>41</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>48 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(7 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(14.6 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total Bell</FONT></B><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B>
		<FONT size=2>(2,377</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(2,430 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>53 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>2.2 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Aliant</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(354</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>(351 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(3 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(0.9 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><FONT size=2>Inter-segment eliminations </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B>
		<FONT size=2>98</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>101 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(3 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(3.0 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total BCE Inc.</FONT></B><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:3px double #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B>
		<FONT size=2>(2,633</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:3px double #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="10%" align=right>
		<FONT size=2>(2,680 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="10%" align=right>
		<FONT size=2>47 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="10%" align=right>
		<FONT size=2>1.8 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>EBITDA</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=left bgcolor="#C0C0C0"
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"
  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 bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireline</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1,044</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>1,004 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>40 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>4.0 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Margin</FONT></I><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>39.1</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><I><FONT size=2>36.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><I><FONT size=2>2.6</FONT></I></TD>
     <TD width="3%" align=left><I><FONT size=2>&nbsp;pts</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireless</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>461</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>411 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>50 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>12.2 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Margin</FONT></I><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B><I>
		<FONT size=2>36.9</FONT></I></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left><B><I>
		<FONT size=2>%</FONT></I></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right><I>
		<FONT size=2>35.9</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right><I>
		<FONT size=2>1.0</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left><I>
		<FONT size=2>&nbsp;pts</FONT></I><font size="2"> </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total Bell</FONT></B><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B>
		<FONT size=2>1,505</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>1,415 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>90 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>6.4 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Margin</FONT></I><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>38.8</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><I><FONT size=2>36.8</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><I><FONT size=2>2.0</FONT></I><font size="2">
		</font> </TD>
     <TD width="3%" align=left><I><FONT size=2>&nbsp;pts</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Aliant</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>328</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>338 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(10 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(3.0 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Margin</FONT></I><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B><I>
		<FONT size=2>48.1</FONT></I></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left><B><I>
		<FONT size=2>%</FONT></I></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right><I>
		<FONT size=2>49.1</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right><I>
		<FONT size=2>(1.0</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left><I>
		<FONT size=2>) pts</FONT></I><font size="2"> </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total BCE Inc.</FONT></B><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:3px double #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B>
		<FONT size=2>1,833</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:3px double #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="10%" align=right>
		<FONT size=2>1,753 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="10%" align=right>
		<FONT size=2>80 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="10%" align=right>
		<FONT size=2>4.6 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I><FONT size=2>Margin</FONT></I><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>41.0</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><I><FONT size=2>39.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><I><FONT size=2>1.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="3%" align=left><I><FONT size=2>&nbsp;pts</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Capital expenditures</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=left bgcolor="#C0C0C0"
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"
  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 bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireline</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>402</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>388 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(14 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(3.6 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Capital Intensity </FONT><SUP>
		<FONT size=2>(6)</FONT></SUP></I><font size="2"> </font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>15.0</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><I><FONT size=2>14.1</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><I><FONT size=2>(0.9</FONT></I><font size="2">
		</font> </TD>
     <TD width="3%" align=left><I><FONT size=2>) pts</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireless</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>113</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>53 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(60 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>n.m. </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Capital Intensity</FONT></I><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B><I>
		<FONT size=2>9.0</FONT></I></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left><B><I>
		<FONT size=2>%</FONT></I></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right><I>
		<FONT size=2>4.6</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right><I>
		<FONT size=2>(4.4</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left><I>
		<FONT size=2>) pts</FONT></I><font size="2"> </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total Bell</FONT></B><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B>
		<FONT size=2>515</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>441 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(74 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(16.8 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Capital Intensity</FONT></I><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>13.3</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><I><FONT size=2>11.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><I><FONT size=2>(1.8</FONT></I><font size="2">
		</font> </TD>
     <TD width="3%" align=left><I><FONT size=2>) pts</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Aliant</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>119</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>94 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(25 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(26.6 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Capital Intensity</FONT></I><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right><B><I>
		<FONT size=2>17.4</FONT></I></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left><B><I>
		<FONT size=2>%</FONT></I></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right><I>
		<FONT size=2>13.6</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right><I>
		<FONT size=2>(3.8</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left><I>
		<FONT size=2>) pts</FONT></I><font size="2"> </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total BCE Inc.</FONT></B><font size="2">
		</font> </TD>
     <TD width="9%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>634</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>535 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(99 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="10%" align=right><FONT size=2>(18.5 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<tr>
     <TD width="50%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Capital Intensity</FONT></I><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:3px double #000000; border-right-width:1px; border-top-width:1px"
 width="9%" align=right><B><I>
		<FONT size=2>14.2</FONT></I></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:3px double #000000; border-left-width:1px; border-top-width:1px"
 width="2%" align=left><B><I>
		<FONT size=2>%</FONT></I></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="10%" align=right><I>
		<FONT size=2>12.1</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="10%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="10%" align=right><I>
		<FONT size=2>(2.1</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="3%" align=left><I>
		<FONT size=2>) pts</FONT></I><font size="2"> </font> </TD>
</tr>
<TR vAlign=bottom>
     <TD width="50%" align=left>&nbsp;</TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="9%" align=right>&nbsp;</TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>&nbsp;</TD>
     <TD width="10%" align=right>&nbsp;</TD>
     <TD width="2%" align=left>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD width="10%" align=left>
		&nbsp;</TD>
     <TD width="2%" align=left>
		&nbsp;</TD>
     <TD width="10%" align=right>&nbsp;</TD>
     <TD width="3%" align=left>&nbsp;</TD></TR></TABLE>
&nbsp;<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 4</font></P>
<HR noShade SIZE=1 color="#000000">



<P align=right><B>BCE Inc.<br>
Segmented Data - Historical Trend</B></P>
<TABLE border=0 cellPadding=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="36%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1pt solid #000000"><FONT size=2>Total<br>
		2010 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="36%" align=left><I>
		<FONT size=2>($ millions of Canadian dollars, except where otherwise indicated) (unaudited)</FONT></I><font
  size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>Q1 11</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q4 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q3 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q2 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q1 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Revenues</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireline</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>2,672</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>10,948 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,822 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,694 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,685 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,747 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireless</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>1,251</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>4,906 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,289 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,268 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,203 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,146 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><FONT size=2>Inter-segment eliminations </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>(41</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(185 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(46 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(46 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(45 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(48 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total Bell</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>3,882</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>15,669 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>4,065 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>3,916 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>3,843 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>3,845 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Aliant</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>682</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,808 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>716 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>703 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>700 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>689 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><FONT size=2>Inter-segment eliminations </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>(98</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(408 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(102 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(102 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(103 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(101 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total BCE Inc.</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right><B>
		<FONT size=2>4,466</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>18,069 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>4,679 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>4,517 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>4,440 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>4,433 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Operating costs</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireline</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(1,628</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(6,854 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(1,803 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(1,668 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(1,640 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(1,743 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireless</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(790</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(3,188 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(905 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(801 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(747 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(735 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><FONT size=2>Inter-segment eliminations </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>41</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>185 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>46 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>46 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>45 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>48 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total Bell</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>(2,377</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(9,857 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(2,662 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(2,423 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(2,342 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(2,430 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Aliant</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(354</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(1,435 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(371 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(355 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(358 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(351 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><FONT size=2>Inter-segment eliminations </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>98</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>408 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>102 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>102 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>103 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>101 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total BCE Inc.</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right><B>
		<FONT size=2>(2,633</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>(10,884 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>(2,931 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>(2,676 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>(2,597 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>(2,680 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>EBITDA</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireline</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>1,044</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>4,094 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,019 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,026 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,045 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,004 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Margin</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><I><FONT size=2>39.1</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>37.4</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>36.1</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>38.1</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>38.9</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>36.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireless</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>461</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,718 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>384 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>467 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>456 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>411 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Margin</FONT></I><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B><I>
		<FONT size=2>36.9</FONT></I></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B><I>
		<FONT size=2>%</FONT></I></B><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>35.0</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>29.8</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>36.8</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>37.9</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>35.9</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total Bell</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>1,505</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>5,812 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1,403 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1,493 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1,501 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1,415 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Margin</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><I><FONT size=2>38.8</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>37.1</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>34.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>38.1</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>39.1</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>36.8</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Aliant</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>328</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,373 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>345 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>348 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>342 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>338 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Margin</FONT></I><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B><I>
		<FONT size=2>48.1</FONT></I></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B><I>
		<FONT size=2>%</FONT></I></B><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>48.9</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>48.2</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>49.5</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>48.9</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>49.1</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total BCE Inc.</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right><B>
		<FONT size=2>1,833</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>7,185 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>1,748 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>1,841 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>1,843 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right>
		<FONT size=2>1,753 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Margin</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><I><FONT size=2>41.0</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>39.8</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>37.4</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>40.8</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>41.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>39.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Capital expenditures</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireline</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>402</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,019 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>646 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>521 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>464 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>388 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Capital Intensity</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><I><FONT size=2>15.0</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>18.4</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>22.9</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>19.3</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>17.3</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>14.1</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Wireless</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>113</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>485 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>225 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>123 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>84 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>53 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Capital Intensity</FONT></I><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B><I>
		<FONT size=2>9.0</FONT></I></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B><I>
		<FONT size=2>%</FONT></I></B><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>9.9</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>17.5</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>9.7</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>7.0</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>4.6</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total Bell</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>515</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2,504 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>871 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>644 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>548 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>441 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Capital Intensity</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><I><FONT size=2>13.3</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>16.0</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>21.4</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>16.4</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>14.3</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>11.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Bell Aliant</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>119</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>494 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>163 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>113 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>124 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>94 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Capital Intensity</FONT></I><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B><I>
		<FONT size=2>17.4</FONT></I></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B><I>
		<FONT size=2>%</FONT></I></B><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>17.6</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>22.8</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>16.1</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>17.7</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><I>
		<FONT size=2>13.6</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD></TR>
<tr>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total BCE Inc.</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>634</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,998 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,034 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>757 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>672 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>535 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
</tr>
<tr>
     <TD width="36%" align=left>
		<p style="text-indent: -12px; margin-left: 36px"><I><FONT size=2>Capital Intensity</FONT></I><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right><B><I>
		<FONT size=2>14.2</FONT></I></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left><B><I>
		<FONT size=2>%</FONT></I></B><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right><I>
		<FONT size=2>16.6</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD width="2%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right><I>
		<FONT size=2>22.1</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right><I>
		<FONT size=2>16.8</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right><I>
		<FONT size=2>15.1</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="8%" align=right><I>
		<FONT size=2>12.1</FONT></I><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" width="2%" align=left><I>
		<FONT size=2>%</FONT></I><font size="2"> </font> </TD>
</tr>
<TR vAlign=bottom>
     <TD width="36%" align=left>&nbsp;</TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="2%" align=left>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="2%" align=left>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="2%" align=left>&nbsp;</TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="2%" align=left>&nbsp;</TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="2%" align=left>&nbsp;</TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="2%" align=left>&nbsp;</TD></TR>
</TABLE>
&nbsp;<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 5</font></P>
<HR noShade SIZE=1 color="#000000">



<P align=right><B>Bell Wireline <SUP>(2)</SUP></B></P>
<TABLE border=0 cellPadding=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<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-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px"><B><FONT size=2>Q1</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="10%" align=right><FONT size=2>Q1 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I>
		<FONT size=2>($ millions of Canadian dollars, except where otherwise indicated) (unaudited)</FONT></I><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="10%" align=right><B>
		<FONT size=2>2011</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>2010 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>% change </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Bell Wireline</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"
  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 bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Local &amp; access </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>729</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>762 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(4.3 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Long distance </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>234</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>236 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(0.8 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Data </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>955</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>1,015 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(5.9 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Video </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>460</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>428 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>7.5 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Equipment &amp; other </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="10%" align=right><B>
		<FONT size=2>219</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>227 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(3.5 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Total external revenues </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>2,597</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>2,668 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(2.7 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Inter-segment revenues </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="10%" align=right><B>
		<FONT size=2>75</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>79 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(5.1 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total Bell Wireline operating revenue</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>2,672</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>2,747 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(2.7 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Operating costs </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="10%" align=right><B>
		<FONT size=2>(1,628</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(1,743 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>6.6 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>EBITDA</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1,044</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>1,004 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>4.0 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I><FONT size=2>EBITDA Margin</FONT></I><font size="2">
		</font> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>39.1</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><I><FONT size=2>36.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><I><FONT size=2>2.6</FONT></I><font size="2">
		</font> </TD>
     <TD width="3%" align=left><I><FONT size=2>&nbsp;pts</FONT></I><font size="2">
		</font> </TD></TR>
<tr>
     <TD width="60%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="2%" 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=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="1%"><font size="2">&nbsp;</font></TD>
     <TD width="10%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="3%" align=left><font size="2">&nbsp;</font></TD>
</tr>
<TR vAlign=bottom>
     <TD width="60%" align=left><FONT size=2>Capital expenditures </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>402</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>388 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(3.6 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Capital intensity </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>15.0</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>%</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>14.1 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(0.9 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) pts </FONT> </TD></TR>
<tr>
     <TD width="60%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="2">&nbsp;</font></TD>
     <TD width="2%" 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=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="1%"><font size="2">&nbsp;</font></TD>
     <TD width="10%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="3%" align=left><font size="2">&nbsp;</font></TD>
</tr>
<TR vAlign=bottom>
     <TD width="60%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Local</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"
  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 bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Network access services (NAS) </FONT> </TD>
     <TD width="10%" align=left
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" 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="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Residential </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>3,544,600</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>3,810,912 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(7.0 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Business </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="10%" align=right><B>
		<FONT size=2>2,871,862</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>2,950,281 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%" 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 style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(2.7 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Total </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>6,416,462</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>6,761,193 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(5.1 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Network access service net (losses)/activations </FONT> </TD>
     <TD width="10%" align=left
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" 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="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Residential </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(64,287</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>(75,618 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>15.0 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Business </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="10%" align=right><B>
		<FONT size=2>5,044</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(24,211 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%" 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 style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>n.m. </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Total </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>(59,243</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left
  style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=right><FONT size=2>(99,829 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>40.7 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Internet</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"
  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 bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>High Speed Internet net activations </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>13,161</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>10,467 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>25.7 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>High Speed Internet subscribers EOP </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>2,110,487</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>2,067,458 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>2.1 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Video (DTH and VDSL)</FONT></B><font size="2">
		</font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"
  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 bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net subscriber activations </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>7,663</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>19,889 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>(61.5 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Total subscribers EOP </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>2,027,761</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>1,968,766 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>3.0 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>ARPU </FONT><SUP><FONT size=2>(7) </FONT></SUP>
		<FONT size=2>($/month) </FONT> </TD>
     <TD width="10%" align=right
  style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>75.76</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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=right><FONT size=2>72.60 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="10%" align=right><FONT size=2>4.4 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="60%" align=left>
		<p style="text-indent: -12px; margin-left: 12px">
		<FONT size=2>Churn </FONT><SUP><FONT size=2>(8) </FONT></SUP>
		<FONT size=2>(%) (average per month) </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px"
  width="10%" align=right><B>
		<FONT size=2>1.4</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px"
  width="2%" align=left><B>
		<FONT size=2>%</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>1.1 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="10%" align=right>
		<FONT size=2>(0.3 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>) pts </FONT> </TD></TR></TABLE>&nbsp;<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 6</font></P>
<HR noShade SIZE=1 color="#000000">



<P align=right><B>Bell Wireline - Historical Trend</B></P>
<TABLE border=0 cellPadding=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1pt solid #000000"><FONT size=2>Total<br>
		2010 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I>
		<FONT size=2>($ millions of Canadian dollars, except where otherwise indicated) (unaudited)</FONT></I><font
  size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>Q1 11</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q4 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q3 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q2 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q1 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Bell Wireline</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Local &amp; access </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>729</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>3,012 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>733 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>759 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>758 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>762 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Long distance </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>234</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>923 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>232 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>224 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>231 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>236 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Data </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>955</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>3,985 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,035 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>972 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>963 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,015 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Video </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>460</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1,749 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>450 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>437 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>434 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>428 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Equipment &amp; other </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>219</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>962 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>292 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>223 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>220 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>227 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Total external revenues </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>2,597</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>10,631 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,742 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,615 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,606 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,668 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Inter-segment revenues </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>75</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>317 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>80 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>79 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>79 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>79 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total Bell Wireline operating revenue</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>2,672</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>10,948 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,822 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,694 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,685 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,747 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Operating costs </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>(1,628</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(6,854 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(1,803 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(1,668 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(1,640 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(1,743 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>EBITDA</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>1,044</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>4,094 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,019 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,026 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,045 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,004 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I><FONT size=2>EBITDA Margin</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><I><FONT size=2>39.1</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><I><FONT size=2>37.4</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>36.1</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>38.1</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>38.9</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>36.5</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD></TR>
<tr>
     <TD width="37%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="1%"><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
</tr>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=2>Capital expenditures </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>402</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>2,019 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>646 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>521 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>464 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>388 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Capital intensity </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>15.0</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>%</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>18.4 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>22.9 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>19.3 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>17.3 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>14.1 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD></TR>
<tr>
     <TD width="37%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="1%"><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="2">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
</tr>
<TR vAlign=bottom>
     <TD width="37%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Local</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Network access services (NAS) </FONT> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Residential </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>3,544,600</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>3,608,887 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>3,608,887 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>3,645,437 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>3,713,920 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>3,810,912 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Business </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>2,871,862</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2,866,818 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%" 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 style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2,866,818 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2,894,440 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2,918,126 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2,950,281 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Total </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>6,416,462</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>6,475,705 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>6,475,705 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>6,539,877 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>6,632,046 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>6,761,193 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Network access service net (losses)/activations </FONT> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Residential </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>(64,287</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(277,643 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(36,550 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(68,483 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(96,992 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(75,618 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Business </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>5,044</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(107,674 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%" 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 style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(27,622 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(23,686 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(32,155 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(24,211 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Total </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>(59,243</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(385,317 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(64,172 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(92,169 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(129,147 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(99,829 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Internet</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>High Speed Internet net activations </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>13,161</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>40,335 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>12,099 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>21,668 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(3,899 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>10,467 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>High Speed Internet subscribers EOP </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>2,110,487</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>2,097,326 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,097,326 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,085,227 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,063,559 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,067,458 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Video (DTH and VDSL)</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net subscriber activations </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>7,663</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>71,221 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>23,019 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>18,538 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>9,775 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>19,889 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Total subscribers EOP </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>2,027,761</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>2,020,098 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,020,098 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,997,079 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,978,541 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,968,766 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>ARPU ($/month) </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>75.76</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>73.49 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>74.79 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>73.34 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>73.43 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>72.60 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="37%" align=left>
		<p style="text-indent: -12px; margin-left: 12px">
		<FONT size=2>Churn (%) (average per month) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>1.4</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B>
		<FONT size=2>%</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1.4 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1.5 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1.6 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1.3 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1.1 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>% </FONT> </TD></TR></TABLE>&nbsp;<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 7</font></P>
<HR noShade SIZE=1 color="#000000">



<P align=right><B>Bell Wireless <sup>(2)</sup></B></P>
<TABLE border=0 cellPadding=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px"><B><FONT size=2>Q1</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>Q1 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I>
		<FONT size=2>($ millions of Canadian dollars, except where otherwise indicated) (unaudited)</FONT></I><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="8%" align=right><B>
		<FONT size=2>2011</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2010 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>% change </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Bell Wireless</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Revenue</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" 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="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Service </FONT> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1,145</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1,053 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>8.7 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Product </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="8%" align=right><B>
		<FONT size=2>99</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>86 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>15.1 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total external Bell Wireless revenues</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1,244</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1,139 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>9.2 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Inter-segment </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="8%" align=right><B>
		<FONT size=2>7</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>7 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>- </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total Bell Wireless operating revenues</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1,251</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1,146 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>9.2 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Operating costs </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="8%" align=right><B>
		<FONT size=2>(790</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(735 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(7.5 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>EBITDA</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>461</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>411 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>12.2 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I><FONT size=2>EBITDA margin (Total revenues)</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>36.9</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><I><FONT size=2>35.9</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><I><FONT size=2>1.0</FONT></I><font size="2">
		</font> </TD>
     <TD width="3%" align=left><I><FONT size=2>&nbsp;pts</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I><FONT size=2>EBITDA margin (Service revenues)</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>40.3</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><I><FONT size=2>39.0</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><I><FONT size=2>1.3</FONT></I><font size="2">
		</font> </TD>
     <TD width="3%" align=left><I><FONT size=2>&nbsp;pts</FONT></I><font size="2">
		</font> </TD></TR>
<tr>
     <TD width="67%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<font size="1">&nbsp;</font></TD>
     <TD width="1%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="3%" align=left><font size="1">&nbsp;</font></TD>
</tr>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Capital expenditures </FONT> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>113</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>53 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>n.m. </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px">
		<FONT size=2>Capital intensity </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-right-width:1px; border-top-width:1px; border-bottom-width:1px" width="8%" align=right><B>
		<FONT size=2>9.0</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-left-width:1px; border-top-width:1px; border-bottom-width:1px" width="2%" align=left><B>
		<FONT size=2>%</FONT></B><font size="2"> </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right>
		<FONT size=2>4.6 </FONT> </TD>
     <TD width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right>
		<FONT size=2>(4.4 </FONT> </TD>
     <TD width="3%" align=left>
		<FONT size=2>) pts </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="67%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="8%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="1">&nbsp;</font></TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Wireless gross activations </FONT> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>423,799</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>428,834 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(1.2 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Postpaid </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="8%" align=right><B>
		<FONT size=2>299,657</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>264,312 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>13.4 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Wireless net activations </FONT> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>5,292</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>55,625 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(90.5 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Postpaid </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="8%" align=right><B>
		<FONT size=2>80,648</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>81,212 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(0.7 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Wireless subscribers EOP </FONT> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>7,247,340</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>6,888,927 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>5.2 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Postpaid </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="8%" align=right><B>
		<FONT size=2>5,622,017</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>5,122,442 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>9.8 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Average revenue per unit (ARPU)($/month) </FONT> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>51.68</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>50.07 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>3.2 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Prepaid </FONT> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>15.36</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>16.87 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(9.0 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Postpaid </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="8%" align=right><B>
		<FONT size=2>62.51</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>61.72 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1.3 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Churn (%) (average per month) </FONT> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>1.9</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>%</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1.8 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(0.1 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) pts </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Prepaid </FONT> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>3.7</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>%</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>3.4 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(0.3 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) pts </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Postpaid </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="8%" align=right><B>
		<FONT size=2>1.4</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left><B>
		<FONT size=2>%</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1.2 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(0.2 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>) pts </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Usage per subscriber (min/month) </FONT> </TD>
     <TD width="8%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>256</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>259 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>(1.2 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>%) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="67%" align=left>
		<p style="text-indent: -12px; margin-left: 12px">
		<FONT size=2>Cost of acquisition (COA) </FONT><SUP><FONT size=2>(9) </FONT></SUP>
		<FONT size=2>($/sub) </FONT><SUP><FONT size=2>(A)</FONT></SUP><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="8%" align=right><B>
		<FONT size=2>366</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>321 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(14.0 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>%) </FONT> </TD></TR></TABLE>&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><font size="1">(A)</font></td>
		<td width="98%" valign="top">
<P align=left><font size="2"> In Q1 2011, we changed our methodology for calculating Wireless COA to better align with Canadian industry practice. All prior periods have been restated for comparability.</font></P>
		</td>
	</tr>
</table>
<p>&nbsp;</p>
<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 8</font></P>
<HR noShade SIZE=1 color="#000000">



<P align=right><B>Bell Wireless - Historical Trend</B></P>
<TABLE border=0 cellPadding=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1pt solid #000000"><FONT size=2>Total<br>
		2010 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I>
		<FONT size=2>($ millions of Canadian dollars, except where otherwise indicated) (unaudited)</FONT></I><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>Q1 11</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q4 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q3 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q2 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q1 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left bgcolor="#C0C0C0">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Bell Wireless</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left bgcolor="#C0C0C0"><font size="2">&nbsp; </font> </TD></TR>
<tr>
     <TD width="38%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%"><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
</tr>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Revenue</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Service </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>1,145</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>4,469 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,148 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,157 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,111 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,053 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Product </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>99</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>407 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>134 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>103 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>84 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>86 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total external Bell Wireless revenues</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>1,244</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>4,876 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,282 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,260 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,195 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,139 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Inter-segment </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>7</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>30 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>7 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>8 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>8 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>7 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total Bell Wireless operating revenues</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>1,251</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>4,906 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,289 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,268 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,203 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,146 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Operating costs </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>(790</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(3,188 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(905 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(801 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(747 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(735 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>EBITDA</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>461</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1,718 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>384 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>467 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>456 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>411 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I><FONT size=2>EBITDA margin (Total revenues)</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><I><FONT size=2>36.9</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><I><FONT size=2>35.0</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>29.8</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>36.8</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>37.9</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>35.9</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I><FONT size=2>EBITDA margin (Service revenues)</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><I><FONT size=2>40.3</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><I><FONT size=2>%</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><I><FONT size=2>38.4</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><I><FONT size=2>33.4</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>40.4</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>41.0</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD>
     <TD width="8%" align=right><I><FONT size=2>39.0</FONT></I><font size="2">
		</font> </TD>
     <TD width="2%" align=left><I><FONT size=2>%</FONT></I><font size="2">
		</font> </TD></TR>
<tr>
     <TD width="38%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%"><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
</tr>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Capital expenditures </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>113</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>485 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>225 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>123 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>84 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>53 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px">
		<FONT size=2>Capital intensity </FONT> </TD>
     <TD width="8%" align=right><B>
		<FONT size=2>9.0</FONT></B><font size="2"> </font> </TD>
     <TD width="2%" align=left><B>
		<FONT size=2>%</FONT></B><font size="2"> </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right>
		<FONT size=2>9.9 </FONT> </TD>
     <TD width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD width="8%" align=right>
		<FONT size=2>17.5 </FONT> </TD>
     <TD width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD width="8%" align=right>
		<FONT size=2>9.7 </FONT> </TD>
     <TD width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD width="8%" align=right>
		<FONT size=2>7.0 </FONT> </TD>
     <TD width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD width="8%" align=right>
		<FONT size=2>4.6 </FONT> </TD>
     <TD width="2%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="38%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<font size="1">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="1">&nbsp;</font></TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Wireless gross activations </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>423,799</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1,999,482 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>552,714 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>537,295 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>480,639 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>428,834 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Postpaid </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>299,657</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1,332,086 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>399,041 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>368,154 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>300,579 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>264,312 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Wireless net activations </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>5,292</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>408,746 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>116,782 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>137,880 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>98,459 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>55,625 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Postpaid </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>80,648</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>500,139 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>156,708 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>159,465 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>102,754 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>81,212 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Wireless subscribers EOP </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>7,247,340</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>7,242,048 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>7,242,048 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>7,125,266 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>6,987,386 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>6,888,927 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Postpaid </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>5,622,017</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>5,541,369 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>5,541,369 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>5,384,661 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>5,225,196 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>5,122,442 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Average revenue per unit (ARPU)($/month) </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>51.68</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>52.03 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>52.34 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>53.54 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>52.12 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>50.07 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Prepaid </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>15.36</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>17.76 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>16.96 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>18.85 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>18.35 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>16.87 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Postpaid </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>62.51</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>63.49 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>63.47 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>65.04 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>63.66 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>61.72 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Churn (%)(average per month) </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>1.9</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>%</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>1.9 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2.0 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>1.9 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>1.8 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>1.8 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Prepaid </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>3.7</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>%</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>3.5 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>3.6 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>3.4 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>3.4 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>3.4 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Postpaid </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>1.4</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B>
		<FONT size=2>%</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		<font size="2">&nbsp;</font></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1.4 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1.5 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1.4 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1.3 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>% </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1.2 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>% </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Usage per subscriber (min/month) </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>256</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=left><font size="2">&nbsp;</font></TD>
     <TD width="8%" align=right><FONT size=2>274 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>277 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>280 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>284 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>259 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="38%" align=left>
		<p style="text-indent: -12px; margin-left: 12px">
		<FONT size=2>Cost of acquisition (COA)($/sub) </FONT><SUP><FONT size=2>(A)</FONT></SUP><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>366</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=left>
		&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>358 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>411 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>355 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>335 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>321 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR></TABLE>&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><font size="1">(A)</font></td>
		<td width="98%" valign="top">
<P align=left><font size="2">In Q1 2011, we changed our methodology for calculating Wireless COA to better align with Canadian industry practice. All prior periods have been restated for comparability.</font></P>
		</td>
	</tr>
</table>
<P align=left>&nbsp;</P>
<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 9</font></P>
<HR noShade SIZE=1 color="#000000">



<P align="right">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>BCE Inc.<br>
Net debt and other information</B></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>BCE Inc. - Net debt and preferreds</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="70%" 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="1">&nbsp;</font></TD>
	<TD align=left width="8%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1">&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%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="70%" 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">
<I><FONT size=2>At March 31, 2011</FONT></I><font size="2"> </font>
	</TD>
	<TD align=left width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2>BCE Inc.</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" 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 align=left width="70%" 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">
<I><FONT size=2>(unaudited)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" 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 align=left width="70%" 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">
<I><FONT size=2>(&#36; millions of Canadian dollars, except where otherwise indicated)</FONT></I><font size="2">
</font>
	</TD>
	<TD align=left width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" 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 align=left width="8%" 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 align=left width="2%" 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 align=left width="8%" 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 align=left width="2%" 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 align=left width="70%" 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">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>Bell</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" 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 align=left width="70%" 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">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Bell</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>Aliant</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>BCE Inc.</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" 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>
<TR valign="bottom">
	<TD align=left width="70%" 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>Debt due within one year </FONT>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2>2,279 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>770 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>3,049 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=left width="70%" 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>Long-term debt </FONT>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2>9,189 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>2,367 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>11,556 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=left width="70%" 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>Preferred shares - BCE </FONT><SUP><FONT size=2>(A)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2>1,385 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>- </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,385 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=left width="70%" 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 and cash equivalents </FONT>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>(2,147 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>(25 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>(2,172 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" 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">
<B><FONT size=2>Net debt</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>10,706</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>3,112</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>13,818</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" 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>
</TABLE><font size="2"><BR>
</font>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Bell - Net debt and preferreds</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" 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">
<I><FONT size=2>(unaudited)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=left width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% 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 align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% 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 align=left width="80%" 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">
<I><FONT size=2>(&#36; millions of Canadian dollars, except where otherwise indicated)</FONT></I><font size="2">
</font>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2>March 31</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Dec. 31 </FONT>
	</TD>
	<TD align=left width=2% 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 align=left width="80%" 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">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>2011</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2% 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>2010 </FONT>
	</TD>
	<TD align=left width=2% 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>
<TR valign="bottom">
	<TD align=left width="80%" 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>Debt due within one year </FONT>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2>2,279</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,766 </FONT>
	</TD>
	<TD align=left width=2% 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 align=left width="80%" 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>Long-term debt </FONT>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2>9,189</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>8,221 </FONT>
	</TD>
	<TD align=left width=2% 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 align=left width="80%" 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>Preferred shares - BCE </FONT><SUP><FONT size=2>(A)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2>1,385</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,385 </FONT>
	</TD>
	<TD align=left width=2% 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 align=left width="80%" 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>Cash and cash equivalents </FONT>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>(2,147</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>(749 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" 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">
<B><FONT size=2>Net Debt</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2>10,706</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>10,623 </FONT>
	</TD>
	<TD align=left width=2% 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>
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="80%" 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 Debt / Adjusted EBITDA </FONT><SUP><FONT size=2>(B)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2>1.73</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1.74 </FONT>
	</TD>
	<TD align=left width=2% 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 align=left width="80%" 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>Adjusted EBITDA </FONT><SUP><FONT size=2>(B) </FONT></SUP>
<FONT size=2>/ Net interest, excluding interest on employee benefit obligations and interest expense on
fund unit liability and including 50% of preferred dividends </FONT>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>10.46</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width=2% 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>10.67 </FONT>
	</TD>
	<TD align=left width=2% 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>
</TABLE><font size="2"><BR>
</font>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="60%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Cash Flow Information</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" 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">
<I><FONT size=2>(unaudited)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2>Q1</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%">
<FONT size=2>Q1 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" 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 align=left width="60%" 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">
<I><FONT size=2>(&#36; millions of Canadian dollars, except where otherwise indicated)</FONT></I><font size="2">
</font>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>2011</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>2010 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>&#36; change </FONT>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>% change </FONT>
	</TD>
	<TD align=left width="2%" 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>
<tr>
	<TD align=left width="60%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<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%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="60%" 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">
<B><FONT size=2>Free Cash Flow (FCF)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" 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 align=left width="60%" 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>Cash from operating activities, excluding acquisition costs paid </FONT>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2>745</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>956 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(211 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(22.1 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" 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>Capital expenditures </FONT>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2>(515</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(441 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(74 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(16.8 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2>%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" 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>Dividends paid on preferred shares </FONT>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2>(28</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(28 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>- </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>- </FONT>
	</TD>
	<TD align=left width="2%" 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 align=left width="60%" 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>Bell Aliant distributions to BCE </FONT>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>63</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>73 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>(10 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>(13.7 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>%) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="60%" 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">
<B><FONT size=2>FCF</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>265</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>560 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>(295 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>(52.7 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>%) </FONT>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="60%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%" 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 align=left 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 align=right width="8%" 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 align=left 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 align=right width="8%" 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 align=left 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 align=right width="8%" 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 align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
</TR>
</TABLE><font size="2"><BR>
</font>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="37%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2>Cash Flow Information - Historical Trend</FONT></B><font size="2">
</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%" 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">
<I><FONT size=2>(unaudited)</FONT></I><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>Q1</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>Total </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>Q4 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Q3 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Q2 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>Q1 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=left width="37%" 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">
<I><FONT size=2>(&#36; millions of Canadian dollars, except where otherwise indicated)</FONT></I><font size="2">
</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>2011</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" 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=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>2010 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>2010 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>2010 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>2010 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>2010 </FONT>
	</TD>
	<TD align=left width="2%" 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>
<tr>
	<TD align=left width="37%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<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 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 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>
	<TD align=left width="8%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="37%" 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">
<B><FONT size=2>Free Cash Flow (FCF)</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" 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 align=left width="37%" 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>Cash from operating activities, excluding acquisition costs paid </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>745</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>3,758 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>295 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,402 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>1,105 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2>956 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=left width="37%" 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>Capital expenditures </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(515</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>(2,504 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2>) </FONT>
	</TD>
	<TD width="1%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>(871 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(644 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(548 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(441 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%" 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>Dividends paid on preferred shares </FONT>
	</TD>
	<TD align=right width="8%">
<B><FONT size=2>(28</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<B><FONT size=2>)</FONT></B><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>(108 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2>) </FONT>
	</TD>
	<TD width="1%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2>(28 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(25 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(27 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2>(28 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2>) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="37%" 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>Bell Aliant distributions to BCE </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>63</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" 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=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>291 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>73 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>73 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>72 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>73 </FONT>
	</TD>
	<TD align=left width="2%" 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>
<TR valign="bottom">
	<TD align=left width="37%" 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">
<B><FONT size=2>FCF</FONT></B><font size="2"> </font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2>265</FONT></B><font size="2"> </font>
	</TD>
	<TD align=left width="2%" 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=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>1,437 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>(531 </FONT>
	</TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>) </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>806 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>602 </FONT>
	</TD>
	<TD align=left width="2%" 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 align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2>560 </FONT>
	</TD>
	<TD align=left width="2%" 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>
<tr>
	<TD align=left width="37%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="8%" 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 align=left 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=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 align=left width="8%" 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 align=left 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="1%" 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 align=left width="8%" 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 align=left 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 align=left width="8%" 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 align=left 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 align=left width="8%" 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 align=left 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 align=left width="8%" 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 align=left width="2%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
</tr>
</TABLE>&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><font size="1">(A)</font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="2">Net debt includes 50% of preferred shares.</font></P>
		</td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><font size="1">(B)</font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="2"> Adjusted EBITDA is defined as
EBITDA including dividends / distributions from Bell Aliant to BCE and is based on trailling 12 months data.</font></P>

		</td>
	</tr>
</table>
<p>&nbsp;</p>
<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 10</font></P>
<HR noShade SIZE=1 color="#000000">



<P align=right><B>BCE Inc.<br>
Consolidated Statements of Financial Position Data</B></P>
<TABLE border=0 cellPadding=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>March 31</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>December 31 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I>
		<FONT size=2>($ millions of Canadian dollars, except where otherwise indicated) (unaudited)</FONT></I><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>2011</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2010 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><I><FONT size=2>ASSETS</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Current assets</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Cash </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>2,069</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>129 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Cash equivalents </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>103</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>642 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Trade and other receivables </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>2,580</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,885 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Current tax receivable </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>97</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>139 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Inventory </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>424</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>431 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Prepaid expenses </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>450</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>224 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Other current assets </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>106</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>205 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total current assets</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>5,829</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>4,655 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Non-current assets</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Property, plant and equipment </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>17,582</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>17,775 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Intangible assets </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>6,288</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>6,201 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Deferred tax assets </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>437</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>501 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Investments in associates and joint ventures </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>313</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>303 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Other non-current assets </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>669</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>652 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Goodwill </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>5,806</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>5,806 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total non-current assets</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>31,095</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>31,238 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Total assets</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>36,924</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>35,893 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><I><FONT size=2>LIABILITIES</FONT></I></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Current liabilities</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Trade and other payables </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>3,232</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>3,815 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Interest payable </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>135</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>143 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Dividends payable </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>383</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>356 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Current tax liabilities </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>78</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>37 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Other current liabilities </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>51</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>33 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Debt due within one year </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>3,049</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2,570 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total current liabilities</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>6,928</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>6,954 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Non-current liabilities</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Long-term debt </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>11,556</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>10,581 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Fund unit liability </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>-</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>3,060 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Deferred tax liabilities </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>579</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>526 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Employee benefit obligation </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>2,786</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>3,302 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Other non-current liabilities </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>1,280</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1,302 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Total non-current liabilities</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>16,201</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>18,771 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<p style="text-indent: -12px; margin-left: 24px"><B><FONT size=2>Total liabilities</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>23,129</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>25,725 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<tr>
     <TD width="79%" align=left>&nbsp;</TD>
     <TD width="8%" align=left>&nbsp;</TD>
     <TD width="2%" align=left>&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="8%" align=left>&nbsp;</TD>
     <TD width="2%" align=left>&nbsp;</TD>
</tr>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Equity</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Equity attributable to owners</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Preferred shares </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>2,770</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,770 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Common shares </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>12,745</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>12,691 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Contributed surplus </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>2,536</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,579 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Accumulated other comprehensive income </FONT> </TD>
     <TD width="8%" align=right><B><FONT size=2>48</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>66 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Deficit </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>(4,970</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(7,952 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Total equity attributable to owners</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>13,129</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>10,154 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Non-controlling interest</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>666</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>14 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Total equity</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>13,795</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>10,168 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Total liabilities and equity</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>36,924</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>35,893 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="79%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B>
		<FONT size=2>Number of common shares outstanding</FONT></B><font size="2">
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>754.1</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>752.3 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR></TABLE><font size="2"><BR>
</font>
<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 11</font></P>
<HR noShade SIZE=1 color="#000000">



<P align=right><B>BCE Inc.<br>
Consolidated Cash Flow Data</B></P>
<TABLE border=0 cellPadding=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px"><B><FONT size=2>Q1</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>Q1 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I>
		<FONT size=2>($ millions of Canadian dollars, except where otherwise indicated) (unaudited)</FONT></I><font size="2">
		</font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>2011</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>2010 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>$ change </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net earnings </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>582</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>734 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(152 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Adjustments to reconcile net earnings to cash flows from operating activities </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Depreciation and amortization of intangible assets </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>790</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>766 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>24 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net employee benefit plans cost </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>47</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>76 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(29 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Severance, acquisition and other costs </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>61</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>32 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>29 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net interest expense </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>189</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>262 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(73 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Gains on investments </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>-</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(125 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>125 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Income taxes </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>199</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>203 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(4 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Contributions to employee pension plans </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(354</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(155 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(199 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Payments under other employee future benefit plans </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(24</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(24 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Severance and other costs paid </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(247</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(94 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(153 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Acquisition costs paid </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(4</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(4 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Interest paid </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(167</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(250 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>83 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Income taxes paid (net of refunds) </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(8</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(24 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>16 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Operating assets and liabilities </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>(330</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(393 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>63 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Cash flows from operating activities</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>734</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,004 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(270 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Bell Aliant dividends/distributions paid to BCE </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>63</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>73 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(10 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Capital expenditures </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(634</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(535 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(99 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Cash dividends paid on preferred shares </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(28</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(28 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(91</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(91 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Acquisition costs paid </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>4</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>4 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Bell Aliant Free Cash Flow </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>217</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>42 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>175 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Free Cash Flow </FONT><SUP>
		<FONT size=2>(4)</FONT></SUP></B><font size="2"> </font> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>265</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>560 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(295 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Bell Aliant free cash flow, excluding dividends/distributions paid </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(280</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(115 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(165 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Business acquisitions, net of cash acquired </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>-</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>9 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(9 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Acquisition costs paid </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(4</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(4 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Business dispositions </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>2</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Increase in investments </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(2</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(8 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>6 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Decrease in investments </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>3</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>10 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(7 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Other investing activities </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>4</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>3 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Increase in notes payable and bank advances </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>526</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>108 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>418 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Sale of trade receivables </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(2</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(2 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Issue of long-term debt </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>1,002</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,002 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Repayment of long-term debt </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(76</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(56 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(20 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Cash dividends paid on common shares </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(344</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(310 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(34 </FONT> </TD>
     <TD width="3%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Issue of common shares </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>49</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>48 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Repurchase of common shares </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>-</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(125 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>125 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Issue of equity securities by subsidiaries to non-controlling interest </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>288</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>288 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Other financing activities </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>(30</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(11 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(19 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 12px">
		<font size="2">&nbsp; </font> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>1,136</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(498 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1,634 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net increase in cash and cash equivalents </FONT> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>1,401</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" 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="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>62 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,339 </FONT> </TD>
     <TD width="3%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Cash and cash equivalents at beginning of period </FONT> </TD>
     <TD style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>771</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>684 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>87 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<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 style="border-left:1px solid #000000; border-bottom:1px solid #000000; border-right-width:1px; border-top-width:1px" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>2,172</FONT></B><font size="2"> </font> </TD>
     <TD style="border-right:1px solid #000000; border-bottom:1px solid #000000; border-left-width:1px; border-top-width:1px" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>746 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1,426 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<tr>
     <TD width="64%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<font size="1">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
		<font size="1">&nbsp;</font></TD>
     <TD width="1%"><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%"><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="3%" align=left><font size="1">&nbsp;</font></TD>
</tr>
<TR vAlign=bottom>
     <TD width="64%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Other information</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left 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="2%" 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="1%" 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="1%" align=right 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="8%" align=left 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="2%" align=left 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="1%" 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="1%" align=right 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="8%" align=left 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="3%" 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-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Cash flow per share </FONT><SUP>
		<FONT size=2>(10)</FONT></SUP><font size="2"> </font> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px"><B><FONT size=2>$</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>0.13</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$ </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>0.73 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$ </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(0.60 </FONT> </TD>
     <TD width="3%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px"><FONT size=2>) </FONT> </TD></TR>
<tr>
     <TD width="64%" 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>Annualized cash flow yield </FONT><SUP>
		<FONT size=2>(11)</FONT></SUP><font size="2"> </font> </TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>4.3</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>%</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right 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="8%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>7.7 </FONT> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>% </FONT> </TD>
     <TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right 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="8%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>(3.4 </FONT> </TD>
     <TD width="3%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>) pts </FONT> </TD>
</tr>
<TR vAlign=bottom>
     <TD width="64%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right 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%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
		<font size="1">&nbsp;</font></TD>
     <TD width="1%"><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%"><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="3%" align=left><font size="1">&nbsp;</font></TD></TR></TABLE>
<font size="2"><BR>
</font>
<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 12</font></P>
<HR noShade SIZE=1 color="#000000">



<P align=right><B>BCE Inc.<br>
Consolidated Cash Flow Data - Historical Trend</B></P>
<TABLE border=0 cellPadding=0 width="100%" style="border-collapse: collapse">
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1pt solid #000000"><FONT size=2>Total<br>
		2010 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><I>
		<FONT size=2>($ millions of Canadian dollars, except where otherwise indicated) (unaudited</FONT></I><font size="2">)
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>Q1 11</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q4 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q3 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q2 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>Q1 10 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net earnings </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>582</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2,190 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>344 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>482 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>630 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>734 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Adjustments to reconcile net earnings to cash flows from operating activities </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Depreciation and amortization of intangible assets </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>790</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>3,125 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>800 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>781 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>778 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>766 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net employee benefit plans cost </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>47</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>294 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>73 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>72 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>73 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>76 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Severance, acquisition and other costs </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>61</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>262 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>86 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>129 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>15 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>32 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Net interest expense </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>189</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,049 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>265 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>260 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>262 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>262 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Gains on investments </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>-</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(135 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(10 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(125 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Income taxes </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>199</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>632 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>159 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>98 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>172 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>203 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Contributions to employee pension plans </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(354</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(1,315 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(901 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(115 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(144 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(155 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Payments under other employee future benefit plans </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(24</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(98 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(25 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(25 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(24 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(24 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Severance and other costs paid </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(247</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(238 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(60 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(35 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(49 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(94 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Acquisition costs paid </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(4</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(24 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(12 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(6 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(2 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(4 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Interest paid </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(167</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(1,092 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(292 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(245 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(305 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(250 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Income taxes paid (net of refunds) </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(8</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(129 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(54 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(15 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(36 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(24 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Operating assets and liabilities </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>(330</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(154 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>108 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>170 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(39 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(393 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Cash flows from operating activities</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>734</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>4,367 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>491 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,551 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,321 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,004 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Bell Aliant dividends/distributions paid to BCE </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>63</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>291 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>73 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>73 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>72 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>73 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Capital expenditures </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(634</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(2,998 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(1,034 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(757 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(672 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(535 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Cash dividends paid on preferred shares </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(28</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(108 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(28 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(25 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(27 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(28 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(91</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Acquisition costs paid </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>4</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>24 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>12 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>6 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>2 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>4 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px">
		<FONT size=2>Bell Aliant Free Cash Flow </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>217</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(139 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(45 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(42 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(94 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>42 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Free Cash Flow</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>265</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,437 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(531 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>806 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>602 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>560 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Bell Aliant free cash flow, excluding dividends/distributions paid </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(280</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(152 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(28 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(31 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>22 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(115 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Business acquisitions, net of cash acquired </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>-</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(60 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(73 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>4 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>9 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Acquisition costs paid </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(4</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(24 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(12 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(6 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(2 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(4 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Business dispositions </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>2</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>8 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>8 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Increase in investments </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(2</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(44 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(4 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(7 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(25 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(8 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Decrease in investments </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>3</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>139 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>6 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>123 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>10 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Other investing activities </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>4</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>7 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>3 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>3 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Increase (decrease) in notes payable and bank advances </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>526</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>250 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>104 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>47 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(9 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>108 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Sale of trade receivables </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(2</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(37 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(22 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>4 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(19 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Issue of long-term debt </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>1,002</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,366 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1,016 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>350 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Repayment of long-term debt </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(76</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(956 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(321 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(404 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(175 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(56 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Cash dividends paid on common shares </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>(344</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><B><FONT size=2>)</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(1,318 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(346 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(329 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(333 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(310 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Issue of common shares </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>49</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>39 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>11 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>15 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>12 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>1 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Repurchase of common shares </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>-</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(500 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(125 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(125 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(125 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(125 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Issue of equity securities by subsidiaries to non-controlling interest </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>288</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>- </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 24px"><FONT size=2>Other financing activities </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>(30</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left><B>
		<FONT size=2>)</FONT></B><font size="2"> </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(68 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(80 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(67 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>90 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(11 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 12px">
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>1,136</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(1,350 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>121 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(547 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(426 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>(498 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<FONT size=2>) </FONT> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Net increase (decrease) in cash and cash equivalents </FONT> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><B><FONT size=2>1,401</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>87 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>(410 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>259 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>176 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><font size="2">&nbsp; </font> </TD>
     <TD width="8%" align=right><FONT size=2>62 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<p style="text-indent: -12px; margin-left: 12px"><FONT size=2>Cash and cash equivalents at beginning of period </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>771</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>684 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1,181 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>922 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>746 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>684 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>
		<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 style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right><B>
		<FONT size=2>2,172</FONT></B><font size="2"> </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>771 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>771 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>1,181 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>922 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"><font size="2">&nbsp;
		</font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" align=right>
		<font size="2">&nbsp; </font> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" align=right>
		<FONT size=2>746 </FONT> </TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" align=left>
		<font size="2">&nbsp; </font> </TD></TR>
<tr>
     <TD width="29%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%"><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%"><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%"><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%"><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="1%"><font size="1">&nbsp;</font></TD>
     <TD width="1%" align=right><font size="1">&nbsp;</font></TD>
     <TD width="8%" align=left><font size="1">&nbsp;</font></TD>
     <TD width="2%" align=left><font size="1">&nbsp;</font></TD>
</tr>
<TR vAlign=bottom>
     <TD width="29%" align=left style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
		<p style="text-indent: -12px; margin-left: 12px"><B><FONT size=2>Other
		information</FONT></B><font size="2">
		</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="2">&nbsp; </font> </TD>
     <TD width="8%" align=left 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="2%" align=left 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="1%" 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="1%" align=right 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="8%" align=left 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="2%" align=left 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="1%" 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="1%" align=right 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="8%" align=left 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="2%" align=left 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="1%" 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="1%" align=right 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="8%" align=left 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="2%" align=left 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="1%" 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="1%" align=right 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="8%" align=left 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="2%" align=left 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="1%" 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="1%" align=right 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="8%" align=left 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="2%" 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="29%" 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 flow per share </FONT> </TD>
     <TD width="1%" align=right><B><FONT size=2>$</FONT></B><font size="2">
		</font> </TD>
     <TD width="8%" align=right><B><FONT size=2>0.13</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$ </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>2.29 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$ </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>(0.59 </FONT> </TD>
     <TD width="2%" align=left><FONT size=2>) </FONT> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$ </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>1.17 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$ </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>0.98 </FONT> </TD>
     <TD width="2%" align=left><font size="2">&nbsp; </font> </TD>
     <TD width="1%"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right><FONT size=2>$ </FONT> </TD>
     <TD width="8%" align=right><FONT size=2>0.73 </FONT> </TD>
     <TD width="2%" 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="29%" 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>Annualized cash flow yield </FONT> </TD>
     <TD width="1%" align=right 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="8%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>4.3</FONT></B><font size="2">
		</font> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><B><FONT size=2>%</FONT></B><font size="2">
		</font> </TD>
     <TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right 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="8%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>5.4 </FONT> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>% </FONT> </TD>
     <TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right 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="8%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>5.4 </FONT> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>% </FONT> </TD>
     <TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right 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="8%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>7.8 </FONT> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>% </FONT> </TD>
     <TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right 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="8%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>7.7 </FONT> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>% </FONT> </TD>
     <TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><font size="2">&nbsp; </font> </TD>
     <TD width="1%" align=right 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="8%" align=right style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>7.7 </FONT> </TD>
     <TD width="2%" align=left style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000"><FONT size=2>% </FONT> </TD></TR></TABLE>
<font size="2"><BR>
</font>
<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 13</font></P>
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<P align="right">
<B>Accompanying Notes </B></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="3%" valign="top"><font size="2">(1)</font></td>
		<td width="97%" valign="top">
		<P align="left">
<font size="2">Throughout this report,<I> </I>BCE means BCE Inc., its subsidiaries
and joint ventures; Bell means our Bell Wireline and Bell Wireless segments on an aggregate basis; and Bell Aliant means Bell Aliant Inc. and its subsidiaries.<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<font size="2">(2)</font></td>
		<td width="97%" valign="top">
<P align="left">
<font size="2">We report our results of operations in three segments: Bell Wireline, Bell Wireless and Bell Aliant. Our reporting structure reflects how we manage our business and how we classify our operations for planning and measuring performance.<br>
<br>
In the first quarter of 2011, Bell acquired xwave, a division of Bell Aliant, specializing in IT professional services and advanced technology solutions. As a result, we have restated prior period results for Bell Wireline and Bell Aliant to reflect the change of ownership in xwave between Bell and Bell Aliant. Our reportable segments and consolidated results did not change as a result of this restatement.<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<font size="2">(3)</font></td>
		<td width="97%" valign="top">
<P align="left">
<font size="2">EBITDA <br>
<br>
We define EBITDA as operating revenues less operating costs, as shown in the consolidated income statements. We use EBITDA to evaluate the performance of our businesses as it reflects their ongoing profitability. EBITDA also is used as a component in the determination of short-term incentive compensation for all management employees. EBITDA is referred to as an additional GAAP measure because it is displayed on the face of our income statements.<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<font size="2">(4)</font></td>
		<td width="97%" valign="top">
<P align="left">
<B>Non-GAAP Financial Measures <br>
<br>
Adjusted net earnings and Adjusted earnings per share (EPS)</B><font size="2"><br>
The terms Adjusted net earnings and Adjusted EPS do not have any
standardized meaning according to IFRS. They are therefore unlikely to be comparable to similar measures presented by other companies.<br>
<br>
We define Adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, and net
gains/losses on investments. For 2010, Adjusted net earnings also excludes the fair value adjustments on the fund unit liability and adjusts earnings to reflect the interest on the
fund unit liability as non-controlling interest. We define Adjusted EPS as Adjusted net earnings per BCE Inc. common share.
<br>
<br>
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 and non-controlling interest severance, acquisition and other costs, and net gains/losses on investments. For 2010, we also exclude the effects of the fair value adjustments on the fund unit liability and we adjust earnings to
reflect the interest on the fund unit liability as non-controlling interest. 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>
<br>
The most comparable IFRS financial measures are net earnings attributable to common shareholders and
earnings per share.</font><B><font size="2"><br>
<br>
</font>Free Cash Flow</B><font size="2"><br>
The term free cash flow does not have any standardized meaning according
to IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies.
<br>
<br>
We define free cash flow as cash flows from operating activities, excluding acquisition costs paid, and dividends/distributions received from Bell Aliant less capital expenditures, preferred share dividends, dividends/distributions paid by subsidiaries to non-controlling interest and Bell Aliant free cash flow.
<br>
<br>
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</font></P>
		</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<P align="left">
&nbsp;</P>

<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 14</font></P>
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<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="97%" valign="top">
		<P align="left">
<font size="2">financial performance on a consistent basis. <br>
<br>
We believe that certain investors and analysts use free cash flow to value
a business and its underlying assets. <br>
<br>
The most comparable IFRS financial measure is cash from operating activities.<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<font size="2">(5)</font></td>
		<td width="97%" valign="top">
<P align="left">
<font size="2">EBITDA margin is calculated as follows: <br>
<br>
<u>EBITDA</u><br>
Operating revenues <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<font size="2">(6)</font></td>
		<td width="97%" valign="top">
<P align="left">
<font size="2">Capital Intensity is calculated as follows: <br>
<br>
<u>Capital expenditures</u><br>
Operating revenues <br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top"><font size="2">(7)</font></td>
		<td width="97%" valign="top">
		<P align="left">
<font size="2">Average revenue per unit (ARPU) represents the measurement of the average revenue generated by each unit, expressed as a rate per month for the year.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<font size="2">(8)</font></td>
		<td width="97%" valign="top">
<P align="left">
<font size="2">Churn 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.<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<font size="2">(9)</font></td>
		<td width="97%" valign="top">
<P align="left">
<font size="2">Cost of acquisition (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.
<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<font size="2">(10)</font></td>
		<td width="97%" valign="top">
<P align="left">
<font size="2">Cash flow per share is calculated as follows: <br>
<br>
<u>Cash flow from operating activities less capital expenditures</u><br>
Average number of common shares outstanding<br>
&nbsp;</font></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<font size="2">(11)</font></td>
		<td width="97%" valign="top">
<P align="left">
<font size="2">Annualized cash flow yield is calculated as follows: <br>
<br>
<u>Trailing 12 month free cash flow </u><br>
Number of common shares outstanding at end of period multiplied by share price at end of period
</font></P></td>
	</tr>
</table>
<p>&nbsp;</p>
<P align=right style="margin-bottom: 0"><font size="1" face="Times New Roman">BCE Inc. Supplementary
	Financial Information &#150; First Quarter 2011&nbsp; Page 15</font></P>
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&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ceocfo_q111.htm
<DESCRIPTION>CEO AND CFO CERTIFICATIONS
<TEXT>

<HTML>
<HEAD>
   <TITLE>Certification of Interim Filings</TITLE>
   <meta equiv="Content-Type" content="text/html; charset=windows-1252">
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<A name="page_1"><font size="2"></font></A>

<p align="right"><font face="Arial" size="2">EXHIBIT 99.3</font></p>
<P align="left">
<img border="0" src="bce_colourlogo.jpg" width="116" height="58"></P>
<P align="center">
<B><FONT face="Arial">Form 52-109F2 &#150; Certification of Interim Filings - Full Certificate </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">I, George A. Cope, President and Chief Executive Officer of BCE Inc., certify the following: </FONT></P>
<P align="left">
<font size="2" face="Arial">1. </font><font size="2"><B><I><FONT face="Arial">Review:</FONT></I></B></font><font size="2" face="Arial"> I have reviewed the interim financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of BCE Inc. (the &#147;issuer&#148;) for
the interim period ended March 31, 2011. </font></P>
<P align="left">
<font size="2" face="Arial">2. </font><font size="2"><B><I><FONT face="Arial">No misrepresentations:</FONT></I></B></font><font size="2" face="Arial"> Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact
or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
</font></P>
<P align="left">
<font size="2" face="Arial">3. </font><font size="2"><B><I><FONT face="Arial">Fair presentation:</FONT></I></B></font><font size="2" face="Arial"> Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information
included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</font></P>
<P align="left">
<font size="2" face="Arial">4. </font><font size="2"><B><I><FONT face="Arial">Responsibility:</FONT></I></B><FONT face="Arial"> The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 </FONT><I><FONT face="Arial">Certification of Disclosure in Issuers&#146; Annual and Interim Filings</FONT></I></font><font size="2" face="Arial">, for the issuer.
</font></P>
<P align="left">
<font size="2" face="Arial">5. </font><font size="2"><B><I><FONT face="Arial">Design:</FONT></I></B></font><font size="2" face="Arial"> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer(s) and I have, as at the end of the
period covered by the interim filings </font></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
&nbsp;</td>
		<td width="2%" valign="top">
<FONT face="Arial" size="2">A.</FONT></td>
		<td width="96%" colspan="2" valign="top">
<P align="left">
<FONT face="Arial" size="2">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<FONT face="Arial" size="2">I.</FONT></td>
		<td width="94%" valign="top">
<P align="left">
<FONT face="Arial" size="2">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<FONT face="Arial" size="2">II.</FONT></td>
		<td width="94%" valign="top">
<P align="left">
<FONT face="Arial" size="2">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time
periods specified in securities legislation; and <br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
&nbsp;</td>
		<td width="2%" valign="top">
<FONT face="Arial" size="2">B.</FONT></td>
		<td width="96%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">designed ICFR, or caused it 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 the issuer&#146;s GAAP. </FONT></P></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

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




<P align="left">
<font size="2" face="Arial">5.1 </font><font size="2"><B><I><FONT face="Arial">Control framework:</FONT></I></B><FONT face="Arial"> The control framework the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s ICFR is the </FONT><I><FONT face="Arial">Internal Control-Integrated Framework</FONT></I></font><font size="2" face="Arial"> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
</font></P>
<P align="left">
<FONT face="Arial" size="2">5.2 N/A </FONT></P>
<P align="left">
<FONT face="Arial" size="2">5.3 N/A </FONT></P>
<P align="left">
<font size="2" face="Arial">6. </font><font size="2"><B><I><FONT face="Arial">Reporting changes in ICFR:</FONT></I></B><FONT face="Arial"> The issuer has disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that occurred during the period beginning on
January 1, 2011 and ended on</FONT><B><FONT face="Arial"> </FONT></B><FONT face="Arial">March 31, 2011</FONT><B><FONT face="Arial"> </FONT></B>
</font><font size="2" face="Arial">that has materially affected, or is reasonably likely to materially affect, the
issuer&#146;s ICFR.</font></P>
<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" size="2">Date: May 12, 2011 </FONT></P>
<P align="left">
&nbsp;</P>
<P align="left" style="margin-left: 40px; margin-top: 0">
<u>
<I><font size="2" face="Arial">(signed) George A. Cope </font></I>
</u>
<font size="2"><BR>
<FONT face="Arial">George A. Cope </FONT><BR>
</font><font size="2" face="Arial">President and Chief Executive Officer </font></P>

<HR noshade color="#000000">


<p align="left">
<img border="0" src="bce_colourlogo.jpg" width="116" height="58"></p>



<A name="page_3"></A>

<P align="center">
<B><FONT face="Arial">Form 52-109F2 &#150; Certification of Interim Filings - Full Certificate </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">I, Siim A. Vanaselja, Executive Vice-President and Chief Financial Officer of BCE Inc., certify the following: </FONT></P>
<P align="left">
<font size="2" face="Arial">1. </font><font size="2"><B><I><FONT face="Arial">Review:</FONT></I></B></font><font size="2" face="Arial"> I have reviewed the interim financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of BCE Inc. (the &#147;issuer&#148;) for
the interim period ended March 31, 2011. </font></P>
<P align="left">
<font size="2" face="Arial">2. </font><font size="2"><B><I><FONT face="Arial">No misrepresentations:</FONT></I></B></font><font size="2" face="Arial"> Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact
or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
</font></P>
<P align="left">
<font size="2" face="Arial">3. </font><font size="2"><B><I><FONT face="Arial">Fair presentation:</FONT></I></B></font><font size="2" face="Arial"> Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information
included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</font></P>
<P align="left">
<font size="2" face="Arial">4. </font><font size="2"><B><I><FONT face="Arial">Responsibility:</FONT></I></B><FONT face="Arial"> The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 </FONT><I><FONT face="Arial">Certification of Disclosure in Issuers&#146; Annual and Interim Filings</FONT></I></font><font size="2" face="Arial">, for the issuer.
</font></P>
<P align="left">
<font size="2" face="Arial">5. </font><font size="2"><B><I><FONT face="Arial">Design:</FONT></I></B></font><font size="2" face="Arial"> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer(s) and I have, as at the end of the
period covered by the interim filings </font></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
&nbsp;</td>
		<td width="2%" valign="top">
<FONT face="Arial" size="2">A.</FONT></td>
		<td width="96%" colspan="2" valign="top">
<P align="left">
<FONT face="Arial" size="2">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<FONT face="Arial" size="2">I.</FONT></td>
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<P align="left">
<FONT face="Arial" size="2">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
<br>
&nbsp;</FONT></P></td>
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	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<FONT face="Arial" size="2">II.</FONT></td>
		<td width="94%" valign="top">
<P align="left">
<FONT face="Arial" size="2">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time
periods specified in securities legislation; and <br>
&nbsp;</FONT></P></td>
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&nbsp;</td>
		<td width="2%" valign="top">
<FONT face="Arial" size="2">B.</FONT></td>
		<td width="96%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">designed ICFR, or caused it 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 the issuer&#146;s GAAP. </FONT></P></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

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<P align="left">
<font size="2" face="Arial">5.1 </font><font size="2"><B><I><FONT face="Arial">Control framework:</FONT></I></B><FONT face="Arial"> The control framework the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s ICFR is the </FONT><I><FONT face="Arial">Internal Control-Integrated Framework</FONT></I></font><font size="2" face="Arial"> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
</font></P>
<P align="left">
<FONT face="Arial" size="2">5.2 N/A </FONT></P>
<P align="left">
<FONT face="Arial" size="2">5.3 N/A </FONT></P>
<P align="left">
<font size="2" face="Arial">6. </font><font size="2"><B><I><FONT face="Arial">Reporting changes in ICFR:</FONT></I></B><FONT face="Arial"> The issuer has disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that occurred during the period beginning on
January 1, 2011 and ended on</FONT><B><FONT face="Arial"> </FONT></B><FONT face="Arial">March 31, 2011</FONT><B><FONT face="Arial"> </FONT></B>
</font><font size="2" face="Arial">that has materially affected, or is reasonably likely to materially affect, the
issuer&#146;s ICFR.</font></P>
<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" size="2">Date: May 12, 2011 </FONT></P>
<P align="left">
&nbsp;</P>
<P align="left" style="margin-left: 40px">
<I><font size="2" face="Arial"><u>(signed) Siim A. Vanaselja</u> </font></I>
<font size="2"><BR>
<FONT face="Arial">Siim A. Vanaselja</FONT><B><FONT face="Arial"> </FONT></B><BR>
<FONT face="Arial">Executive Vice-President and <br>
Chief </FONT>
</font><font size="2" face="Arial">Financial Officer </font></P>

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<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>news_q111.htm
<DESCRIPTION>NEWS RELEASE
<TEXT>

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<P align="right">
<font face="Arial" size="2">EXHIBIT 99.4</font></P>
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<P align="left">
<font face="Arial">For Immediate Release</font></P>
<P align="left">
<I><font size="1" face="Arial">This news release contains forward-looking statements. For a description of the related risk factors and assumptions please see the section entitled &#147;Caution Concerning Forward-Looking Statements&#148; later in this
release.</font></I><B><I><font size="1" face="Arial"> </font></I></B></P>
<P align="center">
<B><FONT face="Arial">BCE reports 2011 first quarter results </FONT><I>
<FONT face="Arial"><br>
Common share dividend increased by 5% to &#36;2.07 per year <br>
2011 financial guidance increased </FONT></I></B></P>
<ul>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><B><font size="2" face="Arial">Strong Adjusted net earnings attributable to common shareholders of &#36;543  million; Adjusted EPS up 18% to &#36;0.72   per share
	</font></B></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><B><font size="2" face="Arial">Bell
revenues up 1.0%  on service revenue growth of 1.8%;  EBITDA</font><font size="2"><SUP><FONT face="Arial">(1)</FONT></SUP></font><font size="2" face="Arial"> growth of 6.4%  is Bell&#146;s best performance in more than 8 years
	</font></B></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><B><font size="2" face="Arial">Bell Wireless operating revenues up 9.2%;  EBITDA up 12.2%;  EBITDA margins increase to over 40%
	</font></B></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><B><font size="2" face="Arial">Market-leading  wireless postpaid net additions of 80,648;
smartphones represent 55% of gross postpaid activations; Bell to launch next-generation  LTE wireless network in certain markets this year
	</font></B></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><B><font size="2" face="Arial">Bell Wireline EBITDA growth of 4% driven by
rigorous cost control; Fibe TV and Fibe Internet gain further traction; increased ARPU across residential services
	</font></B></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">MONTR&Eacute;AL, May 12, 2011 &#150; BCE Inc. (TSX, NYSE: BCE), Canada&#146;s largest communications company, today reported BCE and Bell results for the first quarter of 2011 in accordance with International Financial Reporting
Standards (IFRS), and announced both a 5% increase in its annual common share dividend and increased financial guidance for 2011. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">BCE delivered strong financial performance with net earnings attributable to common shareholders of &#36;503 million. Net earnings attributable to common shareholders in the first quarter of 2010 in the amount of &#36;706 million
included asset sales and other gains of &#36;272 million. Bell had revenue growth of 1.0% on service revenue improvement of 1.8%, reflecting strong TV and wireless revenue growth of 7.5% and 9.2%, respectively; industry-leading overall EBITDA growth
of 6.4% and Wireless EBITDA growth of 12.2%; and wireless postpaid net additions of 80,648, the highest among Canada&#146;s incumbent carriers. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">&#147;Bell delivered market-leading performance in wireless, strong revenue growth in wireline Internet and TV services, and exceptional EBITDA growth &#150; the highest in the industry and Bell&#146;s best EBITDA growth rate in
more than 8 years.&#148; said George Cope, President and CEO of Bell Canada and BCE. &#147;These results underscore the Bell team&#146;s continued strong execution of our 5 Strategic Imperatives, leveraging our broadband network investments with
leading TV, Internet and mobile smartphone services while ensuring rigorous and ongoing cost management &#150; including a &#36;90 million reduction in wireline operating costs year over year.&#148; </FONT></P>
<P align="left">
<FONT face="Arial" size="2">&#147;We also successfully closed our acquisition of CTV a full quarter ahead of schedule, supporting the increased 2011 financial guidance and the 5% dividend increase we&#146;re announcing today. The increase is well aligned to
our dividend growth model and driven by strong expected earnings accretion from CTV. With the launch of the new Bell Media business unit, we&#146;ve quickly leveraged these superior content assets with enhanced Bell Mobile TV and Bell TV Online
programming and the launch of TSN Radio,&#148; said Mr. Cope. Bell also announced today </FONT></P>
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<font face="Arial" size="2">1/12</font></P>

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<FONT face="Arial" size="2">that the CTV transaction valuation multiple improved to an 8.2x proportionate LTM EBITDA multiple at close compared to 9.6x when the transaction was originally announced. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Today&#146;s dividend announcement represents BCE&#146;s sixth increase to the annual common share dividend, representing a 42% increase, since the fourth quarter of 2008. This is the second such increase this year. The BCE annual
common share dividend will increase by 5% to &#36;2.07 per share, effective with BCE&#146;s Q2 2011 dividend payable on July 15, 2011 to shareholders of record at the close of business on June 15, 2011. The increase positions BCE&#146;s payout ratio
below the mid-point of its policy range of 65% to 75% of Adjusted EPS. The higher dividend is supported by our increased Adjusted EPS guidance for 2011 and is readily funded from our free cash flow with no material impact on our projected cash
balance for year-end 2011 of approximately &#36;400 million to &#36;500 million. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell is focused on achieving a clear goal &#150; to be recognized by customers as Canada&#146;s leading communications company &#150; through the execution of 5 Strategic Imperatives: Improve Customer Service, Accelerate Wireless,
Leverage Wireline Momentum, Invest in Broadband Networks and Services, and Achieve a Competitive Cost Structure. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">With its world-leading HSPA+ network and superior selection of smartphones, Bell Wireless added the most new high-value postpaid customers of any incumbent provider this quarter while also achieving the highest EBITDA growth among
wireless incumbents. Smartphones represented 55% of gross activations in Q1 and now make up 34% of Bell&#146;s postpaid customer base. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Building on its mobile broadband network leadership, Bell today also announced it would deploy next-generation LTE wireless in certain Canadian markets in 2011, with full national deployment contingent on the availability of new
700 MHz spectrum essential to interoperability and roaming with U.S. and international LTE providers. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell Wireline also achieved strong EBITDA growth and increased ARPU across its portfolio of TV, Internet and Home phone residential services, as growing traction of both Fibe TV (now available to more than 800,000 households) and
Fibe Internet drove increased triple-play household penetration. Bell Wireline also reduced its residential network access services (NAS) line loss trajectory and increased business NAS lines by 5,044, which contributed to the slowing of voice
revenue erosion. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">&#147;With our financial performance this quarter, we had a great start to 2011, highlighted by exceptional EBITDA growth, strong margin expansion, and substantial earnings and cash flow generation,&#148; said Siim Vanaselja,
Chief Financial Officer of BCE and Bell Canada. &#147;We accelerated strategic investment to lay the groundwork for future core operating performance, while remaining committed to a strong balance sheet position to underpin our capital markets
strategy and to further build investor confidence. The successful completion of the CTV acquisition at an attractive valuation multiple enables us to significantly increase our 2011 financial guidance for growth in revenues, EBITDA and Adjusted EPS,
positioning us well for a great year.&#148; </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#146;s operating revenues increased by 1.0% this quarter, to &#36;3,882 million, as higher wireless and TV revenues more than offset declines in local and access, long distance, wireline data and equipment and other revenues.
Bell&#146;s revenue growth was moderated this quarter as Bell&#146;s Q1 2010 revenues reflected the one-time benefit of the Vancouver 2010 Winter Games. Bell&#146;s EBITDA grew by 6.4% to &#36;1,505 million this quarter due to higher revenues, and
lower wireline </FONT></P>

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<font face="Arial" size="2">2/12</font></P>

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<FONT face="Arial" size="2">operating costs that reflected the non-recurrence of expenses incurred for the Vancouver 2010 Winter Games. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell Wireless operating revenues increased by 9.2% this quarter with service revenues increasing by 8.7% and product revenues increasing by 15.1% . Bell Wireless EBITDA increased by 12.2%, due to the higher operating revenues,
even with a higher number of postpaid gross subscriber activations and customer upgrades year over year. Blended ARPU increased by &#36;1.61 to &#36;51.68, reflecting strong data revenue growth of 38% driven by accelerating smartphone adoption and
usage.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell Wireline operating revenues decreased by 2.7% as TV revenue growth was more than offset by declines in local and access, long distance, data and equipment and other revenues. Bell Wireline EBITDA increased by 4.0% due to cost
reductions. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">The Bell Wireline segment had total NAS losses of 59,243 this quarter, an improvement of 40.7% compared to last year. High-speed Internet net subscribers increased by 13,161 this quarter or by 25.7% more than last year. Although
total TV subscribers increased by 7,663 this quarter compared to an increase of 19,889 in the same period last year, we delivered TV net additions of approximately 12,000 in Ontario and Qu&eacute;bec driven by increasing traction of our Bell Fibe TV
service.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell invested &#36;515 million of capital this quarter, or 16.8% more than the same period last year, due mainly to the deployment of broadband fibre to residential homes and businesses in Ontario and Qu&eacute;bec, ongoing
enhancement of our wireline broadband network to support the commercial roll-out of Bell Fibe TV, network capacity growth to accommodate increasing Internet and wireless data consumption, increased investment in customer service to improve client
care support systems and self-serve tools, and the construction of data hosting centres. </FONT></P>
<P align="left">
<font size="2" face="Arial">BCE&#146;s cash flows from operating activities were &#36;734 million this quarter compared to &#36;1,004 million in the same period last year due to increased pension contributions at Bell Aliant as well as the payments of CRTC
mandated rebates to Bell&#146;s residential home phone customers as part of the disposition of Bell&#146;s remaining deferral account balance. Free cash flow</font><font size="2"><SUP><FONT face="Arial">(2)</FONT></SUP></font><font size="2" face="Arial"> decreased to &#36;265
million this quarter from &#36;560 million last year due to lower cash flows from operating activities and higher capital expenditures.
</font></P>
<P align="left">
<font size="2" face="Arial">BCE&#146;s net earnings attributable to common shareholders were &#36;503 million, or &#36;0.67 per share, compared to &#36;706 million, or &#36;0.92 per share, in the same quarter last year. The year-over-year decrease was due
mainly to net gains realized on the sale of non-core assets and the fair value gain on the Bell Aliant fund unit liability (the portion of Bell Aliant not held by BCE). BCE&#146;s Adjusted EPS</font><font size="2"><SUP><FONT face="Arial">(3)</FONT></SUP></font><font size="2" face="Arial"> increased by 18.0% to &#36;0.72 due to higher EBITDA, lower net pension finance costs and higher year-over-year tax adjustments from the favourable resolution of uncertain tax positions, partly offset by higher depreciation expense and
increased interest expense.</font></P>
<P align="left">
&nbsp;</P>
<P align="center" style="margin-bottom: 0">
<font face="Arial" size="2">3/12</font></P>

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&nbsp;</P>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT face="Arial">Financial Highlights</FONT></B><font face="Arial"> </font>
</p>
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<TABLE border=0 width=100% style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%" 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 face="Arial">(&#36; millions except per share amounts) (unaudited) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">Q1 2011</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">Q1 2010</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=center width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p align="right">
<B><FONT size=2 face="Arial">% change</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" 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">
<B><FONT size=2 face="Arial">Bell </FONT></B><FONT size=2 face="Arial">(i) </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" 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 face="Arial">Operating Revenues </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,882 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,845 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.0 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">1,505 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">1,415 </FONT>
	</TD>
	<TD width=2% style="border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">6.4 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" 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">
<B><FONT size=2 face="Arial">BCE</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&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 face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" 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 face="Arial">Operating Revenues </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,466 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,433 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.7 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" 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 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,833 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,753 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.6 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" 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 face="Arial">Net Earnings Attributable to Common </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">503 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">706 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(28.7 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" 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 face="Arial">Shareholders </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% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" 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 face="Arial">EPS </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.67 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.92 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(27.2 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" 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 face="Arial">Adjusted EPS </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.72 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.61 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">18.0 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" 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 face="Arial">Cash flows from operating activities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">734 </FONT>
	</TD>
	<TD 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 width=2%>
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(26.9 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Free Cash Flow </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">265 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">560 </FONT>
	</TD>
	<TD width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<font face="Arial" size="2">&nbsp; </font>	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">(52.7 </FONT>
	</TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
</TABLE>&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<FONT face="Arial" size="2">(i)</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Bell includes the Bell Wireless and Bell Wireline segments. </FONT></P>
		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">BCE&#146;s operating revenues increased by 0.7% to &#36;4,466 million this quarter as higher revenues at Bell were partly offset by lower revenues at Bell Aliant. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">BCE&#146;s EBITDA increased by 4.6% to &#36;1,833 million this quarter as EBITDA growth at Bell was partly offset by lower EBITDA at Bell Aliant. </FONT></P>
<P align="left">
<B><FONT face="Arial">Bell Wireless Segment </FONT></B>
<FONT face="Arial" size="2"><br>
Bell Wireless delivered market-leading postpaid net additions this quarter, strong data revenue and ARPU growth, double-digit EBITDA growth and increased smartphone penetration. </FONT></P>
<ul>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Total Bell Wireless operating revenues increased by 9.2%  to &#36;1,251  million this quarter.  Service revenues increased by 8.7%  to &#36;1,145  million due to subscriber growth and wireless data revenue growth of 38%.  Product
revenues increased by 15.1%  to &#36;99  million due to significantly higher smartphone sales and a greater number of customer upgrades.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Blended ARPU increased by &#36;1.61   to &#36;51.68.    Postpaid ARPU increased by &#36;0.79   to &#36;62.51   due to growth in data usage partly offset by lower voice ARPU driven mainly by competitive pricing pressures and
substitution by data features and services.  Prepaid ARPU decreased by &#36;1.51   to &#36;15.36   due partly to the migration of high-valued  prepaid customers to postpaid plans.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Bell Wireless EBITDA increased by 12.2%  to &#36;461  million this quarter due to higher revenues.  EBITDA margins on wireless service revenues increased to 40.3%  this quarter from 39.0%  last year.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Total gross activations were 423,799 this quarter, or 1.2%  lower than last year.  Postpaid gross activations were 299,657, or 13.4%  higher than last year, despite an increasingly competitive marketplace.  With our focus on
higher value postpaid customer acquisition and aggressive acquisition offers from new entrants, prepaid gross activations decreased by 24.5%  to 124,142.
	</FONT></P></li>
</ul>
<P align="center" style="margin-bottom: 0">
<font face="Arial" size="2">4/12</font></P>

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




<A name="page_5"></A>

</font>
<ul>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Smartphones represented 55% of postpaid gross activations this quarter as compared to 35% last year.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Postpaid net additions were 80,648 this quarter, compared to 81,212 last year.  The prepaid client base declined by 75,356 this quarter, compared to a decrease of 25,587 last year, due to lower prepaid gross activations and
higher churn.  </FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">The Bell Wireless client base reached 7,247,340 at the end of the quarter, an increase of 5.2%  compared to last year.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Postpaid churn increased to 1.4%  from 1.2%  while prepaid churn increased to 3.7%  from 3.4%.   Blended churn increased to 1.9%  from 1.8%  last year.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Cost of acquisition increased by 14.0%  this quarter, to &#36;366  per gross activation, due to higher handset subsidies and commissions.
	</FONT></P></li>
</ul>
<P align="left">
<B><FONT face="Arial">Bell Wireline Segment </FONT></B>
<FONT face="Arial" size="2"><br>
The Bell Wireline segment delivered continued improvement in network access line erosion, solid high-speed Internet subscriber activations, growing traction of Bell Fibe TV and industry leading EBITDA growth. </FONT></P>
<ul>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Bell Wireline operating revenues decreased by 2.7%  to &#36;2,672  million this quarter as TV revenue growth was more than offset by decreases in local and access, long distance, data and equipment &amp; other revenues.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Bell Wireline EBITDA increased by 4.0%  this quarter, to &#36;1,044  million as cost reductions more than offset lower operating revenues.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Local and access revenues declined by 4.3%  to &#36;729  million this quarter due to residential and business NAS erosion that occurred over the last year.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Total NAS declined by 59,243 this quarter compared to a decline of 99,829 last year.  Business NAS increased by 5,044 this quarter compared to a decline of 24,211 last year due to growth in wholesale net additions via a
third-party  reseller of business access line services.  Residential NAS declined by 64,287 compared to a decline of 75,618 last year.
	The year-over-year    improvement in residential NAS line losses reflected increased penetration of service bundles which have been enhanced with our Fibe TV service offer, competitive retention offers and increased customer
winbacks.  On a year-over-year    basis, total NAS declined by 5.1%.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Long distance revenues declined by 0.8%  to &#36;234  million this quarter, reflecting a significant improvement versus previous quarters due to higher sales of global long distance minutes.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Data revenues decreased by 5.9%  to &#36;955  million this quarter as growth in residential Internet service revenues was more than offset by lower sales of data-related  equipment and ICT managed services to large business
customers, lower legacy data revenues, and IP Broadband service revenues from Q1 2010 related to the Vancouver 2010 Winter Games that did not recur this year.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">High-speed  Internet subscribers increased by 13,161 this quarter, or 25.7%  more than the 10,467 net additions in the same period last year.  At the end of the quarter, Bell had 2,110,487 high-speed  Internet subscribers, or
2.1%  more than last year.  </FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">TV revenues increased by 7.5%  to &#36;460  million this quarter due to subscriber growth and customer upgrades to higher-priced  programming packages.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Total TV subscribers increased by 7,663 this quarter compared to an increase of 19,889 in the same period last year.  At the end of the quarter, there were 2,027,761 TV subscribers, or 3.0%  more than last year.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">TV subscriber churn increased to 1.4%  from 1.1%  last year.
	</FONT></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">Equipment and other revenues decreased by 3.5%  to &#36;219  million this quarter.
	</FONT></P></li>
</ul>
<P align="center" style="margin-bottom: 0">
<font face="Arial" size="2">5/12</font></P>

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




<A name="page_6"></A>

</font>

<P align="left">
<B><FONT face="Arial">Bell Aliant Regional Communications </FONT></B>
<FONT face="Arial" size="2"><br>
Bell Aliant&#146;s revenues decreased to &#36;682 million this quarter, or by 1.0%, due to lower local and access, long distance and equipment and other revenues. Bell Aliant&#146;s EBITDA decreased by 3.0%, to &#36;328 million
due to lower revenues. </FONT></P>
<P align="left">
<B><FONT face="Arial">Common Share Dividend </FONT></B>
<FONT face="Arial" size="2"><br>
BCE&#146;s Board of Directors has declared a quarterly dividend of &#36;0.5175 per common share, payable on July 15, 2011 to shareholders of record at the close of business on June 15, 2011. </FONT></P>
<P align="left">
<B><FONT face="Arial">Outlook </FONT></B><FONT face="Arial" size="2"><br>
With the closing of the acquisition of CTV and the launch of Bell Media, a newly formed business unit encompassing all of CTV, on April 1, 2011, BCE has updated its financial guidance for 2011 as follows: </FONT></P>
<TABLE border=0 width=100% style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="30%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">2011 Guidance</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">Issued</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">Updated</FONT></B><font face="Arial" size="2">
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" 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 face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">February 10, 2011</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">May 12, 2011</FONT></B><font face="Arial" size="2">
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" 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">
<B><FONT size=2 face="Arial">Bell </FONT></B><FONT size=2 face="Arial">(i) </FONT>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" 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 face="Arial">Revenue Growth </FONT>
	</TD>
	<TD align=center width="15%">
<FONT size=2 face="Arial">1% - 2% </FONT>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">9% to 11% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" 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 face="Arial">EBITDA Growth </FONT>
	</TD>
	<TD align=center width="15%">
<FONT size=2 face="Arial">2% - 4% </FONT>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">8% to 10% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital Intensity </FONT>
	</TD>
	<TD align=center width="15%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">~16% </FONT>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">No change </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" 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">
<B><FONT size=2 face="Arial">BCE</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" 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 face="Arial">Adjusted EPS </FONT>
	</TD>
	<TD align=center width="15%">
<FONT size=2 face="Arial">$2.90 - &#36;3.00 </FONT>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">$2.95 - &#36;3.05 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" 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 face="Arial">Adjusted EPS Growth </FONT>
	</TD>
	<TD align=center width="15%">
<FONT size=2 face="Arial">4% - 8% </FONT>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">6% - 9% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" 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 face="Arial">Free Cash Flow </FONT>
	</TD>
	<TD align=center width="15%">
<FONT size=2 face="Arial">$2,200 M - &#36;2,300 M </FONT>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">No change </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" 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 face="Arial">Free Cash Flow Growth (ii) </FONT>
	</TD>
	<TD align=center width="15%">
<FONT size=2 face="Arial">2% - 6% </FONT>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">No change </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" 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 face="Arial">Common share dividend </FONT>
	</TD>
	<TD align=center width="15%">
<FONT size=2 face="Arial">$1.97 </FONT>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">$2.07 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common share dividend growth </FONT>
	</TD>
	<TD align=center width="15%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">7.7% </FONT>
	</TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">13.1% </FONT>
	</TD>
</TR>
</TABLE>&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<FONT face="Arial" size="2">(i)</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Bell&#146;s 2011 financial guidance for revenue, EBITDA and capital intensity is exclusive of Bell Aliant. </FONT></P>
		</td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<FONT face="Arial" size="2">(ii)</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">The range of free cash flow growth excludes the &#36;750 million voluntary pension plan contribution made in December 2010. </FONT></P>
		</td>
	</tr>
</table>
<P align="left">
<B><FONT face="Arial">Call with Financial Analysts </FONT></B>
<FONT face="Arial" size="2"><br>
BCE will hold a conference call for financial analysts to discuss its first quarter results on Thursday, May 12 at 8:00 a.m. (Eastern). Media are welcome to participate on a listen-only basis. To participate, please dial
416-340-8530 or toll-free 1-877-240-9772 shortly before the start of the call. A replay will be available for one week by dialing 905-694-9451 or 1-800-408-3053 and entering pass code 8888557#. </FONT></P>
<P align="left">
<font size="2" face="Arial">There will also be a live audio webcast of the call available on BCE&#146;s website at:
</font><font size="2"><U><FONT face="Arial">http://www.bce.ca/en/news/eventscalendar/webcasts/2011/20110512/</FONT></U></font><font size="2" face="Arial">. The mp3 file will
be available for download on this page later in the day. </font></P>

<P align="center" style="margin-bottom: 0">
<font face="Arial" size="2">6/12</font></P>

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




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




<A name="page_7"></A>

</font>

<P align="left">
<B><FONT face="Arial">Notes </FONT></B><FONT face="Arial" size="2"><br>
The information contained in this news release is unaudited. The financial results contained in this news release were prepared in accordance with International Financial Reporting Standards (IFRS). </FONT></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><FONT face="Arial" size="2">(1)</FONT></td>
		<td width="98%" valign="top">
		<P align="left">
<FONT face="Arial" size="2">We define EBITDA as operating revenues less operating costs, as shown in the consolidated income statements. We use EBITDA to evaluate the performance of our businesses as it reflects their ongoing profitability. EBITDA is
also used as a component in the determination of short-term incentive compensation for all management employees. EBITDA is referred to as an additional GAAP measure because it is displayed on the face of our income statements.
<br>
&nbsp;</FONT></P></td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><FONT face="Arial" size="2"> (2)</FONT></td>
		<td width="98%" valign="top">
		<P align="left">
<FONT face="Arial" size="2"> The term free cash flow does not have any
standardized meaning according to IFRS. It is therefore unlikely to be
comparable to similar measures presented by other companies. We define free cash
flow as cash flows from operating activities, excluding acquisition costs paid,
and dividends/distributions received from Bell Aliant less capital expenditures,
preferred share dividends, dividends/distributions paid by subsidiaries to
non-controlling interest, and Bell Aliant free cash flow. 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. We believe that certain investors and analysts use free cash flow to
value a business and its underlying assets. The most comparable IFRS 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></td>
	</tr>
</table>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>
<div align="right">
<TABLE border=0 width="98%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="80%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">(&#36; millions) </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" 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 face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">Q1 2011 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">Q1 2010 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" 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 face="Arial">Cash flows from operating activities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">734 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">1,004 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" 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 face="Arial">Bell Aliant distributions to BCE </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">63 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">73 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" 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 face="Arial">Capital expenditures </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(634) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(535) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" 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 face="Arial">Dividends paid on preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(28) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(28) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" 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 face="Arial">Dividends paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(91) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">- </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" 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 face="Arial">Acquisition costs paid </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" 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 face="Arial">Bell Aliant free cash flow </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">217 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">42 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Free cash flow </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">265 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">560 </FONT>
	</TD>
</TR>
</TABLE></div>
&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<FONT face="Arial" size="2">(3)</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">The terms Adjusted net earnings and Adjusted EPS do not have any standardized meaning according to IFRS. They are therefore unlikely to be comparable to similar measures presented by other companies. We define Adjusted net
earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, and net (gains) losses on investments. For 2010, Adjusted net earnings also excludes the fair value adjustments on the fund unit liability
and adjusts earnings to reflect the interest on the fund unit liability as non-controlling interest. We define Adjusted EPS as Adjusted net earnings per BCE Inc. common share. 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 and non-controlling interest severance, acquisition and other costs, and net (gains) losses on investments. For 2010, we also exclude the effects of the fair
value adjustments on the fund unit liability and we adjust earnings to reflect the interest on the fund unit liability as non-controlling interest. We exclude these items because they affect the </FONT></P>

		</td>
	</tr>
</table>
<p>&nbsp;</p>
<P align="center" style="margin-bottom: 0">
<font face="Arial" size="2">7/12</font></P>

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




<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="98%" valign="top">

<P align="left">
<FONT face="Arial" size="2">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. The most comparable IFRS financial measures are net
earnings attributable to common shareholders and earnings per share. The following table is a reconciliation of net earnings attributable to common shareholders and earnings per share to Adjusted net earnings on a consolidated basis and per BCE Inc.
common share (Adjusted EPS), respectively.</FONT></P></td>
	</tr>
</table>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P><font face="Arial" size="2">




<A name="page_8"></A>

</font>
<div align="right">
<TABLE border=0 width="98%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=center width="60%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">(&#36; millions except per share amounts) </FONT>
	</TD>
	<TD align=left width="10%">
<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="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" 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 face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" colspan=2 style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p align="center">
<FONT size=2 face="Arial">Q1 2011 </FONT>
	</TD>
	<TD align=right width="10%" colspan=2 style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p align="center">
<FONT size=2 face="Arial">Q1 2010 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" 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 face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">PER </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">PER </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" 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 face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right"><font face="Arial" size="2">&nbsp;
	TOTAL </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">SHARE </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right"><font face="Arial" size="2">&nbsp;
	TOTAL </font>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">SHARE </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" 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 face="Arial">Net earnings attributable to common shareholders </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">503 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.67 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">706 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">0.92 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" 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 face="Arial">Severance, acquisition and other costs </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.05 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">0.03 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" 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 face="Arial">Net (gains) losses on investments </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">- </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">- </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(125) </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(0.16) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" 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 face="Arial">Fair value adjustment of fund unit liability </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">- </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">- </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(147)</FONT></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(0.19) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" 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 face="Arial">Adjustment to reflect interest on fund unit liability as non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">- </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">- </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">0.01 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 3px double #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjusted net earnings </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">543 </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">0.72 </FONT>
	</TD>
	<TD align=right width="10%" style="border-bottom: 3px double #000000">
<FONT size=2 face="Arial">467 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 3px double #000000">
<FONT size=2 face="Arial">0.61 </FONT>
	</TD>
</TR>
</TABLE></div>
<P align="left">
<B><FONT face="Arial">Caution Concerning Forward-Looking Statements </FONT></B>
<FONT face="Arial" size="2"><br>
Certain statements made in this news release, including, but not limited to, statements relating to our 2011 financial guidance (including revenues, EBITDA, capital intensity, Adjusted EPS and free cash flow), BCE&#146;s dividend
policy, our LTE wireless network deployment plans, our objectives, plans and strategic priorities, and other statements that are not historical facts, are forward-looking. 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. The forward-looking statements contained in this news release describe our expectations at
May 12, 2011 and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release,
whether as a result of new information, future events or otherwise. Except as otherwise indicated by BCE, 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 May 12, 2011. 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. Forward-looking statements are provided for the purpose of
providing information about management&#146;s current expectations and plans relating, in particular, to 2011 and allowing investors and others to get a better understanding of our operating environment. Readers are cautioned that such information
may not be appropriate for other purposes. </FONT></P>
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<B><FONT face="Arial">Material Assumptions </FONT></B></P>
<P align="left">
<B><I><FONT face="Arial">Economic and Market Assumptions </FONT></I></B>
<FONT face="Arial" size="2"><br>
A number of Canadian economic and market assumptions were made by BCE in preparing its forward-looking statements for 2011 contained in this news release, including, but not limited to: (i) growth in the Canadian economy of
approximately 2.9% in 2011 based on the Bank of Canada&#146;s estimate, (ii) continued cost rationalization and cautious spending by business customers given employment levels and the modest pace of economic recovery, (iii) current levels of
residential wireline competition to continue especially from cable companies and providers of Voice over Internet Protocol (VoIP) services, (iv) higher wireline substitution, due primarily to the presence of new wireless entrants and the
accelerating adoption of mobile Internet and mobile television, and (v) wireless industry penetration gain of 4 to 5 basis points in 2011 stimulated, in particular, by new entrant competition, the accelerating adoption of smartphones and the use of
data applications, as well as by the emergence of new types of wireless devices such as tablets. </FONT></P>
<P align="left">
<B><I><FONT face="Arial">Operational Assumptions</FONT></I></B><FONT face="Arial" size="2"><br>
Our forward-looking statements for 2011 are also based on certain internal operational assumptions concerning Bell (excluding Bell Aliant), including, but not limited to: (i) further reduction in local line losses as we leverage
our broadband fibre investments in both TV and Internet to drive three-product household penetration, increase our multiple-dwelling unit (MDU) market share and generate higher pull-through attach rates for our other residential services, (ii)
targeted retention and service bundle offers, customer winbacks and better service execution to reduce residential NAS line losses year over year, (iii) subscriber acquisition and higher average revenue per unit (ARPU) at Bell TV to be driven by
Bell&#146;s ability to leverage its market leadership position in high definition programming, seek greater penetration within the MDU market, capitalize on its extensive retail distribution network, which includes The Source, and the progressive
rollout of Bell Canada&#146;s IPTV service in Toronto and Montr&eacute;al, (iv) substantial ongoing investments in our fibre optic networks to further expand our wireline broadband footprint to strengthen our competitive position versus cable
companies and allow for the introduction of leading edge IP products not available through cable technologies, (v) increased business customer spending, new business formation and higher demand for connectivity and ICT services, as the economy
strengthens and employment rates improve, to result in a gradual improvement in the performance of our Business Markets unit including business NAS line losses, (vi) expense savings and operating efficiency gains to be achieved from renegotiated
contracts with our vendors and outsource suppliers, lower corporate support costs, further streamlining of our labour force, field services productivity improvements, consolidating management roles and organizational structures to achieve further
operational efficiencies, reducing traffic that is not on our own network, and managing content costs, (vii) continued customer migration to Internet Protocol (IP)-based systems and ongoing pricing pressures in our business and wholesale markets,
(viii) Bell to benefit from the flow-through of significant investments made in 2010 in customer acquisition and retention along with continued acceleration in smartphone activations and data usage, (ix) new wireless entrant competition to intensify
in 2011 as additional service providers come to market and existing providers continue to open new markets and improve their distribution reach, (x) wireless revenue growth to be driven by ARPU from new services, careful price management and
continued disciplined expansion of our subscriber base, (xi) Bell to 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, (xii) continued diligent expense management to moderate the impact of aggressive discount brand and new entrant pricing, higher retention spending and increased subscriber acquisition costs driven by increased </FONT></P>
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<FONT face="Arial" size="2">smartphone customer penetration, (xiii) Bell to maintain its market share of the incumbent wireless postpaid market, (xiv) Bell&#146;s ability to leverage its HSPA+ network investments to drive a higher mix of smartphone and other
high-value customers, resulting in higher data and roaming revenues, (xv) Bell Media maintaining the top 20 ratings position in conventional TV to support growth in advertising, (xvi) continued advertising momentum for Bell Media&#146;s specialty
assets, leveraging off ratings increases in our sports specialty services and reflecting stronger year-over-year subscription revenues, (xvii) maintaining a strong competitive position in Bell Media&#146;s Toronto radio market with the launch of TSN
Radio and early ratings success of the Flow 93.5 radio station (acquired in January 2011), (xviii) continue to successfully acquire high-rated programming and differentiated content for Bell Media&#146;s conventional and specialty TV assets, and
(xix) continued investment in high definition for Bell Media&#146;s specialty channels and the successful transition to digital TV as mandated by the CRTC. </FONT></P>
<P align="left">
<B><I><FONT face="Arial">Financial Assumptions</FONT></I></B><FONT face="Arial" size="2"><br>
Our forward-looking statements for 2011 are also based on certain financial assumptions for 2011 concerning Bell (excluding Bell Aliant) which have been updated to reflect the inclusion of Bell Media results starting in the second
quarter of 2011. These include, but are not limited to: (i) Bell&#146;s total pension expense to be approximately &#36;130 million, based on an estimated accounting discount rate of 5.5% and an expected return on plan assets of 7%, with an estimated
above EBITDA pension current service cost of approximately &#36;190 million and an estimated below EBITDA net pension financing return of approximately &#36;60 million, (ii) Bell&#146;s total pension plan cash funding to be approximately &#36;425
million, (iii) Bell&#146;s cash taxes to be approximately &#36;225 million, and (iv) Bell to repay its 2011 debt maturities. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Our forward-looking statements for 2011 are also based on certain financial assumptions for 2011 concerning BCE, including, but not limited to: (i) depreciation and amortization expense approximately &#36;100 million higher
compared to 2010, (ii) severance, acquisition and other costs in the range of &#36;350 million to &#36;400 million, (iii) a statutory tax rate of approximately 28.3% and an effective tax rate of approximately 25%, and (iv) an annual common share
dividend of &#36;1.97 per share. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">The foregoing assumptions, although considered reasonable by BCE on May 12, 2011, may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth in this news release.
</FONT></P>
<P align="left">
<B><FONT face="Arial">Material Risks</FONT></B><FONT face="Arial" size="2"><br>
Important risk factors that could cause our assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by our forward-looking statements, including our 2011
financial guidance, are listed below. The realization of our forward-looking statements, including our ability to meet our 2011 financial guidance, essentially depends on our business performance which, in turn, is subject to many risks.
Accordingly, readers are cautioned that any of the following risks could have a material adverse effect on our forward-looking statements. These risks include, but are not limited to: (i) the intensity of competitive activity, including the increase
in wireless competitive activity resulting from Industry Canada&#146;s licensing of advanced wireless services (AWS) spectrum to new wireless entrants and their ability to launch or expand services, and the resulting impact on our ability to retain
existing customers and attract new ones, as well as on our pricing strategies, ARPU and financial results; (ii) variability in subscriber acquisition and retention costs based on subscriber acquisitions, retention volumes, smartphone sales and
subsidy levels; (iii) the level of technological substitution contributing to reduced utilization of traditional wireline voice services and the increasing number of households that have only wireless telephone services; (iv) the </FONT></P>
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<FONT face="Arial" size="2">increased adoption by customers of TV alternative services; (v) general economic and financial market conditions, the level of consumer confidence and spending, and the demand for, and prices of, our products and services; (vi)
our ability to implement our strategies and plans in order to produce the expected benefits; (vii) our ability to continue to implement our cost reduction initiatives and contain capital intensity while seeking to improve customer service; (viii)
our ability to respond to technological changes and rapidly offer new products and services; (ix) increased contributions to employee benefit plans; (x) events affecting the functionality of, and our ability to protect, maintain and replace, our
networks, information technology (IT) systems and software; (xi) the complexity and costs of our IT environment; (xii) events affecting the ability of third-party suppliers to provide to us essential products and services and our ability to purchase
essential products and services such as handsets; (xiii) the quality of our network and customer equipment and the extent to which they may be subject to manufacturing defects; (xiv) labour disruptions; (xv) the potential adverse effects on our
Internet and wireless networks of the significant increase in broadband demand and in the volume of wireless data-driven traffic; (xvi) capital and other expenditure levels, financing and debt requirements and our ability to raise the capital we
need to implement our business plan, including for dividend payments and to fund capital and other expenditures and generally meet our financial obligations; (xvii) our ability to discontinue certain traditional services as necessary to improve
capital and operating efficiencies; (xviii) regulatory initiatives or proceedings (including the possibility of Industry Canada increasing spectrum licence fees and possible changes to foreign ownership restrictions), litigation, changes in laws or
regulations and tax matters; (xix) Bell Media&#146;s significant dependence on advertising revenues and the potential adverse effect thereon from economic conditions, cyclical and seasonal variations, technological changes and competitive pressures;
(xx) launch and in-orbit risks of satellites used by Bell ExpressVu Limited Partnership (Bell TV); (xxi) competition from unregulated U.S. direct-to-home (DTH) satellite television services sold illegally in Canada and the theft of our satellite
television services; (xxii) availability of new 700 MHz spectrum necessary to deploy LTE wireless technology; (xxiii) BCE 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; (xxiv) there can be no certainty that dividends will be declared by BCE Inc.&#146;s board of directors or that BCE Inc.&#146;s dividend policy will be maintained; (xxv) stock market volatility; (xxvi) our
ability to maintain customer service and our networks operational in the event of the occurrence of environmental disasters or epidemics, pandemics and other health risks; (xxvii) health concerns about radio frequency emissions from wireless
devices; and (xxviii) employee retention and performance. </FONT></P>
<P align="left">
<font size="2" face="Arial">For additional information with respect to certain of these and other assumptions and risks, please refer to BCE&#146;s 2010 Annual MD&amp;A dated March 10, 2011 (included in the BCE 2010 Annual Report) and BCE&#146;s 2011 First
Quarter MD&amp;A dated May 11, 2011, both filed by BCE with the Canadian securities commissions (available at
</font><font size="2"><U><FONT face="Arial">www.sedar.com</FONT></U><FONT face="Arial">) and with the U.S. Securities and Exchange Commission (available
at </FONT><U><FONT face="Arial">www.sec.gov</FONT></U><FONT face="Arial">). These documents are also available on BCE&#146;s website at </FONT><U><FONT face="Arial">www.bce.ca</FONT></U></font><font size="2" face="Arial">.
</font></P>
<P align="left">
<B><FONT face="Arial">About Bell </FONT></B><font size="2" face="Arial"><br>
Bell is Canada&#146;s largest communications company, providing consumers and business with solutions to all their communications needs: Bell Mobility wireless, high-speed Bell Internet, Bell Satellite TV and Bell Fibe TV, Bell Home
Phone local and long distance, and Bell Business Markets IP-broadband and information and communications technology (ICT) services. Bell Media is Canada&#146;s premier multimedia company with leading assets in television, radio and digital media,
including CTV, Canada&#146;s #1 television network, and the country&#146;s most-watched specialty channels.</font><B><font size="2" face="Arial">
</font></B></P>
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<font size="2" face="Arial">The Bell Mental Health Initiative is a multi-year charitable program that promotes mental health across Canada via the Bell Let&#146;s Talk anti-stigma campaign and support for community care, research and workplace best practices. To
learn more, please visit </font><font size="2"><U><FONT face="Arial">www.bell.ca/letstalk</FONT></U></font><font size="2" face="Arial">.
</font></P>
<P align="left">
<font size="2" face="Arial">Bell is wholly owned by BCE Inc. BCE shares are listed in Canada and the United States. For BCE corporate information, please visit
</font><font size="2"><U><FONT face="Arial">www.bce.ca</FONT></U><FONT face="Arial">. For Bell product and
service information, please visit </FONT><U><FONT face="Arial">www.bell.ca</FONT></U><FONT face="Arial">. For Bell Media, please visit </FONT><U><FONT face="Arial">
www.bellmedia.ca</FONT></U></font><font size="2" face="Arial">.
</font></P>
<P align="left">
&nbsp;</P>
<P align="center">
<FONT face="Arial" size="2">-30- </FONT></P>
<P align="left">
<B><font size="2" face="Arial">Media inquiries: </font></B><font size="2">
<font face="Arial"><BR>
Marie-&Egrave;ve Franc&#156;ur <BR>
Bell Media Relations <BR>
514 391-5263 <BR>
</font>
<U><FONT face="Arial">marie-eve.francoeur@bell.ca</FONT></U><font face="Arial"><BR>
<BR>
</font>
<B><FONT face="Arial">Investor inquiries: </FONT></B><font face="Arial"><BR>
Thane Fotopoulos <BR>
BCE Investor Relations <BR>
(514) 870-4619 <BR>
</font>
<U><FONT face="Arial">thane.fotopoulos@bell.ca</FONT></U></font><font size="2" face="Arial">
</font></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>selected_q111.htm
<DESCRIPTION>BELL CANADA UNAUDITED SELECTED SUMMARY FINANCIAL INFORMATION
<TEXT>

<HTML>
<HEAD>
   <TITLE>Bell Canada Unaudited Selected Summary Financial Information</TITLE>
   <meta equiv="Content-Type" content="text/html; charset=windows-1252">
</HEAD>

<BODY bgcolor="#ffffff">



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<p align="right"><font face="Arial" size="2">EXHIBIT 99.5</font></p>
<P align="center">
<FONT face="Arial">NOTICE OF RELIANCE<br>
SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 <br>
CONTINUOUS DISCLOSURE OBLIGATIONS</FONT></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">To:</FONT></td>
		<td width="97%" valign="top">
		<P align="left">
<FONT face="Arial" size="2">Alberta Securities Commission<br>
British Columbia Securities Commission <br>
Manitoba Securities Commission <br>
Securities Commission, New Brunswick <br>
Securities Commission of Newfoundland and Labrador <br>
Nova Scotia Securities Commission <br>
Ontario Securities Commission <br>
Registrar of Securities, Prince Edward Island <br>
Autorit&eacute; des march&eacute;s financiers <br>
Saskatchewan Financial Services Commission &#150; Securities Division <br>
Toronto Stock Exchange</FONT></P></td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">Notice is hereby given that Bell Canada relies on the continuous disclosure documents filed by BCE Inc. pursuant to the exemption from the requirements of National Instrument 51-102 &#150; Continuous Disclosure Obligations
(&#147;NI 51-102&#148;) provided in Section 13.4 of NI 51-102. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">The continuous disclosure documents of BCE Inc. can be found for viewing in electronic format at www.sedar.com.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Attached to this notice and forming part thereof is the consolidating summary financial information for BCE Inc. as required by Section 13.4 of NI 51-102.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Dated: May 12, 2011</FONT></P>
<div align="right">
	<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse">
		<tr>
			<td width="100%" colspan="2">
<P align="left">
<FONT face="Arial" size="2">BELL CANADA </FONT></P>
<P align="left">
&nbsp;</P></td>
		</tr>
		<tr>
			<td width="10%"><font size="2" face="Arial">By:</font></td>
			<td width="90%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
			<font size="2"><I><FONT face="Arial">(signed) Karyn A. Brooks</FONT></I></font></td>
		</tr>
		<tr>
			<td width="10%"><font size="2" face="Arial">Name:</font></td>
			<td width="90%"><font size="2" face="Arial">Karyn A. Brooks</font></td>
		</tr>
		<tr>
			<td width="10%"><font size="2" face="Arial">Title:</font></td>
			<td width="90%"><font size="2" face="Arial">Senior Vice-President and Controller</font></td>
		</tr>
	</table>
</div>
<P align="left">
<img border="0" src="bell_logo.jpg" width="101" height="60"></P>

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




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&nbsp;</P>
<table border="0" width="100%" cellspacing="1" cellpadding="7" style="border-collapse: collapse">
	<tr>
		<td bgcolor="#C0C0C0">
		<P align="left">
<FONT face="Arial" size="4"> Bell Canada</FONT></P></td>
	</tr>
</table>
<P align="left">
<FONT face="Arial">UNAUDITED SELECTED SUMMARY FINANCIAL INFORMATION <sup>(1)</sup></FONT><B><FONT face="Arial" size="2"><br>
For the periods ended March 31, 2011 and 2010</FONT></B><FONT face="Arial" size="2"><br>
(in millions of Canadian dollars)</FONT></P>
<P align="left">
<FONT face="Arial" size="2">BCE Inc. fully and unconditionally guarantees the payment obligations of its 100% owned subsidiary Bell Canada under the public debt issued by Bell Canada. Accordingly, the following summary financial information is provided by Bell Canada in compliance with the requirements of section 13.4 of National Instrument 51-102 (Continuous Disclosure Obligations) providing for an exemption for
certain credit support issuers. The tables below contain selected summary financial information for (i) BCE Inc. (as credit supporter), (ii) Bell Canada (as credit support issuer) on a consolidated basis, (iii) BCE Inc.&#146;s
subsidiaries, other than Bell Canada, on a combined basis, (iv) consolidating adjustments, and (v) BCE Inc. and all of its subsidiaries on a consolidated basis, in each case for the periods indicated. Such summary financial information for BCE Inc. and Bell Canada and all other subsidiaries is intended to provide investors with meaningful and comparable financial information about BCE Inc. and its subsidiaries. This summary financial information should
be read in conjunction with BCE Inc.&#146;s audited consolidated financial statements for the
year ended December 31, 2010 and the unaudited consolidated interim financial report for the
three months ended March 31, 2011.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">For the periods ended March 31:</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width=10%>
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="8%" colspan=3 rowspan="2">
<p style="margin-top: 0; margin-bottom: -2px">
<FONT size=1 face="Arial">BCE INC.</FONT></p>
<p style="margin-top: 0; margin-bottom: 0"><FONT size=1 face="Arial">(&#147;CREDIT SUPPORTER&#148;)<font size="-2"><sup>(2)</sup></font> </FONT>
	</TD>
	<TD width="1%" align="center">
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
</font>	</TD>
	<TD align=center width="8%" colspan=3 rowspan="2">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=1 face="Arial">BELL CANADA CONSOLIDATED</FONT></p>
<p style="margin-top: 0; margin-bottom: 0"><FONT size=1 face="Arial">(&#147;CREDIT SUPPORT ISSUER&#148;) </FONT>
	</TD>
	<TD width="1%" align="center">
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
</font>	</TD>
	<TD align=center width="8%" colspan=3 rowspan="2">
<p style="margin-top: 0; margin-bottom: -2px">
<FONT size=1 face="Arial">SUBSIDIARIES OF BCE INC.</FONT></p>
<p style="margin-top: 0; margin-bottom: 0"><FONT size=1 face="Arial">OTHER THAN
BELL CANADA<font size="-2"><sup>(3)</sup></font> </FONT>
	</TD>
	<TD width="1%" align="center">
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
</font>	</TD>
	<TD align=center width="8%" colspan=3 rowspan="2">
<p style="margin-top: 0; margin-bottom: -2px">
<FONT size=1 face="Arial">CONSOLIDATING</FONT></p>
<p style="margin-top: 0; margin-bottom: 0"><FONT size=1 face="Arial">ADJUSTMENTS<font size="-2"><sup>(4)</sup></font> </FONT>
	</TD>
	<TD align=center width=1%>
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="17%" colspan="3" rowspan="2">
<p align="center" style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="1">BCE</font></p>
<p align="center" style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="1">CONSOLIDATED</font><font size="1"> </font>
	</TD>
	<TD align=center width="1%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10%>
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%" align="center">
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
</font>	</TD>
	<TD width="1%" align="center">
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
</font>	</TD>
	<TD width="1%" align="center">
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
</font>	</TD>
	<TD align=center width=1%>
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="1%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=1 face="Arial">Operating Revenues </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">&#150;</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">&#150; </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">4,466</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">4,433 </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">&#150;</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<FONT size=1 face="Arial">&#150; </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">&#150;</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=1% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=1% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">4,466</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">4,433 </FONT>
	</TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="1">Net earnings from continuing operations attributable to owners</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">532</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">735 </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">515</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">603 </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">&#150;</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<FONT size=1 face="Arial">&#150; </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">(515</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=1% bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">)</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">(603 </FONT>
	</TD>
	<TD align=left width=1% bgcolor="#C0C0C0">
<FONT size=1 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">532</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">735 </FONT>
	</TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="1">Net earnings attributable to owners</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">532</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">735 </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">515</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">603 </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">&#150;</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">&#150; </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">(515</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">)</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">(603 </FONT>
	</TD>
	<TD align=left width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">532</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">735 </FONT>
	</TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width=10%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width=8%>
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=1%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=1%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width=10%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width=8%>
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=1%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=1%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD width="1%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=right width="1%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10%>
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="8%" colspan=3 rowspan="2">
<p style="margin-bottom: -2px">
<FONT size=1 face="Arial">BCE INC.</FONT></p>
<p style="margin-top: 0; margin-bottom: 0"><FONT size=1 face="Arial">(&#147;CREDIT
SUPPORTER&#148;)<font size="-2"><sup>(2)</sup></font> </FONT>
	</TD>
	<TD width="1%" align="center">
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
</font>	</TD>
	<TD align=center width="8%" colspan=3 rowspan="2">
<p style="margin-top: 0; margin-bottom: 0">
<FONT size=1 face="Arial">BELL CANADA CONSOLIDATED</FONT></p>
<p style="margin-top: 0; margin-bottom: 0"><FONT size=1 face="Arial">(&#147;CREDIT SUPPORT ISSUER&#148;) </FONT>
	</TD>
	<TD width="1%" align="center">
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
</font>	</TD>
	<TD align=center width="8%" colspan=3 rowspan="2">
<p style="margin-top: 0; margin-bottom: -2px">
<FONT size=1 face="Arial">SUBSIDIARIES OF BCE INC.</FONT></p>
<p style="margin-top: 0; margin-bottom: 0"><FONT size=1 face="Arial">OTHER THAN
BELL CANADA<font size="-2"><sup>(3)</sup></font> </FONT>
	</TD>
	<TD width="1%" align="center">
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
</font>	</TD>
	<TD align=center width="8%" colspan=3 rowspan="2">
<p style="margin-top: 0; margin-bottom: -2px">
<FONT size=1 face="Arial">CONSOLIDATING</FONT></p>
<p style="margin-top: 0; margin-bottom: 0"><FONT size=1 face="Arial">ADJUSTMENTS<font size="-2"><sup>(4)</sup></font> </FONT>
	</TD>
	<TD align=center width=1%>
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=center width="17%" colspan="3" rowspan="2">
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">BCE</font></p>
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">CONSOLIDATED</font></TD>
	<TD align=center width="1%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10%>
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width="1%" align="center">
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
</font>	</TD>
	<TD width="1%" align="center">
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
</font>	</TD>
	<TD width="1%" align="center">
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
</font>	</TD>
	<TD align=center width=1%>
<p style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="1%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">Mar. 31,</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">Dec. 31, </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">Mar. 31,</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">Dec. 31, </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">Mar. 31,</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">Dec. 31, </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">Mar. 31,</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">Dec. 31, </FONT>
	</TD>
	<TD align=left width=1% style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">Mar. 31,</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">Dec. 31, </FONT>
	</TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2011</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=1 face="Arial">Total Current Assets </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">1,152</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">1,308 </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">5,824</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">5,181 </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">53</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<FONT size=1 face="Arial">53 </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">(1,200</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=1% bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">)</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">(1,887 </FONT>
	</TD>
	<TD align=left width=1% bgcolor="#C0C0C0">
<FONT size=1 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">5,829</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">4,655 </FONT>
	</TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=1 face="Arial">Total Non-current Assets </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">12,563</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">9,777 </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">25,010</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">25,152 </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">21</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<FONT size=1 face="Arial">21 </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">(6,499</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=1% bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">)</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">(3,712 </FONT>
	</TD>
	<TD align=left width=1% bgcolor="#C0C0C0">
<FONT size=1 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">31,095</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">31,238 </FONT>
	</TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=1 face="Arial">Total Current Liabilities </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">504</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">1,003 </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">7,622</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">7,807 </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">&#150;</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<FONT size=1 face="Arial">&#150; </FONT>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">(1,198</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width=1% bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">)</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">(1,856 </FONT>
	</TD>
	<TD align=left width=1% bgcolor="#C0C0C0">
<FONT size=1 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">6,928</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">6,954 </FONT>
	</TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=1 face="Arial">Total Non-current Liabilities </FONT>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">83</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">83 </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">15,459</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">18,028 </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">&#150;</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">&#150; </FONT>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">659</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD align=left width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">660 </FONT>
	</TD>
	<TD align=left width=1% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">16,201</FONT></B><font face="Arial" size="1">
</font>
	</TD>
	<TD width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<FONT size=1 face="Arial">18,771 </FONT>
	</TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="1">&nbsp;</font></TD>
</TR>
</TABLE>&nbsp;<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(1)</font></td>
		<td width="98%" valign="top">
		<P align="left">
<FONT face="Arial" size="1"> The summary financial information is prepared in accordance with International
Financial Reporting Standards and is in accordance with generally accepted accounting principles issued by the Canadian Accounting Standards Board for publicly-accountable enterprises. </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><FONT face="Arial" size="1">(2)</FONT></td>
		<td width="98%" valign="top">
		<P align="left">
<font size="1" face="Arial"> This column accounts for investments in all subsidiaries of BCE Inc. under the equity method.</font></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(3)</font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="1" face="Arial"> This column accounts for investments in all subsidiaries of BCE Inc. (other than Bell Canada) on a consolidated basis.</font></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(4)</font></td>
		<td width="98%" valign="top">
<P align="left">
<font size="1" face="Arial"> This column includes the necessary amounts to eliminate the intercompany balances between BCE Inc.,
Bell Canada and other subsidiaries and other adjustments to arrive at the information for BCE
Inc. on a consolidated basis.</font></P></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

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end
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</DOCUMENT>
</SEC-DOCUMENT>
